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The Battle for Wealth Management CRM Market Share Converges Around a New “Rising Star” Advisor …

SAN FRANCISCO, Sept. 08, 2022 (GLOBE NEWSWIRE) — A new Javelin Strategy & Research Digital Wealth Management report shows the enterprise-centric Salesforce CRM platform outpacing smaller competitors such as Redtail and Wealthbox in the battle for registered investment advisor (RIA) market share. These traditionally RIA-centric vendors are seeking to fend off Salesforce and other enterprise competitors by making their turnkey platforms pliable enough to appeal to the customization needs of Rising Star RIAs. Tighter data integrations between these vendors and custodians will be needed to support a more configurable advisor workflow; for example, around the client-onboarding process.

The report, CRM and the Battle for RIA Market Share, identifies key trends in the development and deployment of CRM platforms for RIAs. The report is part of Javelin’s Wealth Management—Advisor Practice which is part of the Escalent family, a top human behavior and analytics advisory firm with extensive financial services experience.

“Advisors with $500 million to $750 million in assets present a particular opportunity for turnkey CRM vendors,” said William Trout, director of wealth management at Javelin Strategy & Research, and one of the authors of the report. “RIAs in this segment are price-sensitive but can afford to customize their CRMs. The key is to be able to marry functional simplicity and a streamlined workflow for the advisor with the ability to accommodate growth and changing needs.”

Enterprise CRM platforms, for their part, should aim to deliver a less complex and functionally relevant out-of-the-box solution to advisors. Such a solution could help capture the hearts and minds of RIAs who are approaching $1 billion in assets, a level at which a higher degree of workflow customization is typically required.

To assess the wealth management CRM market, Javelin launched a new CRM market share survey focused on RIAs. Survey participants were required to have an active book of business of at least $5 million and offer investment advice or planning services to individual investors on a fee or transactional basis. The survey indicates a tighter grouping among contenders for CRM market leadership than other industry surveys. CRMs that can address persistent RIA pain points, create a better user experience, and remain cost-efficient stand to become the new leaders.

To learn more about Javelin’s Wealth Management practice, visit https://javelinstrategy.com/wealth-management

About Javelin Strategy & Research

Javelin Strategy & Research, part of the  Escalent  family, helps its clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions, including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs, and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. For more information, visit  javelinstrategy.com. Follow us on  Twitter  and  LinkedIn.

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Tejas Puranik

tejas.puranik@javelinstrategy.com