CRM is a critical component of the advisors' tech stack, enabling client acquisition, onboarding, and nurturing existing relationships. However, a poorly integrated CRM wastes time, money, and lowers client satisfaction. Turnkey CRM applications like Wealthbox and Redtail are highly regarded in the RIA community due to their seamless integration capabilities and cost-effectiveness.

Salesforce, a leading enterprise-centric CRM platform, is surpassing smaller competitors like Redtail and Wealthbox in market share. To compete, RIA-centric vendors are now enhancing their turnkey platforms to cater to the customization needs of mid-size fast-growing RIAs. In contrast, some enterprise CRM platforms are striving to provide advisors with a less functionally complex and relevant solution out of the box (e.g., Envestnet Tamarac). This approach is particularly important for RIAs approaching $1 billion in assets, as they typically require a higher degree of workflow customization.

Key questions discussed in this report:

• How are turnkey CRM platforms positioned against Salesforce?
• How do deployment times differentiate CRM providers?
• What are the determinants of RIA CRM satisfaction and the path forward?

Companies mentioned:

Accenture, AdvisorEngine, Advyzon, Amazon Redshift, Amazon Web Services, Canoe, Chicago Mercantile Exchange, Creatio, Envestnet Tamarac CRM, Glia, Goldman Sachs, Google Cloud, IBM Cloud, Junxure CRM, Liberty Mutual, Marsh, Microsoft Dynamics 365, Mirador, NexJ Systems, OpenAI, Orion Advisor Technology, Otter, Practifi, Principal, RBC, Redtail Technology, Salesforce, Schroders, Snowflake, UBS, Unqork, Wealth Dynamix, Wealthbox, Wells Fargo, XLR8