/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.
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
We’re here to make this easy for you. Call us at 888-824-4477 or fill out the form below and someone will get back to you. We want to know how we can make your life easier!