Why do leading firms change their CRM systems? It is harder than before to manage clients in the finance sector. Large companies have to deal with a flood of data, complicated regulations, and high expectations from clients all at the same time. This means that a CRM is now a lot more than software. It has evolved into a sophisticated platform that safeguards sensitive data while nurturing seamless, long-term relationships with clients.
Two CRMs popular in finance are Redtail vs Salesforce Financial Services Cloud (FSC). Both are good but very different. Redtail works best for busy advisors because of its ease and speed. Salesforce FSC is designed for larger firms that need extensive custom features, advanced compliance tools, and stronger regulatory due diligence capabilities.
So, which one is the right one for you? In this article, we will focus on ease of use, ways CRM innovations support firm-wide growth, regulatory and compliance burden, rule handling, automation, as well as other pivotal elements that shape each CRM. Therefore, you will be equipped to select the optimal CRM for your firm.
Different kinds of financial businesses have unique considerations for their CRM systems. The requirements of an advisory team differ from those of a wealth management group and vice versa.
Redtail is a CRM specifically designed for financial advisors. It assists them in remaining organized and interacting with clients more conveniently. Moreover, its user-friendly interface and lack of tech requirements make it easier for small and mid-sized firms.
Here’s what makes Redtail useful:
If your company aims for a streamlined organization without complex and convoluted systems, then Redtail is a wise selection. Yet, it is ideal for companies seeking simple, tidy, no-frills tools that facilitate daily tasks.
Salesforce Financial Services Cloud (FSC) is a CRM solution tailored to the needs of large, complex finance corporations. In addition, it is Salesforce integrated and helps big teams manage and service a huge customer base and various data effortlessly.
Here are some features that make it useful:
FSC is suited best for large enterprises with a lot of clients to service and large teams to manage. However, if your company is scaling up and requires sophisticated tools to manage complex operations, Salesforce FSC is an excellent option.
In selecting a CRM, its specific attributes play an integral role. Each CRM has its selling points, so what does each offer? Below is a comparison table that outlines the key differentiating features of Redtail CRM vs Salesforce FSC.
Most large financial practices require tools that grow with them, and Redtail integrates everything in one place. Let’s have a look at how Redtail CRM and Salesforce FSC cope with this.
Many other adjustable tools used by businesses connect through the AppExchange, which serves the same utility as an App Store. Adding tools like Tableau or DocuSign is also possible, which makes understanding your work much easier.
Also, Salesforce allows for custom tools to be connected using the open API. With this, your CRM would be able to adjust as your business goes through changes and expansions.
Integration with industry benchmarks like e-Money and Orion is seamless with Redtail. Furthermore, for growing small to mid-sized firms that want to retain clients and manage financial plans, these built-in features offer great value.
Salesforce offers greater custom options than Redtail, and if your team has frequent demands for custom tools or plans to scale rapidly, Salesforce FSC would be much more suitable.
A financial business is like no other; it can be complicated. One of the issues is having tools that ensure they can scale with the company and function cohesively. Let us show you how Redtail CRM and Salesforce FSC assist with this.
Salesforce FSC is for growth-oriented companies. It integrates with multiple other tools through AppExchange, which is like an app store. Forever, signing documents is not an issue because you can integrate DocuSign, and for report generation, you can get Tableau. Additionally, it allows the incorporation of custom tools via an open API, which is very flexible and makes it easy to adapt and scale over time.
Redtail integrates well with eMoney and Orion, which aid in financial planning. These integrated capabilities are beneficial to smaller firms that prefer a streamlined and organized approach.
Salesforce has many more third-party app connections than Redtail does. Therefore, if your team wants lots of additional tools and scalability, then Salesforce FSC would likely be a better fit.
When addressing a CRM, what is the long-term expense of owning it? Looking beyond the pricing tier, what is the total cost of ownership (TCO) in comparison to the observed return on investment (ROI)? Let’s evaluate both spent capital alongside Redtail CRM as well as the prospective long-term value of Salesforce FSC.
Your choice between Salesforce vs Redtail CRM is dictated by the size of your firm and its specific requirements. Salesforce FSC works best for larger firms that need robust features, greater control, and expansion opportunities. Moreover, it is well-suited for complex teams performing demanding tasks.
Redtail CRM suits smaller teams and solo advisors. Its intuitive interface, affordable price, and ability to assist with daily client management make it invaluable for micro teams and solo practitioners.
Both options are great. Consider your team’s requirements now and what will support growth in the months ahead.
Is it too much to handle? Consulting a Salesforce FSC specialist will assist you in evaluating the scale, security features, and efficient workflow automation of all the options.
Get in touch with PixelConsulting and get guidance that is optimally customized to your firm's growth goals.
Redtail is better for solo advisors and small firms. Redtail is easier to use, less costly, and everything is easier to set up compared to other CRMs.
Salesforce FSC has stronger custom tailoring capabilities, more powerful AI technologies, better security, and scalability features. Those make them ideal for bigger firms.
Of course! Redtail integrates with Orion, Money Guide Pro, and e-Money, which assists planners in advising their clients and scheduling better.
Salesforce FSC has stronger security, which includes field-level protection, activity tracking, and custom access permission,s which Redtail does not offer at the same level.
For large firms, Salesforce FSC is best. Salesforce has flexible features, is scalable according to the firm's requirements, and is highly secure.
Read Also: Why Salesforce User Adoption Is Critical For Business
