CRM Implementation Guide - First Allied

CRM Implementation Guide

The number one thing an independent financial advisor can to do help ensure the successful implementation of a client relationship management (CRM) system is to have a plan. Every project needs a clear picture of what it should accomplish and a road map of how to get there. A well-articulated plan will foster collaboration between team members, manage key milestones more efficiently and identify areas for further improvement.

This guide will take you through the steps of getting up and running with a CRM. While every CRM system has its own functionality and attributes, certain best practices can be leveraged across platforms. The following steps should be completed:

Assemble Team

Prioritize Goals

Define Process

Build Process

Create Reports

Assemble Your Team As an independent advisor, your CRM implementation team will most likely include a staff of one to three people, including you, the principal. But regardless of team size, the following roles and responsibilities should be covered:

Project Champion Application Expert Product Manager

In most wealth management firms, the Project Champion will likely be the CEO/President of the firm and the individual who has the strategic vision for how the CRM system should be designed. Given the impact of a CRM system on all aspects of advisory firm operations, early on in the project, it is essential for the Project Champion to build consensus among all team members that the implementation efforts will yield substantive results.

The Application Expert plays the essential role of helping ensure the success of the project, since someone has to understand the system from the ground up. Many times an external consultant with deep CRM-specific knowledge plays this part and, depending upon the complexity of the implementation, can be a valuable resource. This individual can assist both during the implementation as well as after the CRM is in place in ongoing role as a consultant on retainer. In the event that an external resource is not leveraged, an internal team member--usually the Product Manager of the CRM team--should assume responsibility of this role.

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The Product Manager will have day-to-day responsibility for the CRM system and administer it according to firm policy. When an external consultant is employed as part of the implementation process, he or she will train the Product Manager. The Product Manager should understand the following:

1. Your important business processes. 2. Your client service philosophy. 3. Analytics needed to build and maintain client data warehouses. 4. Technical skills required to manage and customize the system.

Prioritize Your Goals Determining which goals are most important for you to achieve with your CRM is critical when implementing your solution. Remember, different business user groups will have different objectives, and it is essential that the Project Sponsor ensures all voices are heard. For example, you could have the following situations:

Senior management wants to review key financial metrics, track performance and monitor customer satisfaction.

Business Development officers need visibility into their sales funnel. Operations must continually gauge percent-to-completion of important tasks and

make sure items are routed correctly. Client Service has to exceed client expectations and deliver a consistent experience.

Avoid taking on too much at once and over-complicating the implementation process. The goals of your CRM project should be SMART ? Specific, Measurable, Achievable, Relevant and Time-Based. Clearly defining the goals makes it easier to adjust project work. Anticipate setbacks, but look for quick wins that can build momentum.

Concentrate first on a subset of the functionality available in the CRM system to allow users to become comfortable with the platform. Then begin to adopt the most critical features and subsequently add more functionality. Build your road map around the key areas you want to introduce first, layering on additional areas gradually. An example of a multi-step implementation process would be:

1. Import accounts and existing sales pipeline for general account and opportunity management.

2. Upload existing leads and begin tracking leads from various sources. 3. Begin tracking customer issues. 4. Introduce campaign management to track marketing initiatives.

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Define and Build the Process Certain elements are critical when defining core operational processes. Follow this pathway to help ensure success during implementation:

Document all elements of your business processes. Develop a visual representation of each process. Clarify each step of your processes. Regardless of workflows, most independent financial services firms have some type of defined sales process, which includes: Lead Generation--How do leads come to the firm? How are they categorized in the

CRM? How are leads tracked through the prospecting process? What information does the lead advisor need? Due Diligence--What are the reasons prospects seek your advice? Have you reviewed their existing documents and returns? Proposal Management--What steps are necessary to build an investment proposal and make recommendations? The goal is to come up with a visual overview of your processes, diagraming each step of the task. White boarding and brainstorming sessions are helpful when trying to visualize a process. Here's an example of a sales process:

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Choose the Right Reports "Paralysis by analysis" is a trap of business management, but identifying key success metrics early in the goal-setting phase of implementation will give you the information you need to make better management decisions. Remember to consistently categorize data through drop-downs and fields to avoid errors. Common reports can include:

Revenue Most profitable clients Clients by demographics

o Age o Profession o Location Client tiers Sales funnel velocity Lost sales opportunities Opportunity pipeline

Conclusion Correctly leveraging your CRM system is a continuous journey, but one that can have dramatic upside potential for an independent financial advisory practice. Wealth management firms that grow sustainably are able to harness the power of their CRM system in a manner that fully supports their client services processes. With regular employee training, the CRM system can be continually improved. As integration efforts mount, the ability for data and workflows to cross systems will only enhance the CRM's importance for advisors.

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