CRM for Wealth Management: Approaching Total Practice Management

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1 CRM for Wealth Management: Approaching Total Practice Management APRIL 2011 Sophie Schmitt Photocopying or electronic distribution of this document or any of its contents without prior written consent of the publisher violates U.S. copyright law, and is punishable by statutory damages of up to US$150,000 per infringement, plus attorneys fees (17 USC 504 et seq.). Without advance permission, illegal copying includes regular photocopying, faxing, excerpting, forwarding electronically, and sharing of online access.

2 TABLE OF CONTENTS IMPACT POINTS... 5 INTRODUCTION... 6 OVERVIEW OF VENDORS... 8 CRM MARKET OVERVIEW... 9 NORTH AMERICAN INVESTMENT DRIVERS NORTH AMERICAN SPENDING FORECAST WEALTH MANAGEMENT CAPABILITIES AND FLEXIBILITY WEALTH MANAGEMENT CAPABILITIES FLEXIBILITY CUSTOMIZATION AND APPLICATION DEVELOPMENT PARTNERSHIPS HOSTED VERUS ON-PREMISE DETAILED VENDOR COMPARISON CENTRALIZING CLIENT INFORMATION FINANCIAL DATA INTEGRATION MICROSOFT OUTLOOK INTEGRATION DOCUMENTS INFORMATION ANALYSIS & SEARCH CLIENT RELATIONSHIP MODELING ADVISOR DASHBOARD SEARCH IMPLEMENTING SALES & SERVICE BEST PRACTICES PIPELINE MANAGEMENT CLIENT SEGMENTATION SERVICE MANAGEMENT MARKETING & COMMUNICATIONS WORKFLOW TOOLS CROSS-APPLICATION WORKFLOW: FINANCIAL PLANNING ADOPTION OF EMERGING TECHNOLOGIES CRM ON MOBILE DEVICES SOCIAL MEDIA ADOPTION PRICING VENDOR SELECTION VENDOR PROFILES CDC SOFTWARE JUNXURE MICROSOFT NEXJ

3 PARETO PLATFORM REDTAIL TECHNOLOGY CRM SALESFORCE.COM CONCLUSIONS RELATED AITE GROUP RESEARCH ABOUT AITE GROUP AUTHOR INFORMATION CONTACT LIST OF FIGURES FIGURE 1: CRM SOLUTION AVAILABILITY BY WEALTH MANAGEMENT INDUSTRY SUB-SEGMENT... 6 FIGURE 2: CRM SPENDING APPETITE ADVISOR PERSPECTIVE... 7 FIGURE 3: CRM ADOPTION VS. ADVISOR INCLINATION TO INVEST IN SOLUTION... 7 FIGURE 4: GEOGRAPHIC PRESENCE BASED ON CUSTOMER PERCENTAGES FIGURE 5: NORTH AMERICAN WEALTH MANAGEMENT CRM TECHNOLOGY SPENDING FIGURE 6: SOLUTION COMPARISON, OUT-OF-THE-BOX WEALTH MANAGEMENT CAPABILITIES FIGURE 7: WEALTH MANAGEMENT CUSTOMERS BY INDUSTRY SUB-SEGMENT FIGURE 8: HOSTED VS. ON-PREMISE DEPLOYMENTS (AS OF YEAR-END 2010) FIGURE 9: FLEXIBILITY VS. WEALTH MANAGEMENT CAPABILITY MATRIX FIGURE 10: ADVANCED APPLICATIONS OF CRM SOLUTIONS IN WEALTH MANAGEMENT FIGURE 11: NEXJ FINANCIAL ACCOUNTS SCREEN FIGURE 12: SCREENSHOT OF PIVOTAL CRM CONTACT SCREEN AVAILABLE THROUGH MICROSOFT OUTLOOK FIGURE 13: NEXJ AND PIVOTAL CRM RELATIONSHIPS TREES FIGURE 14: SALESFORCE.COM DASHBOARD DEVELOPMENT FIGURE 15: REDTAIL CRM DASHBOARD FIGURE 16: JUNXURE ACTIONS DASHBOARD FIGURE 17: SCREENSHOT OF PARETO PLATFORM S SERVICE MANAGEMENT TOOLS FIGURE 18: SCREENSHOT OF PIVOTAL CRM CALL PLAN TEMPLATE FIGURE 19: PARETO PLATFORM WORKFLOW CAPABILITIES LIST OF TABLES TABLE A: OVERVIEW OF CRM VENDORS... 9 TABLE B: KEY CRM INVESTMENT DRIVERS VENDOR CUSTOMERS TABLE C: CRM SPENDING AND GROWTH RATE ESTIMATES BY FIRM SIZE NORTH AMERICA TABLE D: APPLICATION DEVELOPMENT CAPABILITIES TABLE E: OVERVIEW OF KEY VENDOR PARTNERS AND PARTNER-DRIVEN SALES TABLE F: FINANCIAL DATA INTEGRATION CAPABILITIES: OUT-OF-THE-BOX INTEGRATION

