Most registered investment advisors surveyed by Schwab Advisor Services say their firms aren't using their customer relationship management technology to its fullest potential – and Schwab this week is getting the word out about effective CRM use by blogging and tweeting about it.
RIAs are missing opportunities to use CRMs for everything from business analytics to social media interactions, according to a live Twitter "TweetUp" moderated on Wednesday by Neesha Hathi, Schwab Advisor Services' senior vice president of technology solutions.
In a TweetUp conversation between Schwab, Byrnes Consulting and Morningstar tech columnist Bill Winterberg, Winterberg pointed to apps such as Newsle, Rapportive and Outlook Social Connector as apps that link CRMs with social media feeds. Schwab, meanwhile, tweeted that most RIA firms only capture social-media interactions and interests manually, if at all.
"Ideally social media would fit w/in the CRM, but there's still work to be done," @Schwab4RIAs tweeted.
Meanwhile, a Schwab Talk blog post published Tuesday, "Are RIA firms using CRM effectively?" by Schwab public relations manager Jennifer Davis, said that 72% of RIAs asked about their firm's CRM use gave their firm either a B or a C, suggesting that there is plenty of room for improvement when it comes to using CRM effectively.
