Wealthbox CRM integrates instant messager Slack into adviser tech platform

Instant messaging has found a new home, and it's on a client relationship management platform for financial advisers. Wealthbox CRM is integrating Slack, the internal communications software, onto its platform, so that its nearly 3,000 subscribers can chat with colleagues within the program and get real-time notifications on CRM updates. They can also search through archives of past conversations. The goal: Better teamwork. "It is enhanced communication as a team to act on important information in real time," said John Rourke, chief executive of Gotham Tech Labs Inc., which runs Wealthbox. "It's collaboration on steroids." With Slack's instant messaging technology, which comes at no additional cost to Wealthbox users, advisers will get notifications for a new contract, task, calendar event or alert that an assignment was completed. Users can collaborate on projects by conversing in the virtual chat room and viewing their message history. "It gives actionable information that allows a team to be more responsive," Mr. Rourke said. NEW IDEA Pairing a CRM and instant messaging is new; other CRM providers have not yet offered it. Wider acceptance of the concept of internal communication like at Wealthbox at RIA and broker-dealer firms is right around the corner, however. Orion Advisor Services, which offers financial advisers a suite of software, uses chat rooms in a different way, letting advisers connect with various support teams. "Email is the automation of postal mail," said Eric Clarke, the president of Orion. "Chat is more of a text environment — it is having a dialogue, if you will." AppCrown, an adviser and broker-dealer CRM program from Salesforce.com, another CRM system, uses an internal communications platform. Ted Tsung, president of AppCrown, and Mr. Clarke agreed that chat is great for efficiency, but even more so for compliance. "It's one thing that you can chat, but you want to make sure you have a way to save communication details," Mr. Tsung said. "Email gets archived by all major platforms, but chat is one area [where] it's always been a fear." As CRM providers continue to move to a more mobile-oriented mentality, Wealthbox considers itself a "modern" CRM, Mr. Rourke said. The platform is also integrated with LinkedIn and Twitter. FOUR PRICING TIERS There are four tiers of pricing for using Slack on Wealthbox, including a free version, a standard version for $8 a month, a plus version for $15 a month and an enterprise version for $48 a month.

Pretty sure Slack has saved me like 200+ emails today.

— Jud Mackrill (@JudMackrill) June 8, 2015

"We use it a lot," said Alex Murguia, a managing principal and the chief compliance officer of McLean Asset Management in McLean, Va., referring to Slack. "We use it quite a bit in replacement for inbox clutter. It is so much more than that, though." That's because instead of sending an email and having to click the "CC" button to include the entire firm, everyone can be on the same page at the same time through a Slack group chat. Mr. Murguia said being able to communicate internally with coworkers encourages a greater level of teamwork. He does not use Wealthbox. "You can pretty much do away with those emails," Mr. Murguia said. "It helps the whole team stay in the loop a lot more."