4 TABLE G: MICROSOFT OUTLOOK INTEGRATION CAPABILITIES TABLE H: DOCUMENT MANAGEMENT CAPABILITIES TABLE I: CLIENT RELATIONSHIP MODELING CAPABILITIES TABLE J: CLIENT SERVICE MANAGEMENT AUTOMATION (OUT-OF-THE-BOX) TABLE K: MARKETING CAPABILITIES OUT-OF-THE-BOX TABLE L: MULTI-STEP WORKFLOW AUTOMATION (OUT-OF-THE-BOX FUNCTIONALITY) TABLE M: INTEGRATION WITH FINANCIAL PLANNING APPLICATIONS TABLE N: MOBILE DEVICES SUPPORTED TABLE O: SOCIAL MEDIA INTEGRATION TABLE P: CRM SOLUTION COST COMPARISONS TABLE Q: BEST-IN-CLASS SOLUTIONS

5 IMPACT POINTS Advisors need to up their game in a post-crisis environment in which clients have grown more risk-averse and seek more control over their investments, compared to pre-crisis years. To avoid losing clients, advisors must enhance the level of service they provide while ensuring their service model is profitable. Advisors need customer relationship management (CRM) technology more than ever to help them manage the increased number of client activities in the most efficient and strategic way. CRM solutions today have improved compared to 10 years ago. Data is easier to find, analyze, share, and access from any device. The functionality is easier for end users to change, which allows firms to establish a stronger fit between process and enabling technology. In addition, new workflow capabilities provide firms with significant value, allowing them to manage and monitor all client-related processes from one application. With the advent of cloud computing, solutions are now more cost-effective, which allows small wealth management firms to afford enterprise class CRM technology Given the confluence of factors driving CRM investments in the wealth management industry, Aite Group estimates that North American wealth management firms will grow spending by 8% over the next five years from approximately US$460 million in 2010 to US$620 million in The two most important factors for wealth management firms to consider when selecting a CRM solution are its flexibility and its wealth management capabilities. Highly malleable solutions are not likely to have the most pre-integrated wealth management functionality and applications. In this report, Aite Group profiles seven CRM solutions with differing strengths: Junxure and Redtail, two solutions designed for small wealth management firms Microsoft Dynamics, an industry-agnostic solution that Microsoft wealth management-focused partners can easily customize NexJ, a solution built to address the data integration and functionality needs of large wealth management firms Pareto Platform, a highly customized version of Microsoft Dynamics that embeds best practices taught by Pareto s consulting group Pivotal CRM, a flexible solution with prebuilt wealth management sales and service capabilities Salesforce for Wealth Management, the leading cloud CRM solution 5

6 INTRODUCTION Compared with the customer relationship management (CRM) solutions of the 1990s and early 2000s available worldwide, today s Web-accessible, service-oriented CRM solutions enable firms to integrate more of their client data (e.g., financial data and documents), access this information from more devices/locations, share this information with more colleagues and divisions, and use this information to manage and automate critical practice activities beyond sales and services. While many large and small wealth management firms are starting to take advantage of these newer solutions, a significant number continue to manage client contacts and activities through Microsoft Outlook/Office or basic desktop contact management tools. Aite Group s 2011 survey of 380 financial advisors revealed that almost a quarter of survey participants either do not have a CRM solution or do not find the solution applicable to their business. Figure 1 shows a breakdown of CRM availability metrics by type of financial advisor. Figure 1: CRM Solution Availability by Wealth Management Industry Sub-Segment Source: Aite Group Q survey of 380 financial advisors Figure 2 illustrates financial advisors level of interest in improving their CRM solution; we asked financial advisors to allocate a hypothetical budget across various applications commonly used in an advisor s office (CRM, financial planning, portfolio management, etc.). Figure 2 shows the amount allocated toward CRM applications. 6

7 Figure 2: CRM Spending Appetite Advisor Perspective Source: Aite Group Q survey of 380 financial advisors. Overall, 45% of financial advisors would spend some amount to improve their solution. Financial advisors who already work with a CRM solution are evenly split between those who would improve the solution through investments and those who are satisfied with their solution (Figure 3). Interestingly, more than one-third of advisors who do not currently have a CRM solution available to them would invest in a CRM solution if they had the budget to do so. Several of these advisors are ready to spend more than 25% of a hypothetical budget on this solution. Figure 3: CRM Adoption vs. Advisor Inclination to Invest in Solution Source: Aite Group Q survey of 380 financial advisors. 7

