Ameriprise to switch CRM for nearly 10,000 advisers in 2019

Ameriprise to switch CRM for nearly 10,000 advisers in 2019
Changing key tech tools can cause disruption, but the new provider, Salesforce, is known in the securities industry for customer service and customization.
JUL 25, 2018

Ameriprise Financial Inc. will switch up a key piece of technology for its 9,906 brokers and financial advisers next year when it changes its customer relationship management system to industry leading Salesforce.com Inc. One Ameriprise adviser, who asked not to be named, cheered the move. "Contact Manager is not very user-friendly," the adviser said, referring to Ameriprise's current CRM system, which is Ebix Inc.-based. Rolling out new technology at brokerage firms can create unintended snafus and failures and push some advisers to look at the tech of a competing firm, but companies have no choice but to stay current with the latest technology, industry observers said. And Salesforce is known in the securities industry for its customer service and customization. As the industry lurches along toward higher advice standards, CRM platforms give brokers and advisers necessary functions to document transactions with clients, one observer said. "Note-taking by advisers is becoming even more important as the industry moves toward a fiduciary standard," said Danny Sarch, an industry recruiter. "The adviser and firm have to justify every trade and recommendation for a client. There has to be a record." The Salesforce CRM tool "will put more information at the fingertips of advisers and make it even easier for them to engage clients through personalized contact," Ameriprise spokeswoman Kathleen McClung wrote in an email. The change will be rolled out in several waves next year, she said. Meanwhile, Ameriprise Financial reported its second quarter company earnings after the market closed Tuesday. Seventy-six experienced financial advisers moved their practices to Ameriprise, and adviser retention remained strong, the company reported. Total retail client assets increased 10% to $566 billion, driven by client net inflows, client acquisition and market appreciation, the company said. Adjusted operating net revenue per adviser on a trailing 12-month basis increased 12% to $599,000, after normalizing the net impact from eliminating 12b-1 fees in advisory accounts.

Latest News

People moves: RBC taps Raymond James veteran for Texas complex
People moves: RBC taps Raymond James veteran for Texas complex

Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant

Ex-LPL, special needs advisor pleads guilty in fraud case
Ex-LPL, special needs advisor pleads guilty in fraud case

Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.

Advisor moves: Raymond James lands $700M Truist team in Naples
Advisor moves: Raymond James lands $700M Truist team in Naples

Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL

Investor accuses Lasater Capital of hiding $100M in fund defaults
Investor accuses Lasater Capital of hiding $100M in fund defaults

Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.

American Express to make job cuts as AI revolution ramps up
American Express to make job cuts as AI revolution ramps up

“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor