Top CRM for RIAs revealed

Customer relationship management (CRM) platforms serve as the operational backbone for your RIA. This is why choosing the tool that matches your firm’s needs and goals is an important decision.   

To help you in your search, InvestmentNews lists our top 11 picks for the best CRM for RIAs in this guide. We’ll give you an overview of the key features, so you can have an idea on how these platforms can support your business. 

11 best CRM platforms for your RIA 

A good CRM system must have the right tools to help your RIA firm streamline operations, improve client service, and eventually grow your business. The CRM platforms in our list come with a mix of features and functions to help you achieve these goals.  

We’ll provide a general overview of each platform’s features. For complete details about each software’s functions and capabilities, you can visit their websites. Our list is arranged in alphabetical order.   
 

1. AdvisorEngine 

AdvisorEngine is a CRM platform designed specifically for RIAs. The tool combines a range of features, including portfolio management, data analytics, and workflow automation, making it easier for RIA firms to streamline operations. Here’s a breakdown of its capabilities: 

• Contact and account management: users can access detailed profiles and communication tools, and track account activity 

• Portfolio management: functions include performance tracking, rebalancing, and data aggregation 

• Data reporting and analytics: advisors can access comprehensive reporting and analytics dashboards for client performance and business insights 

• Integrations: Zapier (workflow automation); Orion Advisor Services, Schwab Advisor Center, Smartleaf (accounting); Morningstar ByAllAccounts (data aggregation); Nitrogen (risk assessment) 

• Security and compliance: provides a secure and tamperproof archiving platform – a key requirement for WORM (write once, read many) compliance – and uses data encryption to protect sensitive information 

• Customization and ease of use: drag-and-drop interface for customizing dashboards, workflows, and reports 

• Collaboration: clients can access a secure portal to view their information and communicate with RIAs 

• Pricing: starts at $65 per user per month for a minimum of three users billed annually; free demo available 

In 2018, AdvisorEngine acquired Junxure, another prominent CRM for RIAs, which strengthened its position 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. Among its standout CRM features are: 

• Contact and account management: provides user-friendly centralized contact database and communication tools 

• Portfolio management: basic features, but integrates with several portfolio management platforms  

• Data reporting and analytics: customizable reporting functions, which include client performance monitoring and analytics 

• Integrations: Salesforce, HubSpot (CRM); RightCapital, MoneyGuide, eMoney (financial planning); Kwanti, Fi360 (data analytics); Advisor Peak, Black Diamond, FINIAT (portfolio management); Microsoft Office 365, Google G Suite (collaboration) 

• Security and compliance: recordkeeping function complies with WORM requirement; boasts features for reviewing documents and creating audit trails 

• Customization and ease of use: users can customize dashboards, layouts, and workflows via user-friendly interface 

• Collaboration: customizable portal where clients can access financial information and communicate with RIAs 

• Pricing: starts at $6,500 per year for a platform license supporting up to 150 client accounts; free trial available 

Advyzon gets rave reviews when it comes to customer satisfaction. It also ranks on our list of the top account management platforms for RIAs.   
 

3. Backstop 

Backstop functions specifically as CRM for RIAs. Among the features that make the platform stand out are workflow automation and document management. Here’s an overview of the tool’s capabilities:  

• Contact and account management: offers automatic contact synchronization and a centralized location for storing and managing client data 

• Portfolio management: users can access investor information, track interactions and performance, and log key metrics 

• Data reporting and analytics: enables comprehensive data aggregation and customizable data analysis and reporting  

• Integrations: Morningstar, BarclayHedge, Preqin (data and insights); CENTRL (due diligence); ACA (data management) 

• Security and compliance: uses data encryption to safeguard client and business data 

• Customization and ease of use: user-friendly interface that allows the addition of custom fields to track specific data points 

• Collaboration: provides an investor portal where RIAs can share information and communicate with investors 

• Pricing: starts at $3,000 annually, but it’s better to contact the provider directly for personalized quotes; no free version 

The Backstop CRM platform usually gets positive reviews from users, especially when it comes to ease of use and customer support. 

You can check out our GoRIA Technology Section for more news and information about the best CRM for RIAs. 

