RIA Turnkey CRM Scorecard

This scorecard report, conducted by Javelin Strategy & Research, evaluates turnkey CRM platforms based on four key dimensions: functional breadth, API integrations (versus in-house tech capabilities), client feedback, and corporate resources. Javelin defines turnkey CRMs as those platforms specifically designed for RIAs that can function out of the box and do not require high degrees of custom programming for deployment.

The request for information from platform providers contained approximately 120 lines of questions. Providers conducted platform demonstrations and also supplied client references for Javelin interviews. Clients graded the CRMs on deployment time, user experience, management interaction, functionality, workflow, and areas of desired product development. Orion Redtail Technology was the Best-in-Class Turnkey CRM. Envestnet Tamarac CRM and Wealthbox followed closely as Turnkey CRM Leaders.

Redtail Technology had the most consistent scoring across all areas of analysis, placing it just ahead of the Tamarac CRM and Wealthbox. The acquisition of Redtail into the Orion Advisor technology ecosystem has allowed the company to accelerate product development and introduce a flexible bundling of solutions that address different RIA business models and workflow sophistication. That said, AdvisorEngine and Advyzon also performed well with their in-house turnkey solutions that integrate CRM.

Key questions discussed in this report:

• What criteria should RIAs use to evaluate turnkey CRM solutions?
• What are the functional attributes and user experiences of turnkey CRM providers?
• Where do RIAs experience pain points in the CRM workflow?
• What providers have the leading turnkey CRM value propositions?
   

Companies Mentioned:

Advent AdvisorProducts, AdvisorEngine, Advyzon, Albridge, Amazon Redshift, Apprise Labs, Asana, Bento Engine, Broadridge, Calendy, Citrix Sharefile, CME Group, ComplySci, Constant Contact, Docupace, eMoney, Envestnet, Envestnet Tamarac CRM, Evernote, Fidelity Investments, FMG Suite, Franklin Templeton, Frontier Growth,Global Relay, Google, Holistiplan, IBM, Intuit TurboTax, Laser App, Laserfiche, LPL Financial, Mailchimp, Marketo, Microsoft, Moneytree, Morningstar, MS Office, MyRepChat, NetDocuments, NexJ SYSTEMS, OpenAI, OpenAI (ChatGPT), Orion Advisor Technology, Orion Redtail Technology, Pershing, Practifi, PreciseFP, Quik Forms, RBC, RightCapital, Salesforce, Sanctuary Wealth, Schroders, Schwab, SEI, SharePoint, Smarsh, SmartRIA, SMTP, Snappy Kraken, Snowflake, SS&C, SS&C Black Diamond, TaxStatus, TD Ameritrade, UBS, Wealth Dynamix, Wealthbox, Wells Fargo, Worldox, XLR8