Roughly 41 percent of financial advisers ranked Redtail Technology’s cloud-based system as the best software to manage customer relationships in a survey released Tuesday by InvestmentNews.com.
The trade industry website, which bills itself as the leading information source for financial planners, surveyed 1,100 advisers about their technology usage. In the category of customer relationship management software, Redtail pulled far away from its closest rival, Salesforce.com, which was used by about 11 percent of those surveyed.
Redtail CEO Brian McLaughlin told me Wednesday that his Gold River-based company also fared well in previous surveys by InvestmentNews.com. In a previous column, he said that Redtail’s CRM system tracks every bit of data that a financial planner has acquired on a client and stores it for future reference.
“As clients grow their businesses and hire new staff members, they can bring them in and put them right into a process,” McLaughlin said. “You can say, ‘Look, this is how we deliver service to a client for when we manage an account or do any work on an account or open an account. Here’s everything we do.’”
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Redtail’s document management software ranked third in its category, with 15 percent of financial advisers using it. About 21 percent of financial advisers said they used their broker-dealers’ own proprietary systems. Laser App Software came in second, used by 20 percent of respondents.