Bridging the Tech Gap | How CRM Technologies Attract and Retain New Clients

Getting financial advisors to adopt new technologies is an uphill battle. For example, a study published by analyst firm Arizent^[1] found that 40% of advisors do not use technology for lead generation.

Similarly, a 2019 report from LPL Financial^[2] noted that while 70% of new business comes from referrals, 81% of consumers will research online first using technology tools that are comfortable to them.

Advisors who struggle with adopting technology are putting themselves at a disadvantage at a time when younger generations – those who are most comfortable using a wide range of tech tools and applications – are in line to inherit trillions in the next few decades. A July 2023 study from FINRA^[3] showed that Gen Z – born between 1997 and 2012 – view their parents and financial professionals as trusted sources. At the same time, this group also leverages social media and internet searches as the main drivers of their decision-making process.

However, there are technology options available to advisors and their firms that are easy to adopt and utilize and can help them connect with new generations of potential clients to help grow their practice. One powerful tool is customer relationship management software, or CRM.

This whitepaper delves into the critical role CRM platforms play in bridging the technology adoption gap to position firms for sustainable growth.

^[1] Unleashing automation: Attracting the next generation of investors
^[2] The 5 Pillars of Digital Marketing for Financial Advisors
^[3] Gen Z Investors: A Look at the Attitudes and Behaviors of the Youngest Investor