CRM: Powering an Outstanding Service Experience

Leah Stoney – 11/09/2021

In today’s competitive and fast-paced markets, having a client-first business model is crucial, regardless of industry. Whether a potential client is shopping for consumer services or a financial advisor, top-notch customer service is the differentiator as there are so many providers in each market. A superior customer service experience within the wealth management industry must also inspire trust and loyalty.

A critical element of building long-term, personal relationships with clients is easily tracking and maintaining activity – sometimes even activity outside of the advisor-client interactions. A Customer Relationship Manager solution, or CRM, provides the technology that empowers advisors to manage prospects, clients, and households in a unified view.

Historically, CRMs have lived an isolated existence – maintaining the people information while a portfolio management platform maintained the market data such as holdings, market values, transactions, and reports. However, as firms find additional ways to improve their practices, they look to enrich the CRM within their overall tech stack, so client data is not managed in multiple systems. Pairing a CRM with the Black Diamond® Wealth Platform can help bring your client’s personal and financial goals into one central view.

Black Diamond’s Client View application allows one to see the client’s total portfolio value, contact info, quarterly reports, meeting notes, trade activity, tasks, rebalancing model, life events, and more, all within one platform. From this central space, advisors can manage the client’s complete wealth picture and set up the entire Relationship by defining all aspects of a client’s financial life – members, stakeholders, portfolios, and accounts. In addition, this framework supports the automatic importing and syncing of contacts from the advisory firm’s chosen CRM and keeps everything up-to-date – eliminating duplicate, manual work for advisors.

Using the CRM to Eliminate Redundant Data Entry

When an advisor meets a prospective client, information is captured and relevant details are mapped within the CRM. Once the prospect is on-boarded as a client, the data captured in the CRM must be copied into downstream systems such as portfolio management, financial planning, and more. Black Diamond can ingest this information from your CRM automatically, thereby eliminating duplicate and redundant data entry. In addition, clients and relationships defined in a firm’s CRM can be quickly imported and linked to Black Diamond, resulting in a daily, full life-cycle where data powered by the CRM is enriched.

Using Black Diamond Reconciled Data to Power CRM

Combining the people and market data in one system allows advisors to have a more knowledgeable conversation with their clients without pausing to look up information or switching to alternative software. In addition, the Single Sign-On feature empowers advisors to dive deeper with one click.

A great example of combining people and market data can be seen with the integration of Black Diamond with SS&C’s Salentica CRM solution. Each morning, clients who leverage the combined power of these solutions can see that their data is retrieved from Black Diamond’s API, ingested at the account level, and mapped to clients and relationships. Then, the view within Salentica doesn’t just show the investor demographic information but instead depicts an accurate representation of the client relationship, complete with meaningful, holistic information.

To learn more about the seamless integration between SS&C Salentica and the Black Diamond Wealth Platform, register to attend a webinar on Wednesday, November 10 at 2:00 pm or request a personalized demo today.