Wealth management consultancy The Oasis Group on Wednesday announced it released a new white paper on customer relationship management (CRM) selection in wealth management, sponsored by Practifi, a CRM provider for financial advisors.
The white paper, “CRM Selection in Wealth Management: Beyond the Build-vs-Buy Decision,” analyzes CRM decisions for financial advisory firms in terms of timeframes for implementation, workflow alignment and long-term data architecture, according to the companies.
The paper sets out how CRM selection in wealth management has changed from the build-versus-buy debate, separating into three paths: generic enterprise platforms, niche wealth management CRMs and solutions designed to combine the strengths of the other two.
The white paper introduces a three-phase implementation framework: foundation, automation and integration, addressing the rollout challenges causing most CRM failures.
The research identifies three workflows where CRMs create business value: client review preparation and execution, client onboarding and activity tracking with follow-up management.
The framework discussed in the paper identifies unified data architecture as the foundation for current operational benefits and future AI capabilities, noting 60% of wealth firms plan to make AI investments for client engagement.
“CRM success depends less on platform selection than on data architecture decisions, phased implementation discipline, and change management effectiveness,” the paper said. “Firms that prioritize unified data models and iterative deployment achieve operational efficiency today while positioning themselves for AI-enabled capabilities tomorrow.”
Addressing a key challenge, John O’Connell, Founder and CEO of The Oasis Group, said in a news release announcing the white paper’s release: “Too many wealth management firms still approach CRM as a technology choice rather than a strategic business decision.”
“Our experience shows that 75% of CRM implementations fail not because of the software itself, but because of rollout strategy, data architecture, and change management missteps.”
He added, “The firms that win are the ones that treat CRM as the operational hub of the business, implement in phases, and build the unified data foundation that AI will require.”
“We worked with The Oasis Group on this research because firms need practical guidance, not another feature comparison,” according to Adrian Johnstone, CEO of Practifi.
“By highlighting the real cost of customization and emphasizing phased implementation and unified data, this framework shows how advisory firms can move beyond CRM frustration and build an operational foundation that supports scale, consistency, and AI-driven growth,” he said in the news release.
The white paper adds to The Oasis Group’s research and education on AI and other technology in the wealth management industry that includes its Peaks Research reports, other white papers and webinars. In October, The Oasis Group released its fourth Peaks Research report on AI prospecting tools, sponsored by wealthtech firm AdvisorEngine.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
