InvestCloud said the new approach is necessary because, in the past, CRM systems took a big bite out of a firm’s IT budget but only offered a limited one-size-fits-all approach. 

“Open CRM goes beyond simple sales pipeline management to offer comprehensive relationship management features. Open CRM enables clients or advisors to enter information directly during onboarding or financial planning processes, and provides automation around the entire client relationship management lifecycle,” InvestCloud said. 

“Legacy CRM systems are often the most expensive item on the IT budget. Our solutions have been designed from the ground up to work specifically with financial advisors and asset managers at any sized firm - tailored to provide a great experience and offer valuable insights. It’s a CRM for the 21st century investment business,” John Wise, co-founder, CEO and chairman at InvestCloud, said.

Based in Los Angeles with offices in New York, Carlsbad and London, InvestCloud supports more than $2 trillion in assets across 700-plus clients – from banks, wealth managers, institutional investors and institutional asset managers to family offices, asset services companies and financial platforms.