Over two thirds (69%) of advisers are ready to “break up” with their CRM system, new research from Twenty7tec and Smart Money People has found.
The study revealed that advisers’ relationships with these systems are coming under serious strain.
Just 12.3% describe themselves as very satisfied with their current provider, while a third remain neutral.
Almost half of respondents (43.4%) say a client portal is very important in their CRM, while a further 36.4% say it’s somewhat important.
Just 16.3% believe their CRM supports compliance very well and only 9.3% said it improves profitability.
Overall, 38.3% cite compatibility with existing systems and cost of switching as top barriers.
The majority of respondents (88.3%) said they want automation in some form.
In response to the findings, Twenty7tec is emphasising the need for a more integrated approach.
The company has outlined its long-term vision for a single technology platform to power the advice process from end to end – with one login, one provider and one set of customer data to streamline operations and reduce friction.
“Too many advisers are stuck using disconnected tools,” said James Tucker, CEO at Twenty7tec.
“Sourcing, CRMs, document sharing, compliance checks – each with a different login and no clear link between them.
“It’s no wonder that people are getting seriously fed up with something that’s meant to make the working day less stressful.
“It’s that ease of the working relationship that really needs to be focused on.”
Tucker said that one of the biggest problems advisers face when looking to switch is that they’ve got too many eggs in too many baskets.
He said over 65% are avoiding changing CRM systems to prevent operational disruption and more than a third are concerned about compatibility with their existing tech.
Twenty7tec is looking to reduce complexity by developing and delivering a single platform to the market that supports every stage of the advice process.
With five connected modules – from sourcing to application tracking – the system is being built to be flexible, scalable and supportive.
To streamline the single platform model further, Twenty7tec has taken into account the features that keep advisers in the ‘honeymoon period’ with their CRM.
He explained: “Client portals are no longer a nice-to-have – they’re increasingly expected as standard.
“Advisers want something that makes communication with clients easier, not harder.
“That means simple, secure document sharing, messaging and real-time progress updates – all in one place and on-brand.
“Twenty7tec’s Connect module aims to close that gap.”
Last year, fintech firm Plannr Technologies launched CRM tools to the intermediary market to challenge the likes of Intelliflo, Iress and Time4Advice
