The CRM dilemma

by | Apr 7, 2020

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The CRM effect

Ultimately, using a CRM should help the firm to:

• Increase quality and efficiency (i.e. by reducing time spent on no-value or low-value tasks)
• Decrease overall costs
• Increase profitability

However, many firms’ frustrations at the idea of using CRMs derive from their previous experiences and also the time taken to implement the system. This is because many firms expect a CRM system to provide a quick fix and often don’t put in the time and investment necessary prior to implementing the system. They try out the system initially, decide it does not meet their needs and then give up on it, despite the internal team supporting its implementation. The lack of senior management investment into the system and no single person having overall responsibility for managing it can also hinder the successful integration of a new CRM.

Many firms would also pin point that their frustrations lie in the fact that the system cannot produce exactly what they want. They might stress that they can obtain this either from their platform provider or from a simple spreadsheet. Examples of such details include:

• Management information including:
– Total income & funds per client per client proposition
– When client reviews are due and held
– Professional Indemnity Insurance information
– GABRIEL information
• Valuations:
– To include platform and legacy assets
– Year on year returns

Usually this information cannot be produced from the CRM system because the firm has inherited a system where information hasn’t been input correctly and therefore the outputs are incorrect. Rather than address the data inputting issue, the firm will create a new spreadsheet to provide them with the information they need.

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