8 Among firms with CRM solutions, many have yet to realize its intended return on investment in the form of time savings or revenue growth. Large and midsize wealth management firms, in particular, have faced two primary challenges with CRM solution investments: Low user adoption: Solutions are often viewed as too cumbersome by advisors, who are often required to fill out myriad fields with every client activity record for the purpose of providing management with greater transparency into advisor productivity. In addition, many advisors have resisted relinquishing control over their client lists and information; advisors tend to view clients as theirs and not the property of their firm, and they want to ensure that they can take their clients with them if they leave. Narrow use of the solution: While firms may intend to purchase a CRM solution for more than contact management, most firms remain on their journey toward achieving significant process automation with their CRM solution, particularly due to the technical and personnel challenges involved with standardizing the way hundreds or thousands of individuals perform the process. Despite the challenges to CRM adoption mentioned above, Aite Group believes that many CRM solutions have used lessons learned from the past decade to re-work their solutions. Solutions today are easier to use, and include sales and service best-practice functionality that end users (or administrators) can more easily configure on their own to fit their firms, or internal groups, unique practices. In addition to greater ease of use and end-user functionality, solutions today include workflow tools that allow advisors and firms to gain greater control of their processes. Finally, solutions are cheaper today than in the past thanks to the advent of Software as a Service (SaaS), which allows advisors to access the functionality they need from their browser without purchasing and maintaining hardware and software assets. We believe that an increasing number of advisors and wealth management firms will take a fresh look at CRM solutions, once viewed as too expensive or complex, in their search for a solution that will help advisors better manage client processes. OVERVIEW OF VEND ORS In this report we profile seven of the most important North American CRM vendors whose sole focus is client relationship management software and who offer wealth management-specific CRM solutions either natively or through partners. 8

9 Table A: Overview of CRM Vendors Release Fin. Inst. Customers Avg. WM Name CRM Solution Year /% Wealth Mgt Implementation (Users) CDC Software Pivotal CRM /13% 500 Junxure Junxure ,300/100% 7 Microsoft Dynamics /20% 100 NexJ Pareto Systems NexJ Contact for Finance Pareto Platform Powered by Microsoft Dynamics CRM /77% 8, ,000 users/100% 5 small firms 5,000 large firms Redtail Technology Redtail CRM ,000/100% Small firms Salesforce.com Salesforce for Wealth Management 2007 Over 5,000/N/A N/A* *Even number of large, medium and small customers. Source: Aite Group The following players were invited to participate in our research study, but declined to respond to our request for information: Ebix Oracle (Seibel) The Sage Group (Sage Act!) Seeking to better understand how the CRM capabilities of these providers compare to those of pure-play solutions, we also spoke with several wealth management technology providers (and their customers) that provide a CRM solution as part of a wealth management platform: Advice America (Client Vision), part of Fiserv Focus Solutions (Focus:360 0 ) Polaris (Intellect Wealth) Tamarac (Advisor X CRM) Temenos (WealthManager), formerly known as Xeye Customers who leverage these solutions value the complete integration that exists between the financial planning application and / or the portfolio management application. The depth and 9

10 breadth of CRM functionality varies more across these solutions compared with pure-play solutions. Focus Solutions and Temenos currently offer the most wealth management-specific functionality, including workflow capabilities. We will discuss these platform vendors in more detail in future research reports. 10

11 CRM MARKET OVERVIEW NORTH AMERICAN INVESTMENT DRIVERS CRM vendors included in this report reported strong revenue growth in 2010 and anticipate continued robust growth for Based on an aggregation of vendors actual and estimated revenue, we estimate that CRM-driven revenue rose by almost 20% between 2009 and 2010 for the vendors covered in this report. Aite Group s recent primary research in the bank wealth management space validates that this market is active and growing. More than 40% of 19 top 100 North American banks interviewed in Q had either just finished a CRM implementation, were about to embark on such a project, or were considering investing in a new CRM solution for their brokerage firm or mass-affluent organization. Many banks are looking to leverage Web-based solutions to enable cross-department collaboration while avoiding costly implementations and maintenance fees. For example, a wealth management team might consist of a commercial banker, a private banker, and a financial advisor; they would all need to access one calendar and set of client information. Enabling this type of cross-department collaboration through an internal system would be technically challenging and costly. Table B highlights in more detail some of the primary CRM investment drivers from a group of customers that are looking to achieve more than contact and calendar management. Many of the firms look to their CRM solution to do the following: Provide a unified view of customer information Drive consistent adoption of sales and service best practices across the sales force, and Automate business processes or workflows Table B: Key CRM Investment Drivers Vendor Customers Firm Type Solution Since Dominant Reason for Selection Small broker/dealer Pareto Platform 2010 Manage client service activities Large bank Dynamics 2010 Enable new advisory process Wirehouse NexJ 2009 Customer data integration to get to holistic view RIA Junxure 2007 Compliance workflow management RIA Redtail 2007 Manage client service activities RIA Salesforce.com 2006 Flexibility to adopt to custom firm processes Independent broker/dealer Large credit union Pivotal CRM 1999 Tamarac 2002 Portal to portfolio and client information Manage client experience and workflow at point of contact* *Key reason for staying with the same provider for more than a decade Group interviews with vendor clients Source: Aite 11

