Choosing the right customer relationship management (CRM) software is an important decision for the long-term success of your business. Redtail CRM is one of the most popular options for financial advisors who want to capture more leads, grow revenues and nurture client relationships. Before deciding, it might be helpful to review the software’s features, pricing, pros and cons to help you decide if it’s right for your firm.

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What Is Redtail CRM?

Redtail CRM is a customer relationship management solution for financial advisors and wealth managers. It’s one of the most widely used CRM applications, providing financial professionals with a comprehensive suite of compliant tools designed to help you:

Strengthen client relationships
Simplify collaboration across your team
Enhance client loyalty and retention rates

Redtail CRM’s integration capabilities offer a low barrier to entry for adoption and implementation. Advisors also get access to superior service and support, including opportunities to participate in live training through Redtail University.

The CRM was developed by Redtail Technology, which was founded in 2003. In 2022, Orion acquired Redtail Technology.

Redtail CRM Features

An advisor chats with a client, using Redtail as her firm's CRM.

In evaluating a CRM, it’s important to consider the range of features offered. Here are some of the most notable features included with Redtail CRM:

Workflows: Redtail allows you to establish automated workflows that align with processes you’re already using in your business. Workflows standardize these processes, minimizing room for error and increasing consistency across all members of your team.
Integrations: Redtail partners with industry-leading brands to offer seamless integration with software programs or applications you’re already using. Whether you’re using compliance tools, marketing automation and tools, or portfolio management tools, Redtail is designed to work with them to streamline your front and back office processes.
Reporting: Capturing client data is another key feature Redtail offers. You can create standard or custom reports to track account data and activity, contact information, and more.
Calendar: Redtail’s Calendar feature allows you to track your team’s schedule, important tasks and events in one place. The calendar uses a color-coding system to categorize activities and syncs with both Office 365 and Google Calendar.
Notes: The Notes feature is designed for tracking prospect and client interactions, including who you spoke with, the purpose behind your chat and when the conversation took place. You can add a blank note or use one of the note templates included in the CRM, and you have the option to set permissions to control who can view or change notes.
Seminars. If you offer seminars as part of your marketing plan, Redtail CRM makes it easy to plan and manage them inside the application. You can track the seminars you offer, add guests and review attendance numbers to identify your best-performing topics.
Opportunity Tracker: The Opportunity Tracker allows you to track leads as they move through your pipeline, identify opportunities to engage with prospects and close sales. You can also incorporate workflows and easily export tracking data.

Redtail CRM’s features are accessible online and through a mobile app for maximum convenience. The Redtail CRM app is free to use and is available on both Apple and Android devices.

Redtail CRM Pricing

Redtail offers three pricing plans to choose from, based on your business’s size and needs.

	Launch	Grow	Enterprise
What you get	Basic CRM	Premium CRM plus Redtail Imaging and Redtail Speak	Customized plan
What you pay	$39 per user, per month if billed annually $45 per user, per month if billed monthly Up to 5 users	$59 per user, per month if billed annually $65 per user, per month if billed monthly Unlimited users	Minimum license commitment required

A 30-day free trial period is available with both the Launch and Grow plans. The Basic CRM included with Launch offers the following features:

Contact management
Document storage
Contact and account-level user-defined fields
Client segmentation
Account management
Compliant notetaking and archiving
Templates
Calendar tools
Customizable reports and database lists
Customizable email notifications and dashboard reminders
Sales pipeline tracker
Seminar management
Integrations
Mobile app access
Complimentary database conversion
Teams access

A Grow package includes all of those features, as well as automated workflows, email syncing, automation and automation templates, and bulk email sending. You also get Redtail Imaging, which is designed to simplify document organization and management, and Redtail Speak’s suite of client communication tools.

Both Launch and Grow plans include a client portal, proposal generation for new accounts and stress test risk scoring tools. The Grow plan also comes with 3D risk planning tools, behavioral finance tools and access to Orion Planning.

