Make Way for LRM Software

Your Incumbent All-in-One Solution is Anything But


This is a fact as much as it is advice. 2020’s T3 Inside Information Advisor Software survey showed that 80% of financial advisors use “All-in-One” tools such as Morningstar Office, but the most effective advisors are already using other software tools to help their workflows.

If we consider the complex world of asset allocation, there is quite a lot of territory for software to cover, already. This is what is meant by All-in-One. If, however, we take a step back from the actual allocation and consider what it takes to effectively run a financial advisory business, there are numerous other categories of work in which software can make an enormous difference, as well. T3’s Joel Bruckenstein and Bob Veres reference CRM, asset management, and financial planning. In all of these areas, software is already adding a lot of value for many. Are you in that group? We encourage you to explore the ratings and rankings resulting from the T3 survey and re-evaluate your software mix.

Before you do, however, take one more step back. Considering the front end of the business, before we get to the “C” (Customer) in CRM, financial advisors have leads to generate and manage. Where is the Lead Relationship Management (LRM) tool in this mix?


If it was not on your radar, it might be the single most important place to focus in on. LRM is where Deft Sales comes in. This is not a traditional category. Just as All-in-One solutions might overlook the CRM component of financial advising, CRM overlooks the LRM component. Ask yourself these questions about your CRM:

  1. Does your CRM call you as soon as you get a new lead and then forward the call to ring your lead if you are free at the time?

  2. Can your CRM send out automated emails to your leads until they reply?

  3. Are those emails to leads sent by your CRM from your email address, each containing the content that you wrote, and each going out at after an interval that you specified in advance?

  4. Does this drip campaign stop automatically as soon as a lead calls/emails/texts you?

  5. Can your CRM add new leads in automatically from your email inbox?

  6. Can you assign a different drip campaign for each lead source?

  7. Can you bulk-import leads you haven’t messaged yet and set them up to receive their own drip campaign?

  8. Does your CRM give you FINRA-compliant texting?

  9. Can text messages be incorporated into your drip campaigns?

  10. Can you assign a phone number to a territory to assure you always reach out from a local number?

If any of the above is a no, then ask yourself, why are you not investing in LRM?

It would be a silly today to claim that having an email address is optional to do business as a financial adviser. And yet, there was a time not long ago when email was still a growing technology and some financial advisers were skeptical about whether to adopt it. Looking back, it just makes sense that email proliferated and left the skeptics behind. LRM is poised to do so, as well. Want to learn more about LRM? Check out Deft Sales and what we do.