12 NORTH AMERICAN SPEND ING FORECAST Except for Pivotal CRM and Microsoft Dynamics, vendors derive the majority of their wealth management revenue from North America (Figure 4). Figure 4: Geographic Presence Based on Customer Percentages Source: Vendors We estimate total North American wealth management CRM spending was approximately US$460 million in We project spending will grow to US$620 million over the next five years, at a compounded annual growth rate of 8% (see Figure 5). Figure 5: North American Wealth Management CRM Technology Spending Source: Aite Group, vendors, company financial statements, press releases 12

13 We discuss a few of the key investment drivers below: 1. Availability of easier-to-use CRM solutions: Up until now, a majority of advisors has mostly avoided using CRM solutions in favor of easier-to-use and more economic tools, such as Microsoft Outlook and Goldmine. CRM solutions have re-tooled their applications recently to offer simpler user interfaces and easier-to-use functionality at a lower price point compared to solutions available in the past. In addition, because most CRM solutions now synchronize with Microsoft Outlook, advisors will feel more confident moving to a new environment that retains familiar functionality. 2. Advisors need a solution that can do more than store contacts/events: Advisors face significant competition from full-service and online brokerage firms. In order to compete, advisors must provide clients with a differentiated client experience. In addition to making every client interaction valuable for the client, advisors must also ensure that their most valuable clients receive more of their attention. CRM solutions can help advisors manage their service activities strategically and they can help advisors and their staff prepare for every type of interaction. In addition to spending more time on service activities, advisors are likely to spend more time performing and tracking client-related compliance activities. The new fiduciary standard that is expected to materialize over the next year will require more documentation over the sales process. Solutions that can help advisors automate and track key client activities related to sales, service, marketing, and compliance will become more critical. 3. Availability of SaaS/cloud solutions: 1 Wealth management firms of all sizes have been adopting SaaS solutions for technical and business reasons. On the technology side, more and more business are recognizing the cost benefits of outsourcing IT applications and infrastructure to firms that specialize in these areas. Another business driver of cloud solutions that can provide both computing platforms and Applications as a Service (i.e., Microsoft and Salesforce.com) is the ability to take advantage of new innovations in consumer, sales, service, and marketing technology more quickly compared to solution platforms that reside in-house. These benefits will drive a market share shift from software solutions to SaaS or cloud-computing-based solutions. In addition, adoption of cloud solutions is likely to grow CRM spending. As more and more advisors adopt cloud solutions, they are likely to add applications/enhancements, which will drive up monthly user fees. We estimate that spending on cloud-based and SaaS solutions will grow at a faster rate (on the order of 15% CAGR) compared to spending on software, license-based solutions (approximately 6% growth). This trend will change the mix of spending across application, maintenance, and professional services and internal IT. As a result of the stronger growth in spending on outsourced solutions, application spending will rise steadily as a percentage of total spending, while maintenance and internal IT costs will decrease. 1. According to the National Institute of Standards and Technology (NIST), cloud computing is a model for enabling convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction. 13

14 Professional services expenses will continue to represent a significant percentage (close to a quarter) of CRM spending over the next few years as advisors spend to migrate data from their existing solutions over to newer solutions, and as firms invest in application integration, customization, and training. CRM spending growth will be particularly strong among smaller firms where the majority of advisors are leveraging Microsoft Outlook or a basic contact management solution (many leverage Goldmine or Sage Act). More and more advisors will seek to switch to browser-based solutions that can automate workflow and enable information access across the firm and across devices. Sage Act may be able to retain a percentage of its client base, however, as the firm recently launched a premium edition that includes workflow tools and Microsoft Outlook integration and collaboration features (such as group scheduling) to better compete with firms like Redtail and Junxure, which offer strong CRM solutions specifically geared to small wealth management firms. Table C provides estimates on spending growth rates by advisor firm size. Table C: CRM Spending and Growth Rate Estimates by Firm Size North America Firm Size # of Advisors * % of Total CRM Spending 5-Year CAGR Large (over 2,000 advisors) 200,000 39% 6% Medium (200-2,000 advisors) 250,000 42% 5% Small (under 200 advisors) 200,000 19% 9% Total 650, % 8% *Includes sales support staff. Source: Aite Group We expect large firms to increase spending on professional services in order to grow user adoption through training or technical improvements. Finally, several large firms will replace existing solutions to take advantage of newer and more cost-effective web-based and cloudbased solutions. A significant percentage of medium-sized firms will look to increase investments in advisor productivity tools in an attempt to become more competitive with large and smaller firms. On the other hand we expect a significant percentage of medium-sized firms to continue to make do with existing solutions due to insufficient technology budgets for noncritical projects. 14

