Not all customer relationship management programs are created equal, and advisors shouldn’t always rely on recommendations from their custodians, AdvisorHub writes in a sponsored post.
Compatibility Issues, Program Integration and Customer Support
That’s what Paul Spitzer learned when he decided to strike off on his own in 2009 after nearly twenty years with Wachovia Securities and A.G. Edwards, according to the publication. Spitzer puts some of the blame on the custodian for directing him and his firm, Advanced Practice Advisors, to certain providers that it did business with, AdvisorHub writes.
“Conflicts of interest do exist,” he tells the publication.
Spitzer eventually found his perfect CRM in Advisor Xi by Tamarac, AdvisorHub writes. The suite of programs offers a CRM as well as portfolio modeling, reporting and billing functions, which Spitzer says resolve many of the technological obstacles he faced, according to the publication.
For other advisors setting off on their own, Spitzer recommends properly vetting the gatekeepers and the consultants, because it’s simply impossible to determine a startup’s technology needs in advance, he tells AdvisorHub.
