There are a lot of customer relationship management (CRM) solutions out there, including many by large and well-known companies, but that doesn’t mean it’s easy to find a solution that works for wealth management firms and the advisors working with them. In our experience, the opposite is true – when we talk with potential clients who are interested in the NexJ Integrated Advisor Desktop (IAD), what we hear is a lot about what doesn’t work for them.

How do we define CLM?

Client lifecycle management can mean different things to different people. For instance, there is often a tendency to focus on onboarding as the starting point or that servicing an individual as a client is the goal. The reality, from our perspective, is that CLM is everything from first contact with a potential client, through prospecting, onboarding, servicing and offboarding (although hopefully not the last step if you’ve got it right!). Acquiring a name and phone number to initiate a process that will result in the successful onboarding of new clients leads directly to the mandatory practice of meeting compliance requirements such as KYC reviews and loyalty programs that ensure clients are delighted with their experience and hopefully allow you to gain a greater share of wallet.  

In our recent blog article on Orion’s acquisition of Redtail, we called out some potential issues with the “most-in-one” technology suite that the combined firm claims to be pursuing, and the limitations that could place on advisors and wealth management firms. Wealthmanagement.com has also published an article about Orion’s acquisition strategy, highlighting its shift from acquisitions to the integration of the platforms it has acquired over the past several years.