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With so many different financial services CRM software available, figuring out which is right for you is tough. You know you want to manage customer relationships, track offered financial products and services, and comply with regulatory requirements but need to figure out which tool is best. I've got you! In this post I'll help make your choice easy, sharing my personal experiences using dozens of different financial services CRM tools with various teams and clients, with my picks of the best financial services CRM software.

What Is Financial Services CRM Software?

Financial services CRM software is a specialized tool used by financial institutions to manage and enhance relationships with their clients. It integrates traditional CRM functionalities with features specifically tailored for the financial sector, such as client account management, compliance tracking, and financial product and service tracking. This software is essential for banks, investment firms, insurance companies, and other financial service providers to handle client interactions, manage portfolios, and adhere to industry-specific regulations.

The benefits of financial services CRM software include improved client relationship management, offering personalized financial advice and services. It streamlines operations, reducing administrative workload and increasing efficiency. The software aids in maintaining regulatory compliance and managing risks associated with client portfolios. Additionally, it provides insights into client behavior and preferences, supporting more effective marketing and sales strategies. Overall, financial services CRM software enhances the quality of customer service and supports the strategic growth of financial institutions.

Overviews Of The 10 Best Financial Services CRM Software

You can use the simple overviews of each tool below to understand how each tool stands out from other financial services CRM software.

1

Practifi

Best for financial advisors with complex workflows

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
4.8
51 reviews

Free demo available

From $120/user/month

Built on Salesforce, Practifi is a CRM for finance service providers and wealth management firms that includes automated workflows, client management, compliance, reporting, and advanced analytics.

Why I picked Practifi: With rising cybersecurity threats and data breaches, wealth management firms need a solution to protect their tech stack and client data. Practifi Protect is one such solution that will help you manage compliance obligations and protect your data. It provides enterprise-level data encryption, event monitoring, and field audit history, which protects users' data from unauthorized access.

Practifi offers a customizable dashboard and reporting system that allows advisors to track critical metrics and gain insights into their business operations. Users can tailor the dashboard to display the most relevant data, including interactive charts and graphs.

Practifi's workflow automation tools help streamline routine tasks, such as onboarding new clients, managing client reviews, and tracking compliance obligations. This saves time and reduces the likelihood of errors while also freeing up time that advisors can use to focus on delivering high-quality service to their clients.

Practifi Standout Features and Integrations

Features include automation, pre-built workflows, pipeline tracking, centers of influence (COI), compliance management, enterprise workflow engine, analytics and reporting, open API, Salesforce AppExchange, and mobile app.

Integrations include Addepar, Bento Engine, Black Diamond, Constant Contact, Egnyte, Envestnet, Microsoft 365, PreciseFP, Quik, Schwab Advisor Center, and other software options.

Price: Plans start at $120/user/month

Free Trial: Free demo available

PROS

Automates routine tasks

Centralized hub for client data

Good reporting and analytics features

CONS

Limited mobile functionality

Limited customization options

2

Act!

Best for small business contact and customer management

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
3.9
434 reviews

14-day free trial available

From $30/user/month (billed annually)

Act! helps small and medium-sized businesses manage sales pipelines, schedule appointments, track customer interactions, and automate marketing campaigns.

Why I picked Act!: The CRM platform acts as a repository of all your client and contact information. It stores lead interactions, activities, contact details of leads, and account history. Act! also provides advanced search and filtering capabilities, allowing users to find specific contacts based on various criteria quickly.

Users can also segment their contacts into groups based on shared characteristics or interests, making it easier to target specific customer groups with tailored marketing messages. Additionally, it offers both on-premise and cloud-based hosting.

Act! Standout Features and Integrations

Features include marketing automation, rich account management, calendar and activity tracking, dynamic sales pipeline management, analytics, mobile app, data import tool, and technical support.

Integrations include Google Contacts, Slack, Eventbrite, SurveyMonkey, Wufoo, BigCommerce, Shopify, Volusion, Ecwid, Instagram, and other software options.

Price: Plans start at $30/user/month (billed annually)

Free Trial: 14-day free trial available

PROS

Good customer support

Affordable pricing plans

Mobile access available

CONS

Limited scalability

It may not be suitable for larger organizations

3

Salesforce Marketing Cloud

Best for businesses that require a wide array of customizations

30-day free trial with no credit card required

Pricing upon request

Salesforce is a leading customer relationship management (CRM) vendor. The Salesforce Financial Services Cloud, specifically, is tailored for financial advisors and firms to manage client relationships and data.

