CRM: Red Tail CRM
We are not heavy users of CRM. Our portfolio advisory service line has liquid assets of $1 million to $10 million. Our family services office line is roughly over $10 million. We are looking to expand the use of Redtail CRM from portfolio advisory services to other parts of the company. We want to get marketing content, email lists, and more out there.
Redtail CRM has been working with us for two to three years now, when our portfolio advisory services were launched. Until then, there were no CRM tools. The Family Service Office group does not make much use of CRM. Each advisor may have only 15-25 relationships. We intentionally keep those relationships limited. If you have a small number of relationships, you won’t get much benefit from using a CRM tool. Portfolio advisory services, on the other hand, can have up to 100 clients per advisor. Now you can get even more out of Redtail CRM.
Reporting and Portfolio Management: Addepar
What sets us apart is how we leverage Addepar across all of our different lines of business. We are heavy users of Addepar and have been since the company was founded in April 2015. We have a lot of history, data, and experience with that tool. [Addepar]I started using it in ways other than what I was using when I started 9 years ago.
We are fully integrated with Addepar.Building portal views on the client side [Addepar Portal, the company’s client portal] Through Addepar, you have been restricted from using Redtail CRM in other areas of your business. In general, many of these software vendors do a good job of adding bells and whistles and upgrades to serve as a one-stop shop. That’s how we see Addepar.
As we learned and evolved how to use Addepar, true integration with Salesforce or a comparable CRM became less important. We’ve considered it in the past, but honestly, given our limited needs and how we use other tools, it just didn’t make economic sense to do it.
Integration is much more streamlined than it was a few years ago. Synchronization between custodians and Addepar is easy. Our primary custodian is Fidelity, but we also have other custodians that we sync with.
You have a huge amount of data and Addepar allows you to assign custom attributes and run reports. It opens the door to being able to use it for things other than what we’ve historically done. This allows us to go from creating customer-facing reports to using the data embedded within Addepar and the history there to track daily revenue and planning, customer growth and market growth across the company. has moved to. Analyze your data to make sure your business is growing. Is it driven by new client business or market movements? This measures the correlation between our portfolio and the market and changes in total asset allocation trends over time. We continue to find new ways to use Addepar to deliver the analytics that matter to us.
Trading and Rebalancing: Fidelity Wealthscape
We are not single stock pickers. We do not have a managed portfolio of individual securities. When rebalancing, you often just buy and sell mutual fund and ETF positions within your model structure. To begin with, Crescent Grove restricts the use of models. We have a large number of highly customized portfolios, so our trading activity is not centered around individual positions.
We recently started using Addepar’s client-facing portal to store, upload, and securely download documents. We have also stored files in the Addepar client portal.
Financial Planning: MoneyGuidePro by Envestnet
I used Envestnet | Use MoneyGuidePro for 6-7 years to predict your clients’ retirement cash flow. This can be extended to a variety of planning goals for Social Security, pensions, and analytics.
Document management: internal
We use in-house designed file directories for document management. We do not rely on third-party document management applications.
Cybersecurity: Ven
Crescent Grove does not have internal servers.Everything is in the cloud through Venn [Venn Software, Venn.com].
The story told to reporter Rob Burgess has been edited for length and clarity. The views and opinions do not represent those of his WealthManagement.com.
Would you like to know what’s in your property? Please contact Rob Burgess. [email protected].
