Apr 6, 2022

7 min

What Is the Most Popular Financial CRM Software?

The prototype of a CRM system — the Rolodex — was patented in 1956 in New York. It was a "rolling" portmanteau of "index" cards with valuable client data. The digital revolution of the 1980s introduced new marketing automation tools: email marketing, ad campaigns, etc. Today, financial CRM software helps build tailored communications, develop business intelligence reports, and increase revenue and lead conversions.

In our new article, we will review the common features and benefits of the most popular CRM systems in 2022. We will also provide our expert tips on how to choose the best software solution for your business.


Alexander Arabey

Director of Business Development

Sales and Marketing Automation

Overview of the CRM Software Market

We are starting with some essential stats that will help understand the importance of financial services CRM for the global market.

The report of Future Business Insights states that in 2028, the worldwide CRM technology is expected to reach a value of $128.97 billion at a CAGR of 12.1% starting calculations from 2021.

Moreover, the experts mark that despite the staggering impact of COVID-19 on the customers' demand, the realization of customer relationship management has exhibited a stable rise even compared to the pre-pandemic times.

According to another study from Grand View Research, the volume of the CRM software market in 2021 was evaluated at $52.4 billion, and it is expected to grow at a CAGR of 13.3% up to 2030. The researchers are sure that the pandemic will make businesses work even harder and build roadmaps to digital transformation for better understanding of their customers.

That is why the demand for CRM software to automate engagement with customers, enhance customer experience, and improve the scope of digital operations will get a significant boost in the near future.

Marketing Automation Tools

What Is CRM for Financial Services?

CRM systems are game changers for financial institutions. To put it simple, a CRM system for the financial services industry is very similar to the traditional customer relationship management software. It helps manage and build relationships with clients through workflow automation, account databases, and other organizational tools.

Nevertheless, financial services CRM systems are customized for the industry's needs. They focus on streamlining financial workflows, smooth customer service delivery, and close integration with financial accounts (investments, loans, credits, etc.).

There are two major forms of financial CRM.

  • Multipurpose systems. They are adjusted to financial workflows through APIs, branding, custom fields, etc. and can be provided by CRM software vendors.
  • Industry-specific systems. They are geared toward banking, investing, insurance agencies, or other financial institutions. Such systems provide out-of-the-box features for the particular segments but may lack innovative features, such as business intelligence modules.

Business Processes

What Are the Pros of CRM in Finance?

There are also several essential advantages of customer relationship management that help the financial services industry overcome many difficulties and increase revenue. We have combined them into three categories.

Understand Your Customers

The first great opportunity CRM systems provide is the deep involvement and maintaining positive relationships with your customers on a modernized level.

With tailored customer relationship management, you can track the entire customer journey from their first conversation with your company. The system creates a detailed timeline of all the interactions and gives valuable customer insights that can be crucial for further analytics.

The CRM solution in finance is the base for creating personalized service products for your clients. You can understand the prospects for further development and build trust for a lifetime.

Take the Best of Data

Data analytics is the king of the modern world. Meanwhile, among the most distinctive features of financial institutions is a large amount of client information. So, let us see how a CRM platform can help with data management.

First, CRM for financial advisors makes data available across various devices. You do not have to access the databases strictly at your office only. Integrating them within just one CRM software solution helps connect it all in one place.

Leads data analytics enables users with the perspective of sorting all your company's leads by priority. Such automation provides effective customer relationship management tools for your sales and marketing teams.

Furthermore, CRM systems are solid solutions for keeping customer data safe and protected on a reliable platform.

Upgrade Your Efficiency

CRM solutions facilitate the digital transformation and adjust the client strategy to the latest business requirements. But how can they move your financial business processes onto the next efficiency level?

Firstly, financial CRM is a one-stop platform for managing the sales process, leads, client relationships, and analyzing data. The pipeline management will not require any additional juggling between platforms and apps.

Moreover, an effective CRM system powers other processes of financial institutions. Your teams get access to real-time updated information about customers. The workflow becomes much faster and more reliable. That also promotes the greater efficiency of your financial services team's collaboration.

Customer Relationships

CRM Software for Financial Advisors — Our Top 5

CRM systems, of course, vary from vendor to vendor. You will find different pricing and deployment options (on-premise, cloud, or hybrid). Customer relationship management platforms differ in scale and additional features.

We want to offer you our top list of CRM software in 2022. These systems have proved their efficiency for financial services independent advisors, accounting firms, insurance agencies, and other institutions.


Salesforce introduced its pioneer CRM solution in 1999, and since that time, it has been a global leader in customer relationship management systems across many industries.

Its Financial Services Cloud is a much-in-demand advisor-specific product. It is fully customizable, combines more than a hundred data sources, and is empowered by AI analytics. The CRM solution is also available for mobile access.

Salesforce CRM pricing plans range from $225 to $450 per month.

Redtail Technology

Redtail Technology offered its first CRM system in 2003, and today it is among the leaders of solutions for financial advisors.

The company offers a robust platform with a spectrum of available integrations and an easy-to-use interface. The CRM solution includes workflow automation, lead and contact management, customizable reporting, and mobile access.

Redtail Technology CRM subscription costs $99 per database for up to 15 users.

UGRU Financial

The UGRU Financial CRM software solution was created by financial advisor Ken Gulliver in 2011. His team created a platform for financial services at the best affordable prices.

Wealth management firms can get access to a starting plan. The plan includes all necessary features, like document management, marketing automation, regulatory compliance, etc.

The starting plan for a team of up to three users costs $59 per month.


Wealthbox was established in 2014 as one of the software companies in the financial advisor space. Today their easy-to-use customizable CRM platform is popular among independent advisors, startups, and small firms.

The customer relationship management solution has essential key features, such as project and wealth management, workflow automation, and others. Also, it offers social media monitoring, click-to-call capabilities, email/CRM integrations, mobile access, and partner integrations with top-notch financial industry tools.

The Wealthbox Basic platform costs $35 monthly per user.

Envestnet Tamarac

Envestnet Tamarac was founded in 2000, and now it offers a wide range of financial software — wealth management and reporting solutions, tools that help analyze data, CRM, and others.

The key features of the Tamarac CRM platform focus on the delivery of a compelling end-user experience. The system empowers financial advisors with advanced instruments for personalized investment expertise based on dozens of data sources.

The Tamarac CRM solution is built on top of the popular Microsoft Dynamics platform, and it is easy to learn.

The customer relationship management platform is specially made for independent advisors. That is why the pricing is provided through a custom quote.

Financial Institutions

Key Ideas

So, is there a straightforward solution to the problem of choosing the most efficient financial CRM software in 2022?

There is a great deal of choice of CRM systems for financial advisors. They provide new opportunities to empower the digital transformation of businesses.

Moreover, they help adapt to the new norm of our life where client relationships are the top priority on the road to success. And it is especially vital since attracting a new customer costs businesses five times more than keeping an existing one.

Want to know more about our Fintech and Banking expert insights? Feel free to contact our specialists for more consultancy.

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Call us at +44 151 528 8015
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