CRM Hygiene for Asset Managers: 5 Steps to Keeping Your CRM Data Clean

1. Regularly Cleanse & Update CRM Data

The foundation of CRM hygiene lies in regularly cleansing and updating your data. Over time, contact details, company profiles, and organizational structures can change, meaning the data in your CRM can become outdated or incorrect. To ensure your CRM stays clean, asset managers should regularly audit and update their data.

→ Routine Data Audits: Regular audits are necessary to identify outdated or irrelevant records. This includes checking for missing contact information, redundant entries, or incorrect company details. For asset managers distributing funds to RIAs, it’s vital to track changes in firm leadership, investment strategy, or firm size. FINTRX's real-time data integration with CRM platforms can automate much of this process by updating contacts with new information as soon as it’s available, helping your CRM stay current.

→ Leverage External Data Providers like FINTRX: The real-time data from FINTRX can help supplement internal CRM records, providing up-to-date, verified information about RIAs and family offices. Integrating FINTRX with your CRM system ensures your data is consistently refreshed, reducing the chances of outdated information affecting your outreach campaigns. With FINTRX’s CRM integration, updates happen seamlessly, meaning you never have to manually input changes.

→ Automate Data Synchronization: Many CRMs support automatic syncing with external data sources. If you're using FINTRX, the integration will automatically push verified data to your CRM, ensuring that you’re always working with the most accurate contact details. This reduces the manual burden on your team while ensuring that prospect data is continuously up-to-date.

2. Implement Data Validation Rules

Data validation is critical for preventing errors from creeping into your CRM at the point of entry. Without proper validation, it's easy for inconsistent, incomplete, or incorrect information to be entered, leading to a less effective CRM system.

→ Enforce Field Formatting: Proper formatting rules should be applied across fields such as phone numbers, emails, and addresses. For instance, ensure email addresses follow the correct format ("user@example.com"), phone numbers include the area code, and addresses are complete. Many CRMs, especially when integrated with FINTRX, provide real-time validation to help enforce correct formatting when adding or editing data, reducing human error.

→ Standardize Data Entry Across the Team: Create clear guidelines for how data should be entered into your CRM to maintain consistency. When integrated with a tool like FINTRX, your team can standardize contact fields like "investment strategy," "AUM," or "firm size" using dropdown menus or pre-defined values, ensuring that all records are categorized uniformly.

→ Use CRM Validation Tools: Most CRMs, in conjunction with FINTRX, have built-in validation tools that ensure incoming data matches specific criteria, such as valid phone numbers or email addresses. FINTRX’s CRM integration ensures that every new contact record added is verified, meaning you won’t have to manually check each new entry for accuracy.

3. De-duplicate Your Data

Duplicate entries in your CRM can lead to confusion, inefficiency, and wasted effort. Whether it’s multiple contacts from the same firm or overlapping prospect data, duplicates can waste valuable time for your sales team and confuse your outreach strategy. It’s important to consistently de-duplicate your CRM data.

→ Automated Duplicate Detection: Most modern CRMs, especially those integrated with FINTRX, have duplicate detection functionality built in. This feature scans your database for potential duplicates based on common identifiers like email address, company name, or phone number. When using FINTRX, this process is automated, helping you avoid manual intervention while keeping your CRM data clean.

→ Merge Duplicate Records: Once duplicates are identified, your CRM, in integration with FINTRX, allows you to merge records with ease. By consolidating records into a single, comprehensive profile, you can improve the accuracy of your CRM and provide sales reps with a clearer, more actionable view of each prospect. FINTRX’s CRM integration ensures that only the most up-to-date data is retained when merging duplicate records.

→ Prevent Duplicates During Data Entry: To prevent duplicates from occurring in the first place, implement matching algorithms that cross-reference new data entries with existing CRM records. This proactive approach can be automated with CRM integrations like FINTRX, which uses its advanced matching algorithms to alert you when a potential duplicate is being entered.

