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CRM management ROI

QualityIntegrity & McAlvany Financial Group – Share Wealth Management Trends

How To Improve CRM?

  • Tory: Prior to the Q&I system, we had a somewhat unfriendly-user system that was a bit more archaic.
  • Carolyn: It is very time-consuming and tedious.
  • Andrew: It wasn’t CRM at all. It was just basically a database of names and numbers.
  • Michael: Very, very difficult and not in any way user-friendly.
  • Philip: The McAlvany Financial Group is a company that was founded some forty years ago, started as a precious metals brokerage. About five years ago, David McAlvany founded McAlvany Wealth Management. The purpose behind this is that, as we live in a cyclical market, as and when the market for physical precious metals starts to taper, we have a great investment platform from which we can take a lot of the money that our clients have invested in physical precious metals and then transition them across into paper assets.
  • Andrew: Q&I sent in a team in to specifically understand our needs down to the smallest level. They found out what exactly we needed and then helped streamline that process.
  • Carolyn: I think Q&I has done a great job of putting together this system for us. It’s got a lot of nice features and anytime we run into something we’d like to add, they have been more than willing to tailor this to our needs.
  • Andrew: So if I have a problem with anything, they respond quickly.
  • Michael: I think, all-in-all I would say, this system that we have from Q&I is really a night-and-day difference from what we had before.
  • Tory: The transition to the new system was practically seamless.
  • Carolyn: To generate a report on the old system was very time consuming and tedious and this kind of breaks down the tedious and gets you your information much quicker.
  • Andrew: Q&I really provides a team that helps us when we need it.
  • Tory: I like to Q&I system because of the dashboard feature, because we are able to scan documents in, import emails, import attachments that can be digital and it enables us, again, to access everything regarding that client in one location.
  • Andrew: And now we have a system that you can really relate with your clients a lot better.
  • Michael: What I like about the system now is that it is robust and efficient–gives me all the information I need about a client right on my screen–very easy to access, very quick. I can answer the phone and as I’m talking to a client, pull up all their info, pull up their notes, get right into a conversation where we left off before. It’s all very usefully displayed and quick to access.
  • Andrew: This system is very intuitive and it makes my job easy because there’s about three or four things that I need to do in the system and I can do them very quickly and allow me to move on to the next task.
  • Philip: How did we address the CRM challenge? As a company we’ve done little since introducing our first CRM system. We purchased the system, excluded all openings for system software updates and lived blissfully for years within the confines of our four walls. The result was a database which told us who are leads and clients were and basically enabled us to post notes following telephone calls to these contacts. We can find people who have shown interest or purchased this product in the past and then structured a specific marketing offer to them so this combination has brought tremendous advantages also from a product point of view.

This value-added approach to our clients has notably increased the number of referrals we have received from satisfied clients. We set strategic objectives, targeting a doubling of our active client base within a three-year period. We then asked ourselves three questions:

  1. Is our current CRM system adequate to support the realization of this objective?
  2. If not, then which additional functionalities or features do we need?
  3. How should we best go about defining precisely what these desired functionalities are?
  • David: To meet our growth objectives, we chose to invest in systems that served our team, empowering them with the tools–the dashboard, the analytics–to better be able to care for our clients.
  • Zaida: Before we had to do a lot of stuff by hand. We had to use our backup system with all the trades and information and we had to do a lot more work to try to get portfolio updates together, but as soon as we started using the CRM program, it made everything so much better.
  • Andrew: It makes everything that much easier. The stress levels are way down.
  • Zaida: Instead of just taking a call and saying, you know, we can get that to you tomorrow or we can probably get that to you by the end of the week, we can say we can get that to you this afternoon or here in a few hours. It doesn’t take as long.
  • Philip: One of the key decisions or reflections which management always has to make before investing in the system is what payback is it going to bring me. What is the return on investment going to be for an expenditure of several hundred thousand dollars, which for a company of our size–50 60 people–is a big, big investment? And I think we can say that through the special customization that Q&I provided, linking or enabling us to produce these client portfolios–linking the back end, the ERP, with the front end, the CRM–that probably within six to nine months, we got a full payback on this investment. And it just continues to move forward today, so this was an excellent move.
  • Miles: What has been remarkable for me is it’s not that I’m saving time trying to accomplish things that took forever previously but I’m able to add a whole new bag tricks.
  • Andrew: When we have to reconcile accounts for the brokers and their clients, this system provides very easy ways to do so. And when clients portfolios are reconciled, brokers are happy, clients are happy, numbers are perfect.
  • Philip: I think if we look to the key success factors, I put training pretty high on that list. We did a group training, followed up with individual training and spent an hour or whatever time was necessary with the individual users.

This new CRM is a key building block in the mid to long-term strategy of the McAlvany Financial Group. As and when the current secular bull market for precious metals tapers, the new customized CRM platform provides an excellent foundation to plan and execute this key transition, protecting and growing our clients investment portfolios while equipping our team to sell them now and in the future.

  • Zaida: Because of the trust that our clients have in us, we trust Q&I to provide the tools necessary to keep building those relationships for not only right now, but for future generations to come.
  • Miles: What clients are really looking for is empathy and the ability to relate with them and understanding that they know you care about them, not just their money. Because money is the outcome of effort and they want to know that you care as much about, if not more, their family, their effort, what they’re really working towards.
  • Philip: One interesting example of how we’ve really been able to use this database–something very simple when you think about it–one of our senior brokers retired, passed on his client base to one of the younger brokers and this broker said to himself, well, let me just look at these new clients I’ve inherited. And a very simple search or query–when did they last buy something from us? And then we went back and we saw that it was over 10 years. We went out and we searched across the United States for the name. Now the name of this particular client was not an exceedingly rare one but the broker went through all of them, calling them, writing to some of them, to find and finally found this client with whom we last did business over 10 years ago. This person was overjoyed. This person said, “Wow, you went to how much trouble to find me?” So we had two very distinct advantages came out of that: one, this client placed a very, very substantial additional order of precious metals; and number two, this client subsequently told us that in meetings, discussions with friends, associates, business partners, she was telling the story to everybody she knew about how this company really went out of their way to try and track her down 10 years after she last communicated with them.
We are blessed in this company to have many, many tens of thousands of clients who have trusted us with very intimate, personal details about their investments and their worth as individuals and that’s not something that you share lightly. And now three years down the road, I can only say that it’s–you know, we were 100 percent right and they were 100 percent right and they’re truly very trustworthy individuals.
  • David: I’m glad we avoided the research trap of analysis paralysis. Taking action, we’ve gained the profits and growth since that date.
  • Philip: One of our key goals is to become the financial advisor of choice, not just for the physical precious metals, but across their entire portfolio and this has been a very favorable tool to help us do that.