Advisers hop on mobile CRM trend

While still figuring out how to use mobility in their practices, advisers are indicating mobile CRMs are here to stay.

New mobile CRM applications are allowing financials advisers to work more efficiently and from almost anywhere — including a client’s kitchen table.

With the Junxure customer relationship management system’s arrival in the cloud earlier this summer, the top five most popular CRMs as voted by advisers in InvestmentNews’ 2014 technology products survey all now offer a mobile version.

Along with those products — Redtail, Salesforce, Junxure, Grendel and Microsoft Dynamics — many others have joined the ranks of mobile CRMs. Across all industries, the number of mobile CRM applications available for download on app stores will grow 500% to approximately 1,200 this year from about 200 in 2012, research company Gartner Inc. reported in 2013.

In the advisory industry, this growth reflects advisers’ increased use of cloud-based software that can be used on any device and not just an office desktop computer. Advisers who use mobile CRMs report that they depend increasingly on their smartphones and tablets to look up contacts, open new accounts, capture data, streamline workflows and communicate with the back-office from wherever they are.

“The CRM should be your central repository in communicating with your client,” said Craig Cowles, a partner at Cardinal Wealth Advisers. “I use the Redtail mobile version on my iPhone. That way, I can easily access client information as I need it.”

Mr. Cowles uses his mobile CRM to find client contact information on the go, take notes in meetings away from his office, review task lists, enter data in customized fields and share workflows with an assistant.
“I can be in front of a client, have them electronically sign documents, and we can be finished,” he said.
Mary Beth Storjohann, chief executive of Workable Wealth, said she previously used the heavy-hitting Junxure CRM to build out data and workflows while working for a planning firm with about 25 employees.

But now that she’s running a solo practice, she is using her first mobile CRM product, called Less Annoying CRM, for simple tasks such as taking notes, adding appointments to her calendar, inputting client data and setting reminders.

“I have the iPhone 5S, so I can turn my phone into a Wi-Fi hotspot,” Ms. Storjohann said. “I have a MacBook Air, which only weighs two pounds, so it’s typically with me on the go. I am a virtual planner so I work off of my laptop all the time.”

Because mobile CRMs are a relatively new technology, advisers and product providers are still figuring out just how to put them to use.

For instance, Peter Blehl, a financial planning associate at Heller Wealth Advisors, is currently in the process of implementing his firm’s new product, Envestnet|Tamarac’s Advisor CRM, a web-based system built on the Microsoft Dynamics CRM platform.

Once that gets rolled out, Heller will transition into using Tamarac’s mobile CRM version, although he said Tamarac’s mobile CRM isn’t as robust as the desktop version.

“Being able to get the client onboard and underway is possible right now. You can input most fields that are necessary, but being able to manipulate your reports in the field is a little clunky,” Mr. Blehl said.
Still, he believes implementing mobility is now essential for advisers as way to combat the threat from so-called “robo-advisers.”

“To be able to compete with robo-advisers, we have to meet with clients where they are instead of having them come to our office,” Mr. Blehl said.

But not all advisers are willing to go completely online, no matter how mobile their CRMs might be.
P.J. Wallin, lead adviser at Atlas Financial, said he uses Wealthbox, a new CRM that is integrated with Twitter and LinkedIn, yet he still prefers to take notes on paper when meeting with clients.

“I’m a pen and paper note-taker because I think it’s less distracting and helps me ‘listen,’” Mr. Wallin wrote in an e-mail.

Mr. Wallin’s work process is to access the Wealthbox app on his laptop after he has met with his clients and enter his notes in the CRM post-meeting.

“I’m trying to figure out the balance with all of that,” he said. “I’m meeting clients and prospects at the kitchen table, so it’s important to stay connected.”

Security, too, is a primary concern for advisers.

Mr. Cowles warned that while mobile CRM product providers offer security measures and encryption of data, it’s ultimately the adviser’s responsibility to protect customer information.

“Even if you’re in a mobile hotspot, there’s a risk that the data transmitted between your device and the server that you’re using is unencrypted and the Wi-Fi is being compromised,” he said. “You have to be careful about using free Wi-Fi in certain locations. I’ve heard that airports are one where most laptops are lost or stolen.”

He recommended that advisers buy their own mobile hot spot devices from their carriers, or use known Wi-Fi sources, such as those at home or on a client’s router.