Commonwealth Financial builds its own client management system

Independent broker-dealer firm Commonwealth Financial Network has created its own client relationship management system that advisers can begin using today. Instead of implementing a CRM by an established third-party vendor, the Waltham, Mass.-based firm decided to transfer its 3,000 users to an internal platform. The new system replaces its previous Microsoft Dynamic system. The in-house system is integrated with the independent broker-dealer's suite of other services, including client management platform Client360, business dashboard Practice360 and client portal Investor360, and will be available on mobile devices. Although there are a plethora of CRM platforms available for advisers, going in-house is a tactic often used by firms who want more control over their systems. Other systems have their own structures and may not be as adaptable. "It really enables them to totally customize the situation for their specific processes and clients," said Lorraine Ell, president and director of training at Excellat Consulting. It also makes it easier for the firm's advisers to access all of their information. A move of this stature takes significant resources, however. Ms. Ell said it involves a lot of time, manpower and money to build such a system, and then transfer all existing information from a previous platform. "Not only do you figure out the structure of the CRM and all the underlying interconnectedness of the different components, but you have to make sure that dovetails with how you do business," Ms. Ell said.