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Next Generation CRM: Powered by Social

CRMs powered by social collaboration and real-time updates could be the next game-changer in the industry.

Bill Winterberg, 02/13/2014

Facebook, the social networking behemoth with 1.23 billion users, celebrated its 10-year anniversary this month. How did a website programmed in Mark Zuckerberg's Harvard dorm room become the force in society that it is today?

I can think of one reason why Facebook continues to dominate the social media ecosystem. Despite increasing trepidation over advertising techniques and changes to privacy policies, Facebook remains the primary website where users can quickly survey the activities and updates of others who are part of their own personal network.

With social news and activity feeds so popular among consumers, businesses should leverage the attributes of social collaboration and information discovery to reveal new opportunities of their own. 

One startup is diving into the social business market head first with the introduction of a social-powered CRM: Wealthbox CRM by Gotham Tech Labs.

The Advisor's Social Business
Adding social networking elements to an advisor's business isn't a new concept. As early as 2008, I advocated advisors observe client activity on social networks to identify opportunities to provide proactive contact (e.g., offer congratulations when clients post job promotion details to their LinkedIn profile). And in 2010, Orion Advisor Services added social collaboration elements to its platform to keep back-office employees up to date on daily business activity (see Your Back Office Gets Social).

But what Gotham Tech Labs is poised to do with Wealthbox CRM has the potential to take the advisor's social business to the next level.

Gotham Tech Labs is a startup based in New York City led by founder and CEO John Rourke. Rourke brings a variety of experience in web development, finance, and private equity. Some advisors may be familiar with Upswing CRM, one of Rourke's earlier products targeted to financial services professionals in the mid-2000s.

Gotham Tech Labs' first product, Wealthbox CRM, has been in private beta for over a year, with the official launch just announced at the T3 Conference, Advisor Edition earlier this week in Anaheim, Calif.

Bill Winterberg, CFP, is a technology and operations consultant to independent financial advisors. His comments on technology have been featured in a variety of financial industry publications. You can view more information about Bill and see his schedule of upcoming speaking engagements at his Web site, FPPad.com. The author is a freelance contributor to MorningstarAdvisor.com. The views expressed in this article may or may not reflect the views of Morningstar.

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