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How to use your CRM to increase productivity

Don't underestimate the power of your system to gather key performance metrics

By Gregory H. Friedman

Dec 18, 2013 @ 7:58 am (Updated 9:54 am) EST

customer relationship manager, CRM
How do you gauge your firm's productivity? Using your CRM system to help gather key performance metrics should not be underestimated. RIA growth strategies are rooted not only in new client acquisition but also in client retention, workflow efficiency, and employee performance. In my firm, we've created an Advisor Dashboard that captures key performance indicators, such as AUM by adviser, time spent per client, and client turnover rates, firmwide within our CRM (we use Junxure). These data points are then compiled as a report and exported into the Advisor Dashboard, which provides a quick summary of how each adviser is affecting the firm's growth and retention. KPIs may vary based what your firm measures for success and growth. Here are a few to consider: 1. Number of clients vs. percentage of clients in the firm: What percentage of your firm's clients is managed by this adviser? Have they proven capable of handling that level of responsibility and workload? 2. Assets and AUM: How much of the firm's AUM is this adviser responsible for? 3. Revenue and revenue per client: How much is this adviser producing for the firm? 4. Engagement: How pro-active is this adviser in having client meetings and participating in the firm's outreach to partners and the community? 5. Referrals: How many referrals has this adviser brought in? 6. Success rate: How many prospects has this adviser converted to clients? 7. Client turnover and relevant AUM: How many clients managed by this adviser have left your practice, and how much AUM did they take with them? It's important to note that the Advisor Dashboard does not need to be limited to advisers. It could easily be extended to a variety of employees in your practice with modifications to the metrics. Making the most of your CRM system in the context of a targeted KPI dashboard allows you to make your data useful and drive a firm's productivity and sustained profitability. It also seamlessly aligns everyone in your firm and intuitively prioritizes their day-to-day actions to the mutual benefit of the firm and your clients.

Gregory H. Friedman is co-founder and president of Junxure, and founder and president of Private Ocean.

How do you gauge your firm's productivity? Using your CRM system to help gather key performance metrics should not be underestimated. RIA growth strategies are rooted not only in new client acquisition but also in client retention, workflow efficiency, and employee performance. In my firm, we've created an Advisor Dashboard that captures key performance indicators, such as AUM by adviser, time spent per client, and client turnover rates, firmwide within our CRM (we use Junxure). These data points are then compiled as a report and exported into the Advisor Dashboard, which provides a quick summary of how each adviser is affecting the firm's growth and retention. KPIs may vary based what your firm measures for success and growth. Here are a few to consider: 1. Number of clients vs. percentage of clients in the firm: What percentage of your firm's clients is managed by this adviser? Have they proven capable of handling that level of responsibility and workload? 2. Assets and AUM: How much of the firm's AUM is this adviser responsible for? 3. Revenue and revenue per client: How much is this adviser producing for the firm? 4. Engagement: How pro-active is this adviser in having client meetings and participating in the firm's outreach to partners and the community? 5. Referrals: How many referrals has this adviser brought in? 6. Success rate: How many prospects has this adviser converted to clients? 7. Client turnover and relevant AUM: How many clients managed by this adviser have left your practice, and how much AUM did they take with them? It's important to note that the Advisor Dashboard does not need to be limited to advisers. It could easily be extended to a variety of employees in your practice with modifications to the metrics. Making the most of your CRM system in the context of a targeted KPI dashboard allows you to make your data useful and drive a firm's productivity and sustained profitability. It also seamlessly aligns everyone in your firm and intuitively prioritizes their day-to-day actions to the mutual benefit of the firm and your clients.

Gregory H. Friedman is co-founder and president of Junxure, and founder and president of Private Ocean.