How to Improve Data Collection and Sync With Your CRM

February is ‘Fall In Love With Your Tech Stack’ month at Hubly! To kick things off, we’re spotlighting a handful of Redtail and Wealthbox CRM integrations that solve common financial advisory firm problems. Today, we’re looking at PreciseFP.

The problem: client data collection is time-consuming and error-prone. And once data has been collected, getting it into your CRM is a manual process

Data is critical to running a financial planning practice. After all, advisors can’t provide actionable, useful advice to clients unless they have up-to-date information. And in the back office, operations professionals need it to complete client tasks quickly and accurately.

The problem is that gathering data isn’t exactly glamorous, and working with it even less so. Clients don’t like filling out forms and surveys; advisors don’t like reviewing them. And once you have a completed survey, you need to process it into your CRM, which often involves tedious duplication of effort.

In a small shop without a dedicated ops team, data re-keying and other admin work can take up to 80 percent of an advisor’s time. Even in firms with dedicated back office resources, manually entering data into your CRM and financial planning software can lead to an increased risk of errors, NIGO documents and back-office inefficiencies — a problem that only gets worse as the practice scales.

Data Starts With Your Clients

To address the data entry problem, you need to look at its source: your clients. Every client is unique. Some are more tech savvy than others. Some don’t know where their financial documents are. Each has a different financial situation, with different goals, and different needs.

Your job is to get the information you need to help your clients — as quickly and as simply as possible. Generic fact finders, no matter how well they interface with your CRM, are overwhelming, impersonal and often lead to frustration. So how can you create a comprehensive financial plan without spending countless hours gathering data?

The Solution: PreciseFP

PreciseFP is a data gathering platform that helps financial advisors offload the work of gathering client information. It comes out of the box with structured and templated forms for every type of client interaction, allowing advisors and operations teams to automatically pre-fill existing client data, decrease omission rates by guiding clients to required form fields, and offload manual and repetitive entries for both the advisor and client.

And if you already have client data in your CRM or financial planning tool, integrating PreciseFP will allow you to pre-fill documents with relevant information, reducing the work for your clients. As a result, you’ll get the information you need faster, and clients will enjoy a seamless experience.

PreciseFP’s data entry forms are also customizable, allowing you to further personalize the client experience. For example, a retired couple whose children have graduated from college shouldn’t be presented with a “college planning” section on their documents. This may seem simple, but it’s one less thing for a client to process when filling out forms — making them feel like the experience was tailored to their needs.