What Is the Best CRM for Financial Advisors? Comparing Redtail and Tamarac


One of the chief needs of financial advisors and RIAs is to retain their existing clients and maintain a healthy and profitable relationship while expanding their client base. Plenty of customer relationship management (CRM) systems can help advisors keep track of and create custom communications with clients and prospects, automate their workflows, and get business insights. With over 90% of companies using a CRM in their workforce, these tools are invaluable to all industries. 

However, few are better placed than the options we’ll look at in today’s post — Redtail and Tamarac — because these are specifically tailored for financial advisors and Registered Investment Advisors. Read on to learn more about each, their differences, and which is best for you. 


Redtail CRM

Redtail CRM is part of Redtail Technology’s services and has been a popular choice for financial advisors since its creation in 2003. Its main draw is its easy-to-use platform, making the learning curve short and a good user experience. While it comes with plenty of features, Redtail’s key specs include:


Workflows are automated processes you can set up with Redtail to standardize and speed up your daily operations while ensuring nothing goes unnoticed. You can automate internal and external activities such as onboarding, client meetings, and many more. 


Redtail has plenty of standard reports and allows you to create custom ones, from accounts to workflows and even transactions. 


Redtail’s Calendar allows you to keep track of the schedules of everyone in your office. You can add various activities such as meetings and appointments, sort them by custom type and color code, and integrate them with your other calendars like Google Calendar and Office 365. 


With Notes, you can take note of your client’s history, ensuring that no valuable information is lost throughout their journey. They’re instrumental in keeping an eye on customer conversations. 


Seminars allow you to plan and manage events for your customers easily. They can also manage email campaigns, call campaigns, and any other running activities you may have.


The Opportunity tracker helps you monitor all your prospects and current clients as they move through your sales pipeline. 


Tamarac CRM

Tamarac is a web-based CRM system built on the trusted Microsoft Office 365 platform by Envestnet in 2000. Its native integrations with Microsoft are the key reasons for its popularity. Its main features include:


Tamarac CRM is integrated with Tamarac Reporting for powerful business intelligence reports such as portfolio management, firm valuation, and tracking leads.

Automated Workflows

Automated workflows for onboarding, reporting, sales pipelines, and many other tasks are part of the CRM.

Custom Configurations

While other CRMs come with standard features, Tamarac consultants work with financial consultants to customize dashboards, workflows, and reports before you can use the product. 


Redtail CRM and Tamarac CRM Compared

Redtail and Tamarac CRMs have many similarities in their functionalities and feature sets. Both are robust web-based clients specifically designed for financial advisors and RIAs. They also offer automated workflows, excellent reporting capabilities, and mobile applications in their offerings. They have some differences, however, in the following areas:


Since Tamarac CRM is built on the Office 365 platform, it is easier to integrate with Microsoft Office and other products. Redtail CRM still has plenty of integrations, though not as smoothly as Tamarac CRM. 

Ease of Use

One of the pros of using Redtail CRM is its easy-to-use interface. On top of the excellent interface, Redtail offers free in-person training for its software through the Redtail University. Tamarac CRM is for the more sophisticated user and usually takes more learning. 


Redtail’s pricing is done per database, with each database available for use by up to 15 users. On the other hand, Tamarac CRM does its pricing by quote only, mainly because of the heavy customization for each business. 


Conclusion: Which Is the Best CRM for Financial Advisors?

Both Redtail and Tamarac are excellent CRM for RIAs and financial advisors. Your choice often depends on the size of your business. Redtail CRM is the best option for independent advisors, startups, and small firms. Tamarac is the better choice as your business grows since it offers more integration and personalization options

Need help integrating a CRM into your business or keeping your CRM running smoothly? We can help you manage your CRM and its integrations through our managed IT services tailored explicitly for RIAs.