15 WEALTH MANAGEMENT CAPABILITIES AND FLEXIBILITY WEALTH MANAGEMENT CAPAB ILITIES Figure 6 illustrates our comparison of specific solutions based on their out-of-the-box wealth management capabilities. Figure 6: Solution Comparison, Out-of-the-Box Wealth Management Capabilities Source: Aite Group Microsoft Dynamics CRM is highly flexible, and can be adapted to meet the needs of customers in any industry. Microsoft works with numerous, industry-focused partners to customize its solution to meet the very specific needs of each firm. In North America, Microsoft Dynamics CRM s most important partners (managed partners) for the wealth management industry are Salentica and Customer Effective. Also representing Microsoft s capabilities in the wealth management space is Pareto Platform, a highly customized version of Dynamics that was built to implement wealth management sales and service best practices taught by Pareto s consulting group. Dynamics is also the CRM offer that Tamarac has integrated with their portfolio management solution to create an integrated wealth management platform. Salesforce.com has a wealth management version that includes the key fields that advisors are used to working with, such as areas for financial account balances and holdings data. The solution also includes a separate Know Your Customer section that can be sent to compliance officers for review/sign-off. Salesforce for Wealth Management customers include very large wealth management organizations (Merrill Lynch, for example) and many small, one- and twoperson advisor offices. Pivotal CRM and NexJ come with more advanced wealth management functionality out-of-the box, such as the ability to visualize and analyze the full breadth of a client s relationships (family, professional, business). NexJ takes the relationship view a step further, allowing advisors to view asset allocations at different levels of the relationship. In addition, NexJ has numerous wealth management integration partners, allowing advisors to install a complete wealth management solution out-of-the-box. Pareto Platform provides the tools for advisors to segment their clients and automate client service strategies in accordance with industry best practices that the firm also teaches through advisor consulting and virtual coaching. Pareto currently integrates out-of-the-box with a few key non-crm wealth management applications. 15

16 Solutions from Redtail and Junxure are made for small wealth management firms to keep track of all client interactions and activities. A key investment driver in these solutions is not only sales and service management, but also risk and compliance management. Because these solutions tend to play a critical role for these small firms, their user adoption is relatively high and customers are very involved with their vendor s product development process. Over the years, the applications have integrated the tools, fields, and views that make these solutions the most ready to install out-of-the-box for small wealth management firms. In addition, these solutions are integrated in one or more custodian platforms typically used by registered investment advisors (RIAs), and they have already built integrations to several data-consolidation and financial-planning applications. Within the wealth management industry, we show in which sub-segments vendors participate based on percentage of customers (Figure 7). Figure 7: Wealth Management Customers by Industry Sub-Segment Source: Vendors FLEXIBILITY C U S T O M I Z A T I O N A N D A P P L I C A T I O N D E V E L O P M E N T All of the solutions covered in this report can be customized to different extents (fields, functionality) to fit an organization s unique processes. Large and midsize customers are likely to have the funds and the internal IT resources to perform the most extensive customizations and integrate the solution with internal systems. As a result, solutions catering to larger firms have built-in development tools to allow customers to modify the application or build and maintain add-on capabilities. Small firms have fewer technology resources and will seek a vendor that provides a solution that they can work with off-the-shelf. Many RIAs and small broker/dealers choose to work with 16

17 Redtail or Junxure for this reason. These solutions already come with best-practice fields, views, and client workflows. In addition, Redtail and Junxure integrate out-of-the box with data consolidation solutions (Albridge, Advisor Exchange, etc.) and one or two of the key custodian platforms that RIAs leverage (Fidelity, Pershing, Schwab, or TD Ameritrade). Pareto Platform teaches best practices and is used by advisors who want to adopt these practices. Thus, customization of this solution is likely to be less necessary and/or desirable. In addition, Pareto Platform can integrate out-of-the-box with Albridge for data consolidation. Microsoft Dynamics and Salesforce.com allow end users/administrators to add custom objects and fields. The solutions can also integrate with external data sources and applications using Web services. What makes Salesforce.com known for being particularly flexible is its Force.com open-source application development platform, which gives customers and its 300,000 developers the ability to quickly develop, test, and launch new applications that integrate with Salesforce.com. This platform also allows customers to build entirely new cloud applications through a new offering called Appforce. Developers can make their Salesforce.com add-on applications available for sale through Salesforce.com s App Exchange. For example, a popular third-party application used by financial advisors and available through the AppExchange website is Ribbit, a voice-to-text application that would allow an advisor to phone in notes from a meeting and see those notes populated in Salesforce.com by the time they return to the office. Thus, firms with limited development budget can more easily enhance their existing CRM application by purchasing add-on solutions off-the shelf at a cheaper cost than would be hiring developers to build the applications. Larger firms with more IT budget could, however, easily find a Force.com developer to build customizations or integrate the solution with proprietary applications. Microsoft is catching up to Salesforce.com s open development platform model with the launch in 2009 of its cloud-based platform, Windows Azure, for business partners and customers. The platform allows partners and customers to build new cloud applications or customized versions of Microsoft Dynamics on the Azure platform. Partners can also sell add-on applications for Dynamics through Microsoft s application store, Microsoft Dynamics Marketplace. NexJ and Pivotal CRM include application development toolkits with their solutions to allow clients to add their own functionality. Pivotal CRM s application development environment is based on Microsoft Visual Studio, and allows clients to customize the out-of-the-box functionality as well as build add-on applications. NexJ states that most of its customers will add capabilities to the core solution rather than modify the core solution itself. Table D: Application Development Capabilities Application Open to Third-Party Application Solutions Development Tools developers Marketplace/Store Junxure Microsoft Dynamics Pareto Platform Pivotal CRM NexJ Contact for Finance Redtail CRM 17