4. Creatio 

Creatio is a no-code CRM platform that suits RIA firms. This means that advisors can customize the system without extensive technical know-how. The software boasts features that helps RIAs streamline operations, including client management and workflow automation:  

• Contact and account management: provides a centralized database where RIAs can access customer information and manage interactions; contacts and accounts can also be categorized (e.g., industry, location, purchasing behavior) 

• Workflow automation: includes tools for automating different tasks and processes, including onboarding, reporting, and compliance 

• Data reporting and analytics: uses AI-powered analytics to help users create custom reports and dashboards 

• Integrations: HubSpot, Microsoft Dynamics 365, Zoho (CRM); 1C (accounting); SAP Business One, Microsoft Dynamics NAV, Sage 200 and 300 (ERP); Mailchimp (marketing); Zoom, Microsoft Teams (collaboration) 

• Security and compliance: uses multi-factor authentication and role-based access control to protect sensitive client data 

• Customization and ease of use: features drag-and-drop interface for building custom workflows and automating tasks 

• Collaboration: the Creatio portal allows secure and managed access to client data 

• Pricing: starts at $25 monthly per user for Growth plan, $55 monthly per user for Enterprise plan, and $85 monthly per user for Unlimited plan; separate add-on modules for sales, marketing, and other services go for monthly per user 

Creatio isn’t as dominant in the RIA market as the bigger names on our list. If your firm, however, has complex needs that require a high degree of customization, the platform may be a good option. 
 

5. HubSpot 

HubSpot is a popular CRM tool for RIAs because of its user-friendly interface, client management features, and integration capabilities, especially with other HubSpot tools. Here’s a rundown of its features: 

• Contact and account management: advisors can create comprehensive profiles for each contact, including contact information and social media links; all communication is also tracked and logged within the system 

• Portfolio management: features tools for automating various marketing, sales, and service tasks 

• Data reporting and analytics: provides pre-built reports that RIAs can customize to fit their needs; data is collected from various sources and stored in a structured format 

• Integrations: Microsoft Dynamics 365, Salesforce, Zoho (CRM); Zapier (workflow automation); Mailchimp, Pardot (marketing); QuickBooks (accounting); AdvizorPro (broker-dealer data) 

• Security and compliance: uses data encryption for safeguarding sensitive data 

• Customization and ease of use: designed to be user-friendly, with a clean and modern interface; users can also customize views and reports to suit their needs 

• Collaboration: includes a client portal as part of its Service Hub 

• Pricing: starts at $15 monthly per user for Starter plan, $100 monthly per user for Professional plan, and $150 monthly per user for Enterprise plan; free version with basic CRM features available 

HubSpot suits small and medium-sized RIAs searching for an affordable all-in-one CRM platform. 
 

6. Practifi 

Practifi is one of the most popular CRM platforms designed for RIAs. Built on Salesforce, it uses the CRM giant’s Lightning platform to provide tools and benefits tailored for an RIA firm’s needs.   

• Contact and account management: gathers customer information from various sources to provide a comprehensive view of each client, including their financial details, service agreements, goals, and interactions 

• Workflow automation: workflow engine automates tasks and processes, including account openings, annual reviews, and onboarding 

• Data reporting and analytics: generates reports on various aspects of an RIA’s business, including client profitability, sales performance, and compliance status 

• Integrations: HubSpot, Microsoft Dynamics 365 (CRM); Addepar, Orion (portfolio management); Schwab, Envestnet (custodian); Mailchimp (marketing); Zapier (workflow automation); Flourish (cash management);  Google Workspace (collaboration); DocuSign (e-signature); OnBord (onboarding)   

• Security and compliance: provides tools allowing compliance teams to monitor deliverables, manage risk, and report on team performance 

• Customization and ease of use: customizable dashboards let RIAs track team and individual advisor performance, monitor key metrics, and identify areas for improvement 

• Collaboration: The Feed feature allows team members to communicate and collaborate directly within a client record using @mentions 

• Pricing: available on request 

7. Redtail 

Redtail has several standout features that help RIAs streamline operations, including data management, workflow automation, and compliance. Here’s an overview: 

• Contact and account management: robust features include detailed client profiles, activity tracking, and task management 

• Portfolio management: focuses on managing client contacts and interactions 

• Data reporting and analytics: offers pre-built reports that can be customized based on different requirements 

• Integrations: Orion Advisor (portfolio management); Zapier (workflow automation); eMoney Advisor (financial planning); Schwab, Fidelity, Envestnet (custodian); SmartRIA, MyRIACompliance, FIN Compliance (compliance) 

• Security and compliance: the Redtail Speak tool automatically archives messages to clients in compliance with SEC and FINRA rules; Redtail Email provides a secure email archiving and supervision platform 

• Customization and ease of use: users can access customized dashboards with easily navigable interface 

• Collaboration: client portal is part of Redtail's integration with Orion Planning and comes with a mobile app version 

• Pricing: $39 monthly per user when billed annually or $45 monthly per user when billed monthly for Launch plan – supports up to five users; $59 monthly per user when billed annually or $65 monthly per user when billed monthly for Growth plan – unlimited users; customized pricing for Enterprise plan; free trial available 

Redtail’s integration with several regulatory software makes compliance of workflow automation and task management easier. 

