Client management platforms have become an essential part of an RIA’s tech stack as these tools make it easier to access and update customer information.
The Financial Industry Regulatory Authority (FINRA), however, imposes strict requirements, especially when it comes to handling client data. This is why compliance must be a top priority if you’re searching for the right tool for your business.
To help steer you in the right direction, we’ll list our picks for the best FINRA-compliant client management software in this guide. We’ll give you an overview of the features and benefits, so you can get an idea of how each tool fits your business goals.
Apart from compliance with industry regulations, a good client management tool must have features and functions that make data handling easier and more efficient. Here are our top picks for the best FINRA-compliant client management software for your RIA.
We’ll provide a general overview of each platform’s features. You can find more details about each tool’s functions and capabilities by checking out their websites. Our list is arranged alphabetically.
AdvisorEngine is designed specifically for RIAs. The platform combines client relationship management (CRM), workflow automation, and business analytics. These features allow RIA firms to streamline operations, improve customer relationships, and make data-driven decisions.
The software focuses on providing a secure and tamperproof archiving platform, which is a key requirement for WORM (write once, read many) compliance. It has an open API that enables seamless integration with other systems.
AdvisorEngine’s acquisition of Junxure, a well-known CRM for RIAs, has also expanded its user base and solidified its position as among the top FINRA-compliant tools in the market.
2. Advyzon Advyzon is an all-in-one platform that has become a popular choice for small and mid-size RIAs for its simplicity and ease of use. Apart from portfolio management features, the tool enables CRM, billing, and document storage functions.
When it comes to recordkeeping, Advyzon ensures that documents are stored in a way that prevents modification or deletion in compliance with WORM requirements. The tool also boasts features for reviewing documents and creating audit trails, which are important for facilitating investigations.
Considered as one of the best FINRA-compliant client management software, Advyzon is highly customizable and integrates with popular productivity and collaboration tools. The platform also ranks high in customer satisfaction polls consistently.
Advyzon is also part of our list of the top account management platforms for RIAs.
3. HubSpot CRM HubSpot’s CRM strength lies in its user-friendly interface, client management features, and integration capabilities, especially with other HubSpot tools. The platform comes with a free version that includes tools for contact management, deal tracking, and basic marketing tasks. You can upgrade to paid plans to access more comprehensive features.
While HubSpot CRM doesn’t offer built-in WORM functionality, it can be integrated with other archiving platforms that provide WORM storage capabilities. This allows RIA firms to store client information in compliance with FINRA rules.
Insightly offers a range of tools for contact, opportunity, and project management. This makes the client management platform suitable for RIA firms of various sizes.
Functioning primarily as a CRM tool, Insightly offers automation features that streamline processes and reduce manual work. The platform comes with customizable fields, pipelines, and dashboards to match your business needs. It also integrates with several third-party apps, including Gmail and Office 365.
Insightly’s platform offers various security features to enhance data protection:
These features are important for FINRA compliance.
Visit and bookmark our GoRIA Technology Section for easy access to news and information about FINRA-compliant client management software.
5. Kohezion Kohezion is a no-code CRM platform that enables RIA firms to create custom applications and databases to suit their business needs, workflows, and industry requirements. The tool also has a user-friendly interface, which makes it easy to navigate, even for those without technical expertise.
Kohezion comes with comprehensive data management and reporting features and allows secure data storage. The platform maintains detailed audit logs of all user activity, including data modifications and access, providing a clear record of who accessed what and when. This helps firms comply with FINRA's recordkeeping requirements and investigate potential issues.
6. Redtail Redtail offers tools for data management, workflow automation, and compliance designed for financial advisors. It has several standout features that help RIA firms meet FINRA requirements, including:
Redtail Speak automatically archives messages to clients in compliance with SEC and FINRA rules. Popular features include supervisory review queues, flagged keywords, and centralized archive storage.
Redtail Email provides a secure email archiving and supervision platform for RIAs.
Redtail CRM integrates with regulatory software such as MyRIACompliance and FIN Compliance. This facilitates workflow automation and task management related to compliance.
7. Salesforce One of the best FINRA-compliant client management software solutions for RIAs, Salesforce provides firms with a centralized hub to store and manage client information. This ensures financial data, customer interactions, and documents can be accessed easily.
Salesforce boasts advanced analytics and reporting features, helping RIA firms monitor performance and create tailored reports for clients, internal teams, and regulatory bodies. It also integrates with various financial tools, including custodial platforms, portfolio management systems, and marketing automation software.
Find out what makes an effective CRM RIA platform in this guide.