Redtail CRM Pros and Cons

No CRM is perfect, and what works well for another advisor may not be suited to you. Here’s a look at what makes Redtail shine and where there’s room for improvement.

Where Redtail Stands Out

Redtail CRM is designed with the needs of advisors and wealth managers in mind and provides industry-specific solutions to meet them.
Advisors have multiple ways to segment client lists inside the application, allowing you to easily identify opportunities to pursue.
Redtail’s calendar and scheduling tools allow you to toggle between individual and team views, and the range of seminar planning tools is something you won’t often find with competitor CRMs.
Integration capabilities span some of the most popular advisor tech tools on the market, allowing for a more seamless relationship management experience from end to end.
Redtail’s notes and archiving features encourage recordkeeping compliance and can be made accessible to all members of your team for easier collaboration.

Where Redtail CRM Falls Short

While the advisor interface is user-friendly, its aesthetic appeal is somewhat lacking.
Advisors who are looking for an AI-driven CRM may be disappointed in Redtail’s AI capabilities.
Redtail doesn’t allow room for as much customization as you might find with other CRMs.
Customer service is highly rated overall, but Redtail doesn’t offer 24/7/365 support.
Although Redtail offers plenty of value to advisors, its pricing structure is a bit higher than some of its competitors.

Redtail CRM Alternatives

Redtail is just one of many options you have when searching for a new CRM. The right one for you is going to depend on several factors. If you don’t think Redtail is the right fit, perhaps one of these two other possibilities might work.

Redtail vs. Wealthbox

Wealthbox touts itself as “the most modern CRM on the market” and simplicity is a major selling point. There’s no training required to begin using Wealthbox, and you’ll have access to an onboarding representative to guide you through setup. Wealthbox integrates with a wide range of advisor tools and incorporates email syncing for easier inbox management.

Pricing ranges from $59 to $99 per user, per month with the option to create a customized Enterprise plan.

Redtail vs. Salesforce

Salesforce CRM is not specific to the financial services industry, but many advisors prefer it over Redtail, Wealthbox and other competitors. Salesforce is highly customizable, which is both an advantage and a disadvantage since it has a steeper learning curve compared to Redtail. AI is a prominent feature with Salesforce and is built into everything from workflows to client communications to email marketing.

Starter Suite pricing is set at $25 per user, per month while the Pro Suite starts at $100 per user, per month. Salesforce offers additional products to help you grow your business, which are optional and have separate pricing.

Bottom Line: Is Redtail CRM a Good Choice for Advisors?

Redtail CRM could be a good fit for advisors who are unhappy with their current CRM and want to make a smooth transition to a new one.

Redtail CRM could be a good fit for advisors who are unhappy with their current CRM and want to make a smooth transition to a new one. Redtail is designed to be ready to use right away, though it does lack some of the customization you might enjoy with other CRMs. The collaborative tools make it a solid choice for smaller teams, though some advisors may prefer a CRM that has a broader range of AI capabilities. If you’re interested in exploring the possibilities of Redtail CRM, watch the Redtail demo or schedule a free trial to learn more about how it works.

Tips for Growing Your Advisory Business

A CRM should integrate with the marketing tools that you’re already using to build your brand and grow your book of business. If you’re looking for tools that can help you simplify your promotion efforts, you might consider partnering with an advisor marketing platform. SmartAsset AMP uses a holistic approach to help growth-minded advisors connect with leads and nurture client relationships. Schedule a demo to learn how you can leverage it to grow your business.
Finding the right CRM means knowing what to look for and how to compare the options you have. Some of the most important considerations include the range of features offered, how easily a particular CRM might integrate with the rest of your tech stack, the level of customization offered, online and mobile app user interfaces, and of course, how much you’ll pay to use it. Reading user reviews can offer insight into what other advisors do or don’t like about the CRM(s) you’re considering.

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