Efficient client relationship management is essential for financial advisors, and Wealthbox CRM offers powerful customization features that can help firms streamline operations. One of the most effective ways to leverage Wealthbox is by setting up custom contact types and status fields, enabling your firm to organize data efficiently, improve reporting, and enhance client engagement.
Step 1: Categorize Contacts for Seamless Management
Basic tagging—like labeling contacts as "prospects" or "clients"—limits your ability to track key data. By setting up customized contact types, you can align your CRM with your firm’s specific service model.
Custom Contact Types: Break prospects down into categories such as AUM Prospect, Financial Planning Prospect, or Hybrid Prospect to reflect your offerings.
Client Tiers: Create tiered groups—Tier 1, Tier 2, and Tier 3—to provide differentiated service levels based on the client's needs and your engagement strategy.
This granular approach ensures that your firm can run detailed reports and manage relationships more effectively, resulting in better client retention and growth.
Step 2: Use Custom Status Fields to Track Progress
While Wealthbox offers standard status fields like "Active" or "Inactive," creating custom statuses provides more flexibility for tracking prospects and clients. Examples include:
Hot: A prospect actively moving through your funnel, often following a discovery meeting.
Cold: A prospect interested but not ready to proceed, ideal for follow-up reminders.
Pending: A prospect awaiting a milestone, such as retirement, before making a decision.
These custom status fields make it easier to prioritize your outreach and manage follow-ups efficiently, ensuring no opportunity slips through the cracks.
Step 3: Build Custom Fields for Better Data Insights
Creating custom fields helps your firm collect and analyze data that is relevant to your goals. Use single-select dropdowns to maintain data consistency.
Example Setup for Contact Status:
Field Label: Contact Status
Options: Active, Inactive, Hot, Cold, Pending
Applies to: People and Companies
This approach allows your team to easily filter contacts and generate reports, ensuring you stay on top of client management and prospecting activities.
Ready to Transform Your Firm’s CRM? Schedule a Call with Advisor Tech Partners 🤝
At Advisor Tech Partners, we specialize in helping RIAs optimize their operations by integrating and customizing CRMs like Wealthbox and Redtail. Our expert team works closely with firms to design and implement:
Service Model Automation: We ensure meetings are scheduled without human error, aligning with your client tiers and service offerings.
Customized Workflows and Processes: We build workflows tailored to your firm’s needs, enhancing internal accountability and improving service delivery.
Tech Stack Integration: From CRM systems to automated reminders, we ensure seamless connections between your tools to boost efficiency and reduce stress.
Comprehensive CRM Setup: We clean up data, document processes, and train your team on CRM best practices to ensure long-term success.
We can help you streamline your operations, improve communication, and scale effectively. Schedule a call with us today to discover how our proven strategies can take your advisory firm to the next level.