8. Topaz Advisor Topaz Advisor is designed to help RIAs manage client data, track financial goals, and streamline workflows related to financial planning. Primarily a CRM platform, it boasts tools for managing client interactions, communication, and service to help firms build and maintain strong customer relationships.
Topaz Advisor provides WORM-compliant storage and features that help RIAs meet SEC and FINRA requirements for record retention and data integrity. These include timestamped recordkeeping, secure data storage, and audit trails.
9. Wealthbox Wealthbox is a good option for RIAs looking for a straightforward, easy-to-navigate platform. It comes with a user-friendly interface that makes it easy to manage client information.
Wealthbox offers tools for creating reports and tracking key metrics for advisors who want to access real-time insights into client relationships and business performance. It also helps automate workflows for streamlining repetitive tasks and processes.
In terms of FINRA compliance, Wealthbox features secure storage, time-stamped audit trails, and data backup. It also integrates with popular email platforms like Gmail and Office 365 for easy tracking and archiving of client communications.
Zoho provides a central location to store all client information, including interactions, communications, and documents. It provides tools for data encryption, access controls, and audit trails, which are crucial for meeting FINRA requirements for data security.
Zoho also enables RIA firms to create custom reports and dashboards for tracking client interactions, transactions, and other relevant data. It can integrate with various communication channels, including email, social media, and SMS. This helps ensure that client communications are archived and easily accessible for review, another important element of FINRA compliance.
Risk analytics tools are also an important part of an RIA’s tech stack. Find out what features to look for in this guide.
FINRA has specific rules on how firms should store, report, and protect customer data. These regulations are aimed at ensuring transparency, accuracy, and protection of sensitive information. If you’re currently shopping for a client management platform, these are some of the key FINRA rules that you should be mindful of:
Rule 4512 requires member firms to maintain detailed records of customer account information, including:
Rule 2090 mandates financial institutions, including RIAs, to practice due diligence in obtaining and retaining essential information about each client. This rule is designed to help firms understand their customers’ financial situation and investment goals, so they can provide suitable advice and prevent fraud.
Rule 4511 requires firms to maintain records in a format that complies with SEC Rule 17a-4. This rule imposed by the Securities and Exchange Commission mandates that records follow the “write once, read many” (WORM) format. This means that electronic data must be stored in a non-rewriteable and non-erasable format, so it cannot be altered or deleted to maintain its integrity.
The SEC also imposes a retention period of three to six years, sometimes longer, depending on the type of data.
Rule 4530 mandates member firms to promptly report specific events to FINRA, including:
It also requires firms to submit quarterly statistical summaries. The rule is intended to help FINRA monitor compliance, assess risk, and maintain market integrity.
Rule 3120 requires FINRA member firms to establish a system to test and verify their supervisory procedures, including monitoring and reviewing customer data. It also mandates that firms register principals who will be responsible for establishing, maintaining, and enforcing the supervisory control policies and procedures.
Here’s a FINRA compliance checklist of the rules and regulations for client data management and handling. You can download the list for easy access.
Compliance with securities laws and regulations, besides those of FINRA, must also be considered when building your RIA tech stack. Learn key strategies and best practices in this guide.
FINRA imposes stringent rules and regulations when it comes to handling client information, recordkeeping, and data security. To maintain compliance, RIAs must choose a client management software with the following features:
Electronic data storage: Records must be stored digitally in a non-rewritable and non-erasable format, also known as the WORM format. This ensures the authenticity and integrity of the records during the retention period
Serialization and time-dating: Records must be assigned a unique identification number and timestamped, helping create an audit trail
Data security and encryption: The platform must use advanced encryption methods to protect sensitive client information and reduce the risk of data breaches
Downloading and exporting capabilities: RIAs must be able to download indexes and records in a comprehensible and useable format
Data backup: There must be a separate backup source for accessing records if the primary source is damaged or lost. FINRA requires firms to keep a duplicate copy of records in a separate storage
Integration capabilities: The platform must integrate with existing financial tools. This lets firms streamline operations and ensure compliance of all systems
Apart from these features, RIAs must consider a range of factors when choosing a client management platform. These include your firm’s specific needs and budget. It's best practice to come up with a shortlist, evaluate the features, and request a demo to find out which platform fits your business.
Understanding FINRA regulations is also important to ensure compliance during client communications and transactions. This enables you to choose a platform that not only matches your operational needs but also meets regulatory requirements.
For more articles on FINRA-compliant client management software, visit and bookmark our GoRIA section.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