4. Ensure Proper Segmentation & Tagging

Effective segmentation is crucial for targeting the right audience with personalized messaging and outreach strategies. By ensuring that your CRM data is segmented and tagged correctly, you can avoid wasting time on irrelevant prospects and ensure that you’re nurturing the right leads.

→ Create Clear Segmentation Guidelines: Define how your prospects should be segmented based on relevant factors such as assets under management (AUM), investment strategy, or geography. By standardizing segmentation rules, your CRM can more effectively categorize prospects. FINTRX offers tools to tag and segment RIAs based on firm size, investment strategy, and other criteria. By syncing this segmentation with your CRM, you ensure a precise and actionable database.

→ Use Custom Fields for More Detailed Segmentation: With FINTRX’s CRM integration, you can define custom fields to capture important segmentation data, such as investment preferences, firm growth stage, or relationship status. By tagging prospects with this additional data, you can create highly targeted outreach campaigns that speak directly to the needs of different segments within your database.

→ Implement Segmentation Automation: One of the biggest challenges in CRM data hygiene is ensuring that segmentation is always up-to-date. With FINTRX, you can automate segmentation based on criteria such as firm growth or recent investments, which will be automatically reflected in your CRM. This ensures that your database remains dynamic and responsive to changing market conditions.

5. Integrate with External Sources

To keep your CRM data truly accurate and comprehensive, it’s essential to integrate it with trusted external sources. As asset managers prospect into the RIA space, real-time data from trusted providers like FINTRX can significantly enhance the accuracy and completeness of your CRM. Here's how integrating external data sources improves your CRM hygiene:

→ Get Verified and Real-Time Updates: FINTRX provides verified, up-to-date information on RIAs, family offices, and other investment firms. By integrating FINTRX’s real-time data with your CRM, you ensure that your records are continuously updated with the most current details about firms, contacts, and investment strategies. This significantly reduces the chances of having outdated or inaccurate data in your CRM, especially when there are frequent changes in firm leadership, investment focus, or financial profiles.

→ Enhance Data Completeness and Accuracy: Integrating FINTRX with your CRM enables seamless data synchronization, ensuring that every contact profile is as complete and accurate as possible. FINTRX’s comprehensive database ensures that your CRM is not just populated with basic contact information, but with rich, actionable details such as firm size, AUM, investment strategy, and even changes in key personnel. This means that when your team engages with RIAs, they have the most relevant and up-to-date information to personalize their outreach.

→ Reduce Manual Data Entry: By syncing with external data providers like FINTRX, asset managers can significantly reduce the need for manual data entry. Once your CRM is integrated with FINTRX, new data about RIAs and family offices automatically flows into your system, eliminating the need for time-consuming manual updates. This also ensures that human errors, such as typos or omissions, are minimized. It also means that your team spends more time engaging with prospects rather than updating records.

→ Access a Broader Range of Data: While your internal CRM system may house a lot of information, it may not always capture every change or provide the breadth of detail needed for precise targeting. Integrating FINTRX offers a broader view of the RIA space, covering not only the fundamentals but also specific insights into firms’ preferences, affiliations, and historical activity. This enables asset managers to develop highly targeted campaigns and create personalized outreach strategies based on rich, comprehensive data.

Conclusion

Maintaining clean and accurate CRM data is essential for asset managers distributing funds to RIAs. With regular audits, data validation, de-duplication, proper segmentation, and the integration of external data sources like FINTRX, you can ensure your CRM is always up-to-date and primed for successful outreach. FINTRX’s CRM integrations streamline the process of updating and enriching CRM data, ensuring that you have the most accurate, actionable, and comprehensive information at your fingertips. By syncing your CRM with trusted external data sources, you enhance your team’s ability to connect with the right prospects, increase conversions, and build stronger, more effective relationships with RIAs.

Clean CRM data isn't optional, it's essential. Learn how top asset managers are using FINTRX integrations to automate, validate, and optimize their outreach. Book a demo today.