Why I picked Salesforce Financial Services Cloud: The software integrates with Salesforce Einstein, which is an artificial intelligence platform. With Salesforce Einstein, you will better understand your clients' behavior and preferences. Further, you can use the platform's predictive modeling and forecasting capabilities to identify trends and patterns in client data.

Salesforce Financial Services Cloud helps companies manage their clients' financial needs. One of the primary reasons why the tool is a popular CRM solution for financial services companies is its customizability. Financial advisors can tailor the platform to their needs, creating workflows and dashboards that fit their unique business processes.

Another critical factor that makes Salesforce Financial Services Cloud effective for financial advisors is its integration capabilities. The platform can integrate with various other systems, such as financial planning and back-office systems, enabling advisors to access critical information and insights in one central location.

Salesforce Financial Services Cloud Standout Features and Integrations

Features include client and household management, financial account management, collaboration tools, compliance and security, mobile app, analytics and reporting, lead and referral management, and customization.

Integrations include Salesforce Sales Cloud, Quickbooks, Xero, SAP Concur, Sage Intacct, Workato, FinancialForce Accounting, Chargent, and other software options.

Price: Customized pricing upon request

Free Trial: Free demo available

PROS

Provides robust analytics

Wide range of customizations

Extensive integrations

CONS

Steep learning curve

Implementation requires technical expertise

4

Wealthbox CRM

Best for independent financial advisors and wealth management professionals

30-day free trial available

From $49/user/month

Wealthbox provides contact, project, and pipeline management tools to small businesses and financial advisors.

Why I picked Wealthbox CRM: The software's dashboard is customizable, providing a clear view of important information, tasks, and client data. Also, it integrates with popular financial planning and investment management tools.

Wealthbox CRM emphasizes collaboration and teamwork, allowing users to assign tasks, share documents, and communicate in real-time. In addition, it provides advanced security features to protect sensitive client information and ensure compliance with industry regulations. The software includes SSL encryption, two-factor authentication, and other security measures to keep data safe.

Wealthbox CRM Standout Features and Integrations

Features include contact management, Wealthbox mail, task management, activity streams, automated workflows, calendar, opportunity tracking, file storage, advanced reports, mobile, security, and administrative controls.

Integrations include AdvicePay, Apple Calendar, Altruist, Asana, AssetBook, AWeber, Axos, Betterment, Blueleaf, Black Diamond, and other software options.

Price: Plans start at $49/user/month

Free Trial: 30-day free trial available

PROS

Extensive integrations

Intuitive interface

Easy onboarding

CONS

Workflows can be more visually appealing

Limited customizations

5

Iris CRM

Best for managing merchant services and payment processing

Free demo available

From $1,799/unlimited users/month

Iris CRM provides tools to help companies in the payment processing industry manage their customer relationships and grow their business.

Why I picked Iris CRM: The residual income tracking feature of Iris CRM is excellent because it helps businesses accurately track the residual income from each merchant account. It provides insights into the ongoing revenue streams and helps users identify high-value accounts. Moreover, its reporting feature helps generate residual income reports based on various criteria, such as account, sales rep, etc.

It helps payment processing businesses manage their sales process, from lead generation to ongoing account management. In addition to sales management, it offers merchant boarding features, risk and compliance management, customer service, and residual income tracking.

Iris CRM Standout Features and Integrations

Features include lead management, visitor tracking, sales metrics, appointment board, proposal generator, calendar integrations, TurboApp merchant boarding, merchant portfolio reporting, automated merchant underwriting, merchant tracker, private labeled merchant portal, helpdesk tickets, residual income reporting, profitability metrics, chat, and SMS.

Integrations include Adobe Acrobat Sign, Ambition, Articulate, Aurora, Conformance, Elavon, Google, LiveChat, Maverick, Outlook, and other software options.

Price: Plans start at $1,799/unlimited users/month

Free Trial: Free demo available

PROS

Offers various automation features

Easy to use

Advanced security features

CONS

Limited pricing options

The mobile app needs improvement

6

Centrex Software

Best for managing both front-end and back-end financial operations

Free demo available

Pricing upon request

Centrex Software is a finance CRM for businesses and consumer finance companies that need help managing their finances.

Why I picked Centrex Software: The software comprises advanced analytics capabilities that provide users with real-time insights into their business. It also includes customizable templates and advanced filtering options that help users create and share detailed reports.

In addition, Centrex Software offers opportunity management features that help users manage their sales pipeline and convert potential customers into paying customers. For example, the sales pipeline management feature allows users to track the status of their sales opportunities and move them through different stages of the sales pipeline.