18 Solutions Salesforce for Wealth Management Application Development Tools Open to Third-Party developers Application Marketplace/Store : Available; : Partial, supporting only one or a few development languages (e.g., Java or.net), : Not Available. Source: Vendors, press releases, news articles P A R T N E R S H I P S Table E highlights profiled vendors most important wealth management and professional services technology partners. In addition, we show the percentage of solution sales derived directly from partners. Solutions that are built for large enterprises work with many professional services partners on application integration and, potentially, customization. These solutions tend to also resell their solution through partners. Of all the vendors, Microsoft relies most on its partners for sales of Dynamics. Microsoft is involved in enterprise deals, but the firm will often rely on partners to reach small and midsize firms. Microsoft Dynamics is akin to a car chassis in that it can easily be molded to fit a particular industry/customer. Multiple technology firms around the world base their business on reselling, customizing, implementing, and supporting Microsoft Dynamics. Salesforce.com is mostly sold directly by Salesforce.com representatives. Salesforce.com works with many partners to develop add-on applications (available on the AppExchange). The firm does depend on consulting firms and independent software vendors to resell the Force.com platform by building or helping companies build cloud applications. Table E: Overview of Key Vendor Partners and Partner-Driven Sales Vendors Junxure Microsoft Dynamics Key Wealth Management Partners Numerous. Most important: Schwab Institutional Salentica, Customer Experience Key Professional Services % of Sales From Partners Partners None cited 0% Accenture, Ascentium, Avanade, Capgemini, EDS, Infosys Pareto Platform Albridge, MoneyGuidePro None cited 0% Pivotal CRM None cited Capgemini, CRMCulture, Tokara Solutions NexJ Contact for Finance Redtail CRM Salesforce for Wealth Management Source: Vendors Glass Client Programs, Portfolio Aid, SunGard Numerous, including Pershing Accenture, Capgemini, CGI, Deloitte, Headstrong, SunGard 95% 25% 5% None cited 0% Schwab None cited Mostly direct from Salesforce.com 18

19 Solutions aimed at small wealth management firms are sold directly. Redtail and Junxure do not allow partners to resell their solution today. H O S T E D V E R U S ON- P R E M I S E The vendors profiled in this report deploy their solutions through the following methods: SaaS-only deployments: Redtail CRM and Salesforce for Wealth Management only offer solutions that reside off-site and can be accessed from any Web browser. Salesforce.com s application and infrastructure is more flexible than Redtail s as it offers five different packages priced on a per-user basis, whereas Redtail offers one solution priced per database (up to 15 users per database). Please see Table P for more pricing information. Hybrid deployments: Pivotal CRM, NexJ, Microsoft Dynamics, Pareto Platform, and, soon, Junxure (2012) offer two deployment options: one hosted and Web-based and the other onpremise. To date, all Pareto Platform customers have a hosted solution. NexJ, by contrast, has only deployed its solution at customer sites. Larger firms continue to prefer on-site deployment options as they have the technology staff internally to maintain the application and manage customer data security risks. Microsoft Dynamics offers the unique ability to allow customers to adopt different deployment options across the firm and change deployment options at any time. For example, a new Dynamics client has elected to start with Dynamics Online and then transition to an on-premise solution once they obtain the budget to invest in the necessary infrastructure/integrations. While Junxure will launch its Web-based SaaS solution in 2012, several customers have already implemented Junxure in a hosted environment by working with managed solutions providers, including Amazon Elastic Compute Cloud and GoGrid. Figure 8 illustrates how vendor customers have elected to deploy their solution, either onpremise or in a hosted environment. Figure 8: Hosted vs. On-Premise Deployments (As of Year-End 2010) Source: Vendors 19

20 Figure 9 provides a high-level categorization of CRM solutions based on their flexibility (ability to customize, integrate, and add to) and their wealth management focus. Figure 9: Flexibility vs. Wealth Management Capability Matrix Source: Aite Group 20

