Is Salesforce the future of adviser CRM?

My commentary below was originally included in September 9’s Bits and Bytes post, but I pulled it out because it deserves to be featured in its own thread.

Custodians and technology vendors are doing all they can to win the business of advisers. The one tool used by the majority of firms is CRM. So in theory, if one can deliver the “best” CRM solution, one will likely win the majority of business from advisers. Salesforce seems to be the common thread in the CRM space heading into the final quarter of 2011 (see September 9’s Bits and Bytes for details).

My Thoughts on Salesforce

I think it’s safe to say that all roads in adviser CRM developments are leading to Salesforce. After all, they’re one of the leading providers of a CRM platform to enterprises. They had 45,000+ attendees at last week’s Dreamforce conference. They have Chatter, a built-in social collaboration product, to expand the platform’s functionality. And they have mobile apps.

But most advisers know that out-of-the-box, Salesforce is not designed for the way they do business. It needs customization, sometimes extensive and costly customization. To solve the customization issue, several providers exist that build and support overlays to the Salesforce platform. See AppCrown and Concenter Services. Then there’s the customer service and support element. I hear from frustrated advisers that they can’t get decent customer support once they sign on. And all Salesforce plans require an annual contract, so if 90 days go by and the firm hates Salesforce, there are no refunds.

And now, TD Ameritrade, Schwab Intelligent Technologies, and even Orion Advisor Services are customizing Salesforce. So which one will have the best (or better) custom overlay? And which one will provide the best support to its advisers?

I feel the vendor/custodian that figures out how to provide the best customer support to its advisers will win the war in CRM. Building the best custom overlay is just the battle.