By CommenceCRM

Best CRM Software for Registered Broker Dealers

Broker-dealers are financial professionals that deal with talking to clients and their finances. With several tasks on their hands, they need excellent CRM software to navigate the industry and accomplish their tasks efficiently. However, a financial advisor or retail investor that has limited ideas about CRM might end up choosing the wrong kind of platform.


So what’s the best CRM for registered broker dealer? When it comes to CRM software for registered broker dealers, some of the best options include Redtail Technology, Salesforce, AtomInvest, Wealthbox, and Commence. A broker dealer also needs to learn the benefits of using CRM as a financial advisor and what to consider when choosing a CRM tool so that they can effectively use the platform to their advantage. 

Benefits of Using CRM as a Broker Dealer

Learning about the benefits of using a CRM system can help a financial professional understand how they can use the tool to have a better flow of business. A registered representative who has access to this technology solution can experience the following benefits: 

  1. Manages Finances and Customer Information

Integration of CRM platforms within their work can help a registered broker dealer manage finances more efficiently. Since these professionals usually deal with wealth management, a CRM platform can help them place a client’s finances in order. This helps reduce any problems regarding handling large amounts of money in the long run.


Important client information and data are also stored in the CRM. This benefit can help a broker dealer when they have to pull up critical information at any given time. Information stored in CRM software can also be used to generate analytics that are beneficial for their line of work. 

  1. Generates Important Analytics

Another benefit of using CRM software is that it generates important analytics. In the financial services industry, analytics derived from CRM software can help a registered broker dealer execute plans based on data. For example, a registered investment adviser who offers advisory services can look at analytics from CRM to know what kind of service to best offer a potential client. If they’re dealing with an investor, they can recommend the most appropriate investment for them. 

  1. Helps Navigate the Complex Industry

Since the industry that a registered investment adviser participates in is complex, CRM software eases the difficulty for both broker and client. Brokers usually offer services that cater to various industries such as real estate, investments, insurance, financial planning, and more. 


CRM systems have made it easy for broker dealers to have an all-in-one platform that handles all their data. It also makes it easier for them to browse through different channels because of third-party integration. More features can be customized to address a user’s needs so that they don’t overcomplicate their work. 

  1. Creates More Security Sales

Another benefit of CRM software is that it helps create more security sales. Securities, in whatever form they come in, are an essential part of business for broker dealers. With CRM software offering more features to learn about their clients, broker dealers have more opportunities to sell securities. A securities transaction on a CRM platform is also more convenient for the client, so they’re more likely to purchase from a broker dealer who offers an easier method of doing so. 

  1. Optimizes Client Portfolios for Better Relationships

Great customer relationships are essential for registered broker dealers. For example, client data that’s stored in a CRM system allows a registered investment advisor to create a better client relationship with their customers. The platform can match what kind of investments are best for a certain client portfolio. Afterward, an advisor can recommend these investments for their clients. This process can guarantee that clients are happier with their investments since data and technology are utilized to detect the best investments possible for them. 


Additionally, CRM platforms can also help a broker remind a client when it’s time to pay for their annuity. The software can also generate detailed annuity values so that a client knows how much to pay. In the long run, this offers a better reputation for an advisor’s service and a client is more likely to pay the investment advisor for their services again. 

  1. Improves Overall Workflow

Lastly, a good CRM software helps improve overall workflow. Whether you’re an independent broker dealer or an individual who’s part of a big firm, the platform offers different features that can improve the way you work. An independent advisor can use the platform to expand their resources and client database. On the other hand, those who are part of a firm can communicate with other employees using the software which is great for planning and collaborating on different company projects. 

What to Consider When Choosing CRM Software

Financial institutions also need to consider a few factors when choosing CRM software. This ensures that they select a platform that not only helps them execute their work properly but also guarantees that it fits their basic needs. Here are some factors to consider when choosing CRM software as a broker dealer: 

  1. Industry-Specific Tools

Industry-specific tools need to be integrated into the CRM system so that a broker dealer isn’t left with software that doesn’t address their needs. Industry-specific tools such as customer portfolio management, third-party integration, and sales management help a professional perform their tasks more easily and efficiently. This also reduces the amount of time they spend having to customize the platform just so it fits their standards. 

  1. Data Security

Another factor to consider is data security. Since an investment professional deals with important client information, they should guarantee that all the data stored in the CRM is safe and secured. This prevents any unauthorized access from internal or external people. A company that uses CRM that doesn’t keep data secure can suffer financially or damage the relationship they have with their clients. 

  1. Cloud-Based Software

Aside from being secure, data stored in the software should also be accessible. This is why it’s more recommended to have cloud-based CRM software instead. With cloud-based systems, a broker dealer can access information from any location while using any mobile device. It also reduces the risk of problems due to storage or hardware malfunctions since everything’s already stored in the cloud. 

  1. Cost and Affordability

Cost and affordability should also be factored in when choosing CRM software. Paying for an expensive CRM system can cost too much in the long run, especially if there are available platforms that offer the same benefits for a lower price. A more affordable CRM system can also guarantee that a broker dealer receives a better ROI since they aren’t spending too much money paying for the product. 

CRM Software Options for Broker Dealers

After learning about the benefits of CRM software and what to consider when choosing a platform, one must look at different options. Some CRM software options for broker dealers include the following: 

  1. Redtail Technology 

Redtail Technology CRM offers cloud-based CRM software for financial advisors. The software promises a platform that’s feature-rich, cost-effective, and customizable. It offers a solution to streamline processes so that professionals can make their workdays more enjoyable. Some of Redtail Technology CRM’s features include integrations, workflow, and reporting. They also have a mobile app so that financial advisors can access it on the go. 

  1. Salesforce

As one of the industry’s leading CRM platforms, Salesforce integrates all the features that a broker dealer needs to work efficiently. The platform helps professionals work more confidently since it offers expertise in the financial services industry. Broker dealers who use Salesforce can expect smart insights that identify new opportunities to engage with leads and turn them into loyal customers. 

  1. AtomInvest

AtomInvest is a CRM solution for broker dealers who want to provide clients with alternative kinds of investment opportunities. It’s a cloud-based platform that’s simple enough so that users can learn to operate the tool quickly. AtomInvest offers tools like email marketing, automatic workflows, prospect targeting, analytics, and more. They guarantee software solutions that are built from the ground up for the alternative investments industry. 

  1. Wealthbox

Wealthbox CRM is a simple platform that can help financial advisors grow their advisory business. It helps professionals easily connect with clients, prospects, and staff for an easier workflow. The features of the platform include contact management, portfolio integrations, account administration, task management, and more. 

  1. Commence

Commence offers a comprehensive CRM solution for broker dealers to efficiently capture, track, manage, and share vital customer information. Professionals who use Commence CRM have substantially improved their business performance and closed more business deals with their clients. It promises a simple CRM tool that offers all the features a broker dealer needs to accomplish their work more efficiently. Features such as custom dashboards, activity management, opportunity management, custom reporting, and analytics are just some of the ways that Commence CRM helps broker dealers manage customer relationships. 

Commence CRM’s CRM Software for Registered Broker Dealers

Since CRM software is proven to be a great help for broker dealers, it’s essential to choose a platform that can offer them the best features possible. At Commence CRM, we offer a CRM solution that helps broker dealers deal with all the challenges required to manage and optimize their workflow. 


For over two decades, our team has provided excellent CRM software for all our clients so that they can improve the efficiency of their operations. We guarantee to provide a solution that’s available 24/7 to guarantee a maximum return on your investment. You may call us or visit our website to know more about our products.