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CRM of the crop
Client relationship management software has become a necessary tool for most advisers in today's TCF environment. But choosing the right one can be a confusing process. Geordie Clarke reports
It should come as no surprise, then, that not all advisers are satisfied with what is on the market today. Mark Andrews, managing director of IFA Purplecircle Consulting, is one of the 40% of advisers who chooses not to use a specific software solution for his front and back office needs. Instead, he mainly uses Microsoft Excel, which he says allows him to make his letters and reports look more customised than those that come out of CRM software templates. He also says that, by not using the latest high powered software, he spends less on computer hardware upgrades and maintenance.
That said, today's CRMs are more than glorified spreadsheets and word processors. They make it possible for advisers to access client information across a number of different computers and allow it to be manipulated in whatever manner they require. CRMs are already widely used among IFAs and, with TCF regulations an important factor today, those who have held out until now might finally have a reason to make the switch.
McKenna of the FTRC says that the roughly one third of advisers who are not using a single software solution will find it difficult to provide evidence that they are treating customers fairly to the FSA. "I struggle to see these businesses being able to meet TCF regulations," McKenna says. "If you do not have a CRM in place, how are you going to even start to collate the management information?"
