Exceptional customer service and CRM go hand in hand, but what does this mean in the millennial age, when Generation Y consumers make up the largest living adult generation in America?

Millennials are forecasted to be the most influential segment of consumers in 2020 and the years beyond, with some experts identifying the rise of intergenerational wealth as one of the top trends in wealth management this year. By 2030, millennials are forecasted to hold five times as much wealth as they do now for a total of $20 trillion in assets globally, with baby boomers expected to pass down another $30 trillion in assets by 2050 in North American alone.

Effectively reaching this key demographic of consumers will be an important factor in the ongoing success of wealth managers and financial advisors. Integrating an intelligent CRM solution into your strategy might be the best investment you could make for your business in the long run.

Not convinced? Here are three ways intelligent CRM can help you increase profitability, maximize day-to-day operations, and most importantly, attract and retain the loyalty of those all-important next generation customers:

1. Streamline your efforts and increase productivity with AI
The goal for any financial services organization is always streamlined sales, marketing, and services. Add the need for digital literacy on top, and vertical CRM with built-in Artificial Intelligence is a no-brainer. In the age of the millennial customer, instant access and transparent communication with companies and brands are a key part of the customer experience. Intelligent CRM that is purpose-built for the financial services industry provides a wealth of information and data that will take your business to the next level. This includes a comprehensive view of all interactions and a platform that reveals facets of customer behavior that ultimately drive further sales.

2. Get social with your customers
90% of millennials use at least one social media network regularly. Integrated intelligent CRM has the ability to streamline all your marketing initiatives. It will keep track of your customers’ important milestones and life events, and prompt you to follow-up accordingly. It also serves as a personalized touchpoint so you can quickly and easily address any customer satisfaction concerns and also keep track of your own brand reputation at the same time. By centralizing all of your social media efforts into one easy-to-access platform, engaging with existing customers and reaching new customers has never been more seamless.

3. Promote advisor retention to improve customer retention
Modern, integrated CRM has proven its value in alleviating the administrative burden for advisors, which is the primary reason advisors cite for leaving their organizations. The first CRM systems were originally implemented to relieve advisors and their teams of documentation-heavy, time consuming activities, but first-generation CRM technologies no longer deliver these promises. This is why employing next generation CRM that meets the needs of technologically savvy millennial customers while providing streamlined support and delivery of back-end systems is important. Retaining and attracting top talent advisors is an obvious step in bolstering client and advisor satisfaction, as well as overall profitability.

In the experience age, creating a memorable customer experience is the key to attracting new millennial customers and retaining loyal ones. Technology is constantly evolving to meet consumer needs. Investing in a next-generation CRM solution for your business is the best way to deliver seamless customer service, while also empowering wealth managers and financial advisors.

Adam Edmonds is the Vice President of Products at NexJ Systems with almost two decades of experience developing customer management solutions in financial services and insurance. NexJ Systems develops intelligent customer management products for the financial services industry designed to help wealth management, private banking, corporate and commercial banking, and insurance firms revolutionize their business.