The lead and contact management feature enables businesses to store and manage all their leads and contacts in one centralized location. Users also get access to a range of sales forecasting tools and capabilities, allowing them to predict future sales performance and identify areas for improvement.

Centrex Software Standout Features and Integrations

Features include ClixSign, lender matchmaking, text and email marketing, client portal, contact and deal management, broker/ISO management, and software security.

Integrations include ACH Processors, Plaid, Xactis, Bluerock, Twilio, SuperVest, SnowFlake, Thomson Reuters, Spinify, and other software options.

Price: Centrex Software offers customized pricing upon request

Free Trial: Demo available upon request

Pros

Good customer support

Flexible and scalable solution

It provides several customization features

Cons

ClixSign needs improvement

Occasional downtimes

7

Redtail CRM

Best for businesses that require a simple interface

From $99/15 users/month

Redtail CRM is a simple and easy-to-use CRM that helps independent financial advisors and small firms manage their day-to-day operations.

Why I picked Redtail CRM: The 'Today' tab in Redtail CRM displays tasks, appointments, to-do lists, updates, and other important information scheduled for the day. It provides a quick and easy way to see what tasks you need to complete and your scheduled appointments.

Overall, the tool helps financial advisors keep track of client interactions and tasks, automate workflows, and manage client relationships. In addition, it helps users work from anywhere with its mobile app, track client interactions on a single screen, and automate routine tasks.

Redtail CRM Standout Features and Integrations

Features include workflow, integrations, reporting, calendar, notes, seminars, opportunities, mobile app, Retriever cloud, backup and disaster recovery, document management, and seminar management.

Integrations include Quik, Bento Engine, DTS Verify, Orion Portfolio Solutions, YCharts, Bitsy, TFIN Wealth, GReminders, Moxo, AdvisorStream, TimeLyft, Econiq, Atlas Point, and other software options.

Price: Plans start at $99/15 users/month

PROS

Good knowledge base and customer support

Helps organize workflow

Simple and easy-to-navigate interface

CONS

Lacks important integrations

Reporting feature needs improvement

8

Irwin

Best for managing investor relations

Free demo available

Pricing upon request

Irwin provides cloud-based financial CRM software to help businesses find new investors, record interactions, and manage their investor base.

Why I picked Irwin: The investor intelligence and monitoring features provide a complete overview of your investors. The monitoring feature lets you set up alerts for specific stocks or assets. These alerts can be based on price changes, news articles, earnings reports, and other metrics.

With the help of investor intelligence and monitoring, investor targeting, and an email management system, Irwin will help you better manage your investor interactions.

Irwin Standout Features and Integrations

Features include permissions, activity dashboard, activity tracking, client portal, contact management, customer database, customizable reports, data import/export, data visualization, email marketing, financial analysis, financial management, and interaction tracking.

Integrations include Google Calendar, Gmail, and Outlook Calendar.

Price: Irwin offers customized pricing upon request

Free Trial: Demo available upon request

PROS

Integrates with Gmail and Outlook

Provides insights about investor behavior

Regularly updates the database

CONS

Some reporting features lack automation

Some users found the interface complicated

9

Vymo

Best for improving productivity and sales engagement

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
5
1 review

Free demo available

Pricing upon request

Vymo provides companies in the financial services industry with various tools to manage and automate their sales operations.

Why I picked Vymo: Vymo uses Artificial Intelligence (AI) and machine learning (ML) to provide personalized recommendations to sales teams. It analyzes the sales rep's past interactions with a lead and suggests the next best action. For example, it may recommend the rep to follow up with a lead with additional product information to address specific needs.

Additionally, the geo-tracking feature helps managers monitor and plan field sales activities. The analytics feature helps managers keep track of goals and key performance indicators. Vymo also offers a mobile application to help users remotely manage their sales activities.

Vymo Standout Features and Integrations

Features include task management, territory management, opportunity management, lead management, contact management, call management, channel management, field sales management, calendar/reminder system, quotes/proposals, and marketing automation integration.

Integrations include Office 365, Google Suite, WhatsApp, Zoom, WebEx, Azure Active Directory, Microsoft Active Directory, Salesforce, CRMNext, Pega, and other software options.

Price: Vymo offers customized pricing upon request

Free Trial: Demo available upon request

PROS

Easy-to-use interface

Short learning curve

Helps monitor employee activity

CONS

Some users report bugs

Slows at times

10

Monday.com

Best for managing progress of projects and timelines

Free plan available

From $8/user/month

monday.com is a project management tool and CRM that provides a flexible and simple interface for tracking and managing work across different departments and projects.