Compliance platforms are an essential part of an RIA tech stack. Find out how to build one in this guide.  

8. Salentica 

Salentica offers two CRM platforms designed for wealth management firms: Salentica Engage and Salentica Elements. Here are the key differences: 

Salentica offers an interesting “hybrid” approach. The platform allows RIAs access to Salesforce, which is next on our list, although there are a few limitations.  

While Salesforce is a powerful tool, the platform is geared towards large RIAs. Smaller firms may find it hard to work directly with Salesforce. Salentica addresses this gap, providing a solution that allows small and midsize RIAs to access some of Salesforce’s key benefits. 
 

9. Salesforce 

One of the most popular CRM for RIAs, Salesforce provides firms with a centralized hub to store and manage client information. It also boasts advanced analytics and reporting features and integrates with various financial tools. Here’s a summary of its key features: 

• Contact and account management: highly customizable contact and account management features with advanced tools for filtering, segmentation, and communication 

• Portfolio management: focuses on managing client contacts and interactions, but can expand capabilities through third-party integrations 

• Data reporting and analytics: users can access customizable reporting and analytics tools with advanced data visualization features and integrations for comprehensive business insights 

• Integrations: Microsoft Dynamics 365, HubSpot, Marketo, Zoho (CRM); Mailchimp (marketing); QuickBooks (financial data); Slack, Google Workspace (collaboration); Jira (project management); SAP (ERP) 

• Security and compliance: captures audit trails of user activity, system changes, and data access and uses data encryption to protect confidential information; can also be configured to comply with WORM requirements 

• Customization and ease of use: as a low-code platform, users can customize the system using visual interfaces and drag-and-drop tools 

• Collaboration: offers clients a secure self-service online portal 

• Pricing: starts at $25 to $500 per user per month, depending on the plan; free trial available 

Searching for new platforms to bolster your RIA tech stack? Check out this special report for the best new software for investment management professionals.  
 

10. Tamarac 

Part of the Envestment suite, Tamarac CRM suits RIAs with complex wealth management needs. It comes with the following features: 

• Contact and account management: advisors can access comprehensive client profiles with financial data, but may require additional tools for advanced communication  

• Portfolio management: boasts an extensive range of tools, including data aggregation, performance tracking, rebalancing, and trading 

• Data reporting and analytics: provides in-depth business intelligence reporting with pre-built templates and customizable reports 

• Integrations: HubSpot, Practifi, Salesforce, Zoho (CRM); MoneyGuidePro, eMoney Advisor, Wealth Access (financial planning); LifeYield (portfolio management); NetX360 (data management); Microsoft Office 365 platform (collaboration) 

• Security and compliance: compliance monitoring feature helps RIAs stay compliant with industry regulations 

• Customization and ease of use: comes with an intuitive user interface with simple data input and access to important features 

• Collaboration: investors can access a client portal for data on asset performance, financial goals, and spending summaries 

• Pricing: starts at $35 per user per month for Basic plan and $65 per user per month for Premier plan; free demo available 

Tamarac CRM’s strength lies in its client onboarding, meeting preparation, and business development tracking features. The lack of audit trail, however, may be a drawback for some users.  
 

11. Wealthbox 

Wealthbox is a good option for RIAs looking for a straightforward, easy-to-navigate CRM platform. It offers a range of tools for managing client relationships: 

• Contact and account management: provides a user-friendly platform with detailed profiles, search and filtering function, and communication tools 

• Portfolio management: focuses on client communication and relationship management, but can integrate with third-party platforms to expand portfolio management functions 

• Data reporting and analytics: basic reporting with customizable dashboards and pre-built reports 

• Integrations: HubSpot, ActiveCampaign, Copper, Zapier (CRM and automation); Altruist (custodian); Asset Map, Nitrogen (risk management); Fynancial (communication); eMoney, Wealth.com, Unitifi (financial planning); Docupace (document management) 

• Security and compliance: features secure storage, time-stamped audit trails, and data backup in line with FINRA requirements 

• Customization and ease of use: basic customization features; easy-to-use interface with guided setup 

• Collaboration: secure client portal lets investors access financial information and communicate with advisors 

• Pricing: $59 monthly per user for Starter CRM plan, $75 monthly per user for Pro plan, and $99 monthly per user for Premier plan; free 14-day trial 

Risk analytics tools are also a crucial part of an RIA tech stack. Find out the leading platforms in the market in this guide.   

How to choose the right CRM system for your RIA 

When choosing a CRM platform, you should prioritize features that match your RIA’s scale and business needs. Assess how the system improves client relationships and operational efficiency. Find out if the platform complies with relevant SEC and FINRA regulations. Other key considerations are integration capabilities, data security, and vendor training and support.  

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