/WRM/ noun:  A CRM-centric software platform that has a heavy emphasis on wealth management and is designed to foster relationship management between the financial professional and their clients.

 

Instead of being account focused, the WRM is client focused.

 

See: Grendel

WHEN IS A CRM MORE THAN A CRM?

Grendel began as a CRM system.  As the application matured, additional major components were added.  File archiving, aggregation, direct custodial feeds, integrations with industry  platforms, and a client portal became part of the platform.  Grendel added First Rate’s performance engine as a fully integrated component and released the COMMAND supervisory application.

Then Grendel released trading capabilities for TD Ameritrade Institutional accounts.  Classifying Grendel as a CRM is a woefully inaccurate description for the Grendel platform – but what is the alternative?

REAL-TIME ACCOUNT DETAILS

Grendel has a CRM core – but this accounts for 20% of what Grendel can do.  When we design our features, our focus isn’t on a specific software category – it’s on helping the financial professional.  Because of this, we incorporate a large amount of wealth management and account insights.  The clients’ accounts, after all, are a primary focus for any advisor.

So that brings us to our problem – what do we call a system that has CRM, account feeds, trading capabilities, performance numbers, and more?  There simply isn’t an industry term – so we would like to propose one to our industry.

HOUSEHOLD PERFORMANCE AT POSITION LEVEL

WRM – WEALTH RELATIONSHIP MANAGEMENT

The term WRM was coined by Shawn Gillespie in a marketing meeting with our partners at First Rate.  It combines the “feel” of the term CRM with the obviously non-CRM wealth functions.

We decided we did not want to trademark or use this term as an internal description.  This is a term we feel should be adopted by the select few in our industry who service only the financial professional.  The software should be CRM-centric, but have deep wealth functionality as well.

INVESTMENT PRODUCT TRACKING

Advisors have a difficult time running their practices.  When they’re faced with a technology decision, they have to wade through a tremendous amount of information to hopefully find a platform that suits there needs.  By classifying Grendel and Grendel-like competitors as a WRM, advisors will be able to narrow the field down and make smarter, quicker, and easier decisions.

TRADING EQUITIES, MUTUAL FUNDS, AND OPTIONS

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