21 DETAILED VENDOR COMPARISON This report compares vendors based on their CRM capabilities that can help financial institutions integrate and leverage client information to achieve business results. Ultimately, financial institutions should look to their CRM solutions to help their advisors gain greater control over their practice activities and perform these more efficiently (Figure 10). Figure 10: Advanced Applications of CRM Solutions in Wealth Management Source: Aite Group CENTRALIZ ING CLIENT INFORMATI ON F I N A N C I A L D A T A I N T E G R A T I O N The ability to view financial data in the same location as the rest of a client s information adds tremendous value to financial advisors, as they can go to one place to monitor clients financial situations and use this information to generate sales, service, and marketing opportunities. In Table F we review the out-of-the-box capabilities that vendors provide to help customers integrate client financial information through integrations with custodians, or by integrating with data consolidation and portfolio management solutions. 21

22 Table F: Financial Data Integration Capabilities: Out-of-the-Box Integration Data Portfolio Vendors Custodians Consolidation Management Junxure Microsoft Dynamics Pareto Platform Pivotal CRM NexJ Contact for Finance Redtail CRM Salesforce for Wealth Management Out-of-the-box integrations; Does not currently have integration partners. Source: Vendors, press releases, news articles Many large financial institutions will not need to integrate financial information from external firms since their clearing and custody operations are in-house. Thus, partnership with custodians and clearing firms will be more important for RIAs and, more generally, financial institutions that outsource clearing and custody operations. These tight integrations imply that financial data may update automatically on a daily basis or in real-time. While vendors may not have an official partnership with a major custodian, this does not mean that data integration is not doable. For example, Redtail integrates with Pershing, but the firm also provides a way for customers to upload Schwab PortfolioCenter files to their program. Perhaps more important for facilitating the integration of financial information into CRM solutions than a partnership with a clearing firm is an out-of-the-box integration with a data consolidation provider an integration that is used both to aggregate internal data from backoffice systems as well as external data. Data consolidator Albridge can access data held at various financial institutions. Advisors seeking to keep up with their clients assets held at competing firms can also leverage this technology to include held-away assets in their client record. Tracking this information allows advisors to stay on top of the opportunity to grow wallet share, and provides them with the ability to provide better advice since it is based on the client s total portfolio. All of the vendors state that they can handle integration with internal proprietary systems as requested by the company using application programming interfaces. NexJ has been selected by several large financial institutions for its strength in handling complex integrations with proprietary systems. In addition, NexJ has developed custom adapters to ThomsonOne, Hedgehog, MESH Integration Adapter, Portfolio Aid, and SunGard WealthStation applications. Figure 11 shows the kind of financial data that is available within NexJ. The solution brings up account, holdings and transaction level information right within the household or client record. 22

23 Figure 11: NexJ Financial Accounts Screen Source: NexJ M I C R O S O F T O U T L O O K I N T E G R A T I O N Given Microsoft Outlook s dominant share of the corporate client market, integration with Microsoft Outlook has become a critical requirement of CRM solutions. All of the solutions included in this report will be able to append Microsoft Outlook s and calendar events to a client record in the CRM solution. Two of the solutions (Redtail and Junxure) will do this automatically upon recognizing an . With Salesforce.com s new Outlook plug-in, Salesforce.com provides users with the ability to choose whether s are automatically sent to Salesforce.com or manually synched through a send to Salesforce.com button (advisors may only want to send selected s to the client record rather than every interaction). Dynamics and Pareto Platform send responses to s that have been tagged for synchronization automatically to the CRM system. Most solutions will also capture s from other programs, such as Gmail. Redtail also offers hosting and archiving from Zimbra. In Table G below, we provide a few comparative data points on vendors Microsoft Outlook functionality. Some vendors have customized the Outlook interface to provide advisors with access to a significant amount of data and functionality from Outlook directly without the need to visit the CRM solution. 23

24 Table G: Microsoft Outlook Integration Capabilities Vendors Outlook s Synched With CRM s Assigned to Many Client Records Custom Outlook Development Junxure Microsoft Dynamics Pareto Platform * Pivotal CRM NexJ Contact for Finance Redtail CRM Salesforce for Wealth Management : Available; : Not Available. *Two in total. Source: Vendors, Aite Group Pivotal CRM states that its integration with Microsoft Outlook is so strong that many advisors work solely in Outlook. Pivotal CRM allows advisors to right-click on any field within Outlook to view additional information about the field (for example, an account number will reveal detailed account holdings in Outlook following a right-click). Figure 12 is a screenshot of Pivotal s Contact screen, which can be accessed directly from Microsoft Outlook. 24

