Ranking the CRM Technology Vendors for Wealth Management: An Overview of the North American Market

by Ashley Globerman,  Isabella Fonseca, August 6, 2015
Vendor Reviews
North America

Abstract

Celent conducted a study beginning in February 2015 on the North American CRM market for wealth management, focusing on technology vendors that offered stand-alone solutions that serviced the advisor and relationship manager market. This report identifies major trends, CRM technology and functionalities, and client preferences by examining the leading vendors in the market and provides detailed profiles of each vendor as well as comparisons and rankings.

Celent breaks the vendors into two broad categories: vertical players and horizontal players. Celent also adds a third category, vendors to watch, to include vendors that are building out their wealth management functionality for an existing CRM solution.

“CRM is a key strategy for wealth management firms to provide more targeted offerings and services to clients,” says Isabella Fonseca, a research director with Celent’s Wealth Management practice and coauthor of the report.

“Over the past several years, the CRM vendor landscape has grown significantly in terms of functionality offered to advisors and wealth managers,” says Ashley Globerman, an analyst with Celent’s Wealth Management practice and coauthor of the report. “We are seeing a growing demand for customization, improvements in meeting compliance measures, social media integration, and better system usability.”

The following vendors are included in this report, except where noted.

This report uses the Celent ABCD Vendor View, which shows at a glance the relative position of vendors in the following categories: Advanced Technology, Breadth of Functionality, Customer Base, and Depth of Client Services on two separate X/Y scales. This report names the winners of the XCelent Awards for vertical and horizontal CRM systems.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

3

Market Overview

7

Vendor Preview

9

Vendor Profiles

12

Backstop Solutions Group, LLC: Backstop CRM

13

Big Brain Works, LLC: Grendel

20

Client Marketing Systems, Inc. Advisors Assistant

26

CRM Software, Inc.: Junxure Cloud

32

Ebix, inc.: SmartOffice

38

Goldmine, a division of Heat Software: Goldmine Premium Edition

44

Maximizer Services Inc: Maximizer CRM for Wealth Management

50

Microsoft Corporation: Microsoft Dynamics CRM

57

NexJ Systems Inc.: NexJ Contact for Finance

64

Pegasystems Inc.: Pega 7

71

Vendor Comparison

78

Vendor Ranking

97

Looking Forward

102

Leveraging Celent’s Expertise

103

 

Support for Financial Institutions

103

 

Support for Vendors

103

Related Celent Research

104

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