By: Melanie Jocson
#MJTHINKS

 

Challenge:

An advisor recently asked for our help with cleaning up his CRM. His firm wants to take advantage of Redtail’s LaserApp and DocuSign integrations but can’t because their client data on Redtail isn’t complete. 

 

Our Plan of Action:

1 – Log in and review current data.  We can never tell how good or bad a CRM is until we view the data properly on its system. We should be able to run an accurate client list inclusive of all basic data (address, phone numbers, email addresses, birth dates, etc.) for each client.  

 

2 – Start small.  Don't try to take on too much.  Export data into a spreadsheet and review any missing information. Start with one item like addresses and get those updated first. Then move on to phone numbers, emails, and so on. I know it seems like a lot of back and forth, but it can be too daunting getting all the data at once for each client. If you only have a small number of clients, this is more feasible. With 100 or more clients, this turns into a big project! Depending on VPG’s arrangement with the firm, we can either find the correct data and update the CRM, or work with the advisor's assistant to update the CRM. 

 

3 – Review, Export and Update other data the firm wants to review. This is very firm specific. Some firms want to add special categories or keywords to create certain lists. Some want to utilize a UDF (User Defined Field) to document things like hobbies or special interests. We can also review custodian integration, link unlinked accounts and fix data issues caused by a migration. 

 

4 – Create and Utilize an Intake Form. As we're cleaning up the database, we create an intake form. This is important because as prospects become clients the staff needs to know what data belongs in the CRM. In this case, you can simply use Redtail’s Profile Report. However, if the firm wants other information that isn’t on the profile report, a customized report will need to be created. 

We suggest making the Intake form a fillable PDF or a form on a system comparable to RightSignature. This allows us to email the form as a link for the contact to complete. When it’s completed, this data should be entered into the CRM ASAP! This prevents the CRM from going back to being an incomplete mess. In order for this to work, the operations team needs to be 100% on board.  

 

5 – Moving forward with the integration process. Because this firm wants the database cleaned up specifically to use LaserApp and DocuSign, we would go through the process of actually implementing the LaserApp and DocuSign integrations and confirm they work. If any issues come up, we work with the data to fix those issues.  

 

6 – Train. If necessary, we can train the operations team on how to utilize the CRM integration with LaserApp and DocuSign. 

 

7 – Next Steps. We usually make these suggestions as we get more familiar with the advisor. VPG uses Redtail internally as our own CRM and despite some minor hiccups, we encourage our advisors to upgrade to the Tailwag version. Once the database is clean and functioning on a basic level, the next step is to implement automation and workflows.