25 Figure 12: Screenshot of Pivotal CRM Contact Screen Available Through Microsoft Outlook Source: Pivotal CRM D O C U M E N T S Other key client data to add to the record are documents (financial plans, investment policy statements, client reports, etc.). Many of the vendors profiled integrate with SharePoint and allow CRM users to upload documents and manage them directly from their CRM solution. Redtail has its own imaging solution that is WORM-compliant 2 which is the electronic data storage method required by FINRA for paperless offices. Salesforce.com includes the ability to attach documents in the client record through Salesforce Content. The solution also includes Workspaces where many users can collaborate on a document. For more robust document auditing and workflow capabilities, these solutions would need to integrate with a content management solution such as FileNet or LazerFiche. 2. WORM stands for Write Once, Ready Many and refers to any type of storage medium to which data can be written to only a single time, but can be read from any number of times. Typically this is an optical disk whose surface is permanently etched using a laser in order to record information (foldoc.org).. 25

26 Junxure and NexJ includes the ability for advisors to share documents and receive updated statements from their clients through their client portal solutions (Junxure s ClientView and NexJ s Client Portal for Finance). These portals are also used to present updated financial information to clients, allowing advisors and clients to view the same information simultaneously (while on the phone with one another, for example). Table H: Document Management Capabilities Vendors Document Management Out-of-the-box Documents Accessible From CRM Client Record Junxure 9 solutions Client Website for Document Sharing/Upload Microsoft Dynamics SharePoint Pareto Platform SharePoint Pivotal CRM SharePoint NexJ Contact for Finance 3 Redtail CRM 2 Salesforce for Wealth Management Multiple* ** : Available; : Not available. *More than 30 solutions found on Salesforce.com s AppExchange**Siteforce Source: Vendors. INFORMATION ANALYSIS & SEARCH C L I E N T R E L A T I O N S H I P M O D E L I N G In wealth management, clients are viewed as part of larger relationships. Relationships are not only familial, but also professional, or based on association memberships. Understanding these relationships and keeping track of them allows advisors to deliver more customized financial planning, build rapport with the client/household, and helps advisors identify business development opportunities. Solutions that include out-of-the-box relationship modeling and analysis capabilities can help advisors gain deeper insights into their relationships more quickly. Pivotal CRM and NexJ provide similar relationship modeling capabilities, allowing advisors to create different types of relationships (family, employee, consultant, etc.). In addition, the relationship hierarchies are displayed visually based on a file tree, which helps advisors quickly understand their client s relationship (see Figure 13). Information at each level of the relationship is visible and can be rolled up at different levels. For example, in NexJ, the calendar is visible at the client level, household level, employer level, etc. In addition, the solution rolls-up financial account values at different levels of the relationship. 26

27 Figure 13: NexJ and Pivotal CRM Relationships Trees NexJ Relationship Tree Pivotal CRM Relationship Tree Source: Salesforce for Wealth Management Salesforce for Wealth Management includes relationship groups that allow advisors to assign many accounts/clients (up to 20) to one relationship group or one account/client to many relationship groups (up to 200 accounts). Advisors can view a client s relationships and each relationship member s account balances through the client record and a separate Relationship Groups page. Advisors can choose which relationship group members to include in a roll-up of information and what type of information should be combined. Table I: Client Relationship Modeling Capabilities Vendors Clients Roll-up to Relationships Multiple Relationship Types* Hierarchical Relationship Tree View Junxure Microsoft Dynamics Pareto Platform Pivotal CRM NexJ Contact for Finance Redtail CRM Salesforce for Wealth Management : Available; : Not available. *e.g., family, professional, friend Information Rolls-up to Relationship 27

28 A D V I S O R D A S H B O A R D Given the plethora of information available through a CRM solution, advisors need help navigating through this data to allow them to get the information they need quickly. Solutions include dashboards that elevate key business and client information to help advisors keep track of priority items and measure the progress they are making toward their business goals. Microsoft Dynamics, NexJ Contact for Finance, Pivotal CRM, and Salesforce.com allow end users to customize their dashboard components. Microsoft Dynamics and Salesforce.com include drag-and-drop functionality and the ability to view information graphically. NexJ will be offering this level of capability in a future release. Dynamics also allows advisors to share their dashboards with managers or other colleagues. Salesforce.com allows firms/administrators to share up to 10 different dashboards (unlimited edition only) across users. Redtail and Junxure provide preconfigured dashboards that are not customizable by end users directly. Figure 14: Salesforce.com Dashboard Development Source: Salesforce for Wealth Management Redtail s dashboard s has preconfigured boxes, but they can be collapsed/expanded, and advisors can add items directly from the dashboard. This allows advisors to get more done from one screen (Figure 15). 28

29 Figure 15: Redtail CRM Dashboard Source: Redtail CRM demo version Junxure includes two dashboards, one displaying multiple business metrics through graphics (e.g., revenue per client, AUM per client and staff, etc.) and another showing the number of open actions available at the client, employee, and workflow level. Figure 16: Junxure Actions Dashboard Source: Junxure 29

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