CRM for Financial Coaches Checklist

On the right is a screenshot of what you get when you search on Google the term CRM for financial coaches.

As you can see from the photo, the search for CRM for financial coaching results focus on general Customer relationship management (CRM) software solutions. In the list of CRMs, the search includes the usual suspects:

• Salesforce – the original cloud-based CRM. Great tool, but not for financial coaching.

• Zoho – same as Salesforce, great CRM, not built for financial coaching.

• Wealthbox – A CRM for financial advisors.

The price point for the CRMs is also very similar, Wealthbox starts at $39/month, Zoho at $18/month, and Salesforce basic package at $25. In 2022, CRMs’ basic features will be similar. The difference is with integrations and support. If you are looking for a fundamental tool for client management, Zoho or Hubspot is an excellent place to start because of the low price, Zoho, or free limited version, Hubspot.

When searching for a financial coaching customer relationship management software, a good place to start with a definition of what financial coaching is. Based on the University of Wisconsin-Madison Financial Coaching Strategies website, “”financial coaching means providing regular one-on-one sessions with clients in order to ‘coach’ performance improvements to meet goals mutually set by the coach and client. Coaching is differentiated from counseling in that coaches are not “experts,” but instead they provide encouragement and monitoring over advice, and do so in a process largely driven by the client.””

The main focus point of financial coaching includes ongoing behavior modification, executive attention, and goal setting.

Therefore, any CRM for financial coaching should cover the focus points. Any of the available CRMs can provide a solution for goal setting. Where financial coaches find a lack of financial coaching software solutions is with working with clients on executive attention and goal tracking.

A financial coach looking for client management software that provides an opportunity to dive deeper into client finance and do goal tracking should be getting ready to pay more than what you are paying for a CRM. eMoney and Rightcapital are examples of financial CRMs that include the capacity to do goal tracking. Now when it comes to the pricing of a financial CRM, get ready for a triple-digit pricepoint, eMoney is over $300/month, Rightcapital package that includes account aggregation is $149.95. Another option to be able to keep track of goals is to connect Wealthbox ($39/month) with MoneyGuide ($50/month).

The average financial coach’s capacity to log in into a financial CRM, use it for financial coaching, concentrate on goals, and goal tracking is out of reach. The triple-digit price point puts goal tracking outside the price point of most money coaches. Without - going goal tracking, the scope of support financial coaches can provide their clients is limited.

Any financial coaching CRM will first address the missing feature of proactively track goals. The software has to allow the ability to log into a financial coaching platform and proactively see their clients' progress towards specific goals/milestones.