TOPIC // Wealth Management

Meeting the Moment: Wealth Management CRM Market Overview

The wealth management industry has undergone a tremendous level of change in the past two years, driven by COVID-related forces, changing consumer expectations, and technological advances. The customer relationship management (CRM) market for wealth management is fighting to stay abreast of these trends and deliver the kinds of useful insights and time-saving efficiency advisors need to succeed. 

In its 2021 XCelent Awards report, Celent notes that the CRM market for wealth management is “crowded and fragmented,” creating an almost overwhelming and confusing range of options for wealth management firms. But at NexJ, which Celent awarded the highest Advanced Technology score among all the wealth management CRM platforms they evaluated, we see these trends as validation of our forward-looking approach and the way we have developed our solutions. 

Celent notes that wealth management firms are hungry for integration solutions, not new vertical data silos. At the same time, most CRM solutions available to these firms are industry-agnostic or “light vertical” systems with a thin layer of financial industry templates laid over them. And the firms themselves are adjusting their service models to offer the best possible client service and experience, as that has become the core point of differentiation among advisors. We’ve written about the differences between “Deep Vertical” and “light vertical” in the past

NexJ was made for this moment. We are focused exclusively on the financial markets and offer unsurpassed industry-specific expertise – we designed our solutions with the specific needs of advisors and other financial customer engagement providers in mind. Our solutions are scalable to serve the largest wirehouses, while still offering value to RIAs (through partner providers.)  

Integration is the key to our success – our Integrated Advisor Desktop brings together data from multiple sources and, more importantly, processes that data in context – so we can see how pieces of information from different sources relate to each other and used that unified view to make next best action recommendations (whereas many solutions simply present data in a dashboard, offering little new insight.) 

Wealth management firms are looking to up their game to serve customers who expect personal attention and an excellent customer experience. As the wealth management CRM market gets more complex and stratified, we offer a simple choice to help advisors be more efficient and deliver better service – the ultimate goal for all firms.  

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