The CRM Relationship
John Milne – 05/05/2022
When working in a technology platform, what is the primary home for the advisor? We have consistently received this question from our clients, and the most transparent answer is, “Well, it depends.” For example, more relationship-focused advisors may primarily live within the CRM tool. In contrast, advisors with deeper reporting or data needs would possibly opt to make the portfolio management system their central hub. Then, there are the financial planners who live within the application of their choice. Historically advisors had to clearly choose which domain to use because each tool focused on a particular set of non-integrated solutions, forcing users to hop between applications to get all the needed data.
Naturally, this was far from ideal but a matter of necessity. The level of integration between systems was surface-level, with the data models not designed to work well with each other. For example, SS&C’s Black Diamond Wealth Platform’s previous focus was to generate accurate performance on client accounts and portfolios with a system keenly concentrated on the account and household entities. We have recently invested in shifting our system, beginning with defining who the client is by determining what’s important to them, where they live, their birthday, and more. By building out the concept of a Client Relationship and contacts within Black Diamond, our system integrates more easily with CRMs and planning tools to ensure we speak the same language.
Now that we can more clearly define who the client is, we are building additional tools on the platform for the advisor to manage their client’s end-to-end needs. For example, with data telling us more about account owners and their birthdays, we built out our Required Minimum Distribution dashboard to ensure clients are taking their withdrawals during retirement. Black Diamond now also supports critical workflows like Docusign and To-Do’s that help the client stay on top of key action items they own. And later this year – we are looking to launch a revamped experience around financial planning that focuses on what’s important to the client and what needs their timely attention.
We are committed to developing all this functionality in a way that seamlessly sources key information from other systems. For example, when a task is created in the CRM, data flows into Black Diamond for presentation to the client via the portal. Later this year, we are starting an integrated approach with our partner RightCapital to offer a deeper reporting experience within Black Diamond. This integration is an option for advisors to add to their suite of tools to consolidate information and make life easier.
Finally, we are building out the capabilities of our API suite to enrich data in other systems. Whether it is performance in the CRM or PDF reports in your planning tool, we want to remain as open as possible. There are many great applications that help complete an advisor’s technology puzzle. It is incumbent upon our team at Black Diamond to ensure we offer the best, cohesive experience for our advisors and their clients.
I hope that the system walls that historically kept us isolated from one another will continue to reduce to rubble as we shift towards more future integration. Learn more about integrating your CRM with SS&C’s Black Diamond Wealth Platform by requesting a personalized demo today.
Looking for a new CRM solution? SS&C Salentica is a purpose-built CRM that perfectly complements firm’s running Black Diamond. This platform partnership makes advisors more competitive and efficient by integrating data that allows automation of routine tasks and complex workflows. For more information on adding this solution to your tech suite, contact us at (800)727-0605 or firstname.lastname@example.org.