Why I picked monday.com: The software provides several simple-to-use automations that will help you reduce manual tasks. For example, you can set up an automation to notify the sales team whenever a new sales lead is added.

You can also set up automation for task assignments and reminders. For example, you can create an automation that automatically assigns a compliance task to a specific team member.

Additionally, monday.com enables users to create customizable boards with different columns, card types, and views. Teams can use it to track project status updates, customer feedback, task assignments, etc. It also provides a shared workspace for everyone and enables real-time cross-team collaborations. Team members can comment on tasks, share files and documents, and tag team members.

monday.com Standout Features and Integrations

Features include dashboards, integrations, automation, docs, file storage, forms, multiple views, collaboration tools, multi-level permissions, reporting and analytics, and enterprise-grade security and governance.

Integrations include Outlook, Microsoft Teams, Dropbox, Slack, Zoom, Google Calendar, Google Drive, Excel, Gmail, LinkedIn, and other software options.

Price: Plans start at $8/user/month

Free Trial: Free forever plan available

PROS

Great user interface

Offers several customization options

Enables team collaboration

CONS

The mobile app lacks essential features

The board feature is sluggish at times

Preview Image - <h2 class="c-block__title b-summary-table__title c-listicle__title h3" > Compare Software Specs Side by Side</h2>

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Other Options

Here are a few more options that didn’t make the best financial services CRM software list:

  1. Affinity

    Best for businesses that require a relationship intelligence CRM

  2. BankSight

    Best for banks and credit unions that require a customer engagement and sales solution

  3. Equisoft

    Best for insurance and wealth management companies

  4. Total Expert

    Best for financial services companies that require a marketing operating system

  5. Backstop Solutions Suite

    Best for automating investment management workflows

  6. Zapflow

    Best for deal flow management, fundraising, and portfolio monitoring

  7. Clienteer

    Best for tracking investor accounts, transactions, and communication

  8. Hubly

    Best for financial planning and workflow management

  9. CRMNEXT

    Best for credit unions and banks

  10. AdvisorEngine

    Best for brokerage firms, banks, and investment banking advisors

How I Selected the Best Financial Services CRM Software

Perhaps you're wondering how I selected the best financial services CRM software for this list? To build this top 10 list, I evaluated and compared a wide range of financial services CRM software with positive user ratings.

After determining my long list of top choices, I further honed my list by using the selection criteria below to see how each platform stacked up against the next one. I also drew on my years of Rev Ops experience to pinpoint the features that add a lot of value.

Selection Criteria

Here’s a short summary of the main selection and evaluation criteria I used to develop my list of the best financial services CRM software for this article:

Usability

Financial services CRM software aims to simplify your customer relationship management process. Therefore, the software should be user-friendly and easy to use for all teams involved in customer management. However, complicated software can hinder productivity and slow down your team.

Standout Features

Every CRM software solution has essential features such as contact management, sales forecasting, and reporting. However, I also looked for those that offer unique features that help them stand out from the crowd.

Software Integrations 

The financial services CRM software should integrate with other software systems used in your organization. It should have excellent import capabilities to enable seamless data transfer between different tools. It should also integrate with accounting, email marketing, and customer service software to ensure efficient customer management.

Pricing

I looked for the best value for your money. The cost should align with your budget and have transparent pricing with no hidden fees or additional charges. A trade-off between cost and features may be necessary, but the software should meet your business requirements and provide a positive return on investment.

People Also Ask

Here are a few popular questions answered for your convenience!

Conclusion

The success of financial services companies relies on their ability to manage leads, onboard clients, and close sales efficiently. This is where implementing top-notch customer relationship management (CRM) software comes in handy.

With a plethora of options available, choosing the right CRM tool for your business can be overwhelming. However, the list of financial services CRM highlighted in this article provides a great starting point to find a solution that fits your needs.

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By Phil Gray

Philip Gray is the COO of Black and White Zebra and Founding Editor of The RevOps Team. A business renaissance man with his hands in many departmental pies, he is an advocate of centralized data management, holistic planning, and process automation. It's this love for data and all things revenue operations landed him the role as resident big brain for The RevOps Team.

With 10+ years of experience in leadership and operations in industries that include biotechnology, healthcare, logistics, and SaaS, he applies a considerable broad scope of experience in business that lets him see the big picture. An unapologetic buzzword apologist, you can often find him double clicking, drilling down, and unpacking all the things.