CRM for Asset Managers

A quick pop quiz for asset managers: 

  • Can you see, at a glance, how close you are to reaching your target close?
  • Are your LPs stored in an excel spreadsheet on someone's computer?
  • If your office building burned to the ground tomorrow, would your contact information disappear with it?
  • Do you have to dig through your email every time you need important information?

You can't rely on your memory when it comes to your relationships, especially when you want to broaden your investor base. The single best way to track your fund's progress is to use a centralized, web-based Customer Relationship Management (CRM) system that automatically syncs with your team's computers and mobile devices.

Here are a few things to consider in selecting your CRM: 

1. Simplicity

The very nature of your work managing a fund means you're used to dealing with complexity. But when it comes to technology, we've found that simple is usually better. As Kyle likes to say, "the best CRM is the one that you actually use." We've used most of the systems out there (including the heavy hitters like Salesforce and Microsoft Dynamics), but our favourite is Norada's Solve, primarily because it's so easy to set up and use. Bottom line: if it's too complicated, no one will use it. And for a CRM to be useful, everybody in the organization has to contribute to it.

2. Customization

Every asset management group we work with is somewhat different in its infrastructure, and has different requirements for reporting. Your CRM system should mirror the way you already think about your different stakeholders and your capital raising process. Most CRM systems will offer useful tools right out of the box, but to make it really effective it must be tweaked and customized to give you the exact data you need, when you need it. Investing a little time and thought up front will save you a ton of headaches further down the road.

3. Integration

Chances are, you're using a number of different applications to manage your daily workflow and marketing activities.  Your calendar, call lists, and email should work WITH your contact database, rather than in addition to it. Most modern marketing tools - from email marketing applications to social media to video hosting platforms - offer API connectivity that allows you to pull relevant data into other programs.  A good CRM system harnesses data from all these sources, so you've got a single version of the truth to work from.

Have questions about using CRM software for asset management?  We'd love to hear from you.