The Oasis Group, a leading consultancy for the wealth management industry, recently released a new white paper titled ‘CRM Selection in Wealth Management: Beyond the Build-vs-Buy Decision’, sponsored by Practifi, a CRM built specifically for the wealth management industry.

The white paper reframes CRM decisions for financial advisory firms around implementation timeframes, workflow alignment, and long-term data architecture, rather than relying on feature checklists alone. It highlights how CRM selection in wealth management has evolved beyond the traditional build-versus-buy debate into three distinct paths: generic enterprise platforms, niche wealth management CRMs, and purpose-built solutions that aim to combine the strengths of both.

“Too many wealth management firms still approach CRM as a technology choice rather than a strategic business decision,” said John O’Connell, founder and CEO of The Oasis Group. “Our experience shows that 75% of CRM implementations fail not because of the software itself, but because of rollout strategy, data architecture, and change management missteps. The firms that win are the ones that treat CRM as the operational hub of the business, implement in phases, and build the unified data foundation that AI will require.”

The white paper outlines a three-phase implementation framework designed to reduce CRM failure rates and deliver measurable value at each stage. In the Foundation phase, firms establish core data architecture and essential workflows; in the Automation phase, they standardize and automate the top three mission‑critical workflows; and finally, in the Integration phase, they scale integrations, reporting, and AI‑ready analytics on top of a unified data model.

Three mission‑critical workflows where CRMs create tangible business value are central to the paper’s recommendations:

• New client onboarding, where standardized, CRM-enabled workflows reduce friction, shorten onboarding timelines, and support higher first‑year retention.
• Activity tracking and follow‑up management, where systematic logging and reminders transform client service from individual memory to firm‑level capability and strengthen compliance oversight.
• Client review preparation and execution, where automated data aggregation and agenda creation can save advisors three to five hours per review while improving perceived service quality.

“We worked with The Oasis Group on this research because firms need practical guidance, not another feature comparison.  said Adrian Johnstone, CEO of Practifi. “By highlighting the real cost of customization and emphasizing phased implementation and unified data, this framework shows how advisory firms can move beyond CRM frustration and build an operational foundation that supports scale, consistency, and AI-driven growth.”

The insightful white paper, which can be downloaded for free on The Oasis Group’s website, builds on The Oasis Group’s broader body of research and education on technology and AI in the wealth management industry, including its Peaks Research reports on key wealthtech providers, its library of in-depth white papers, and its library of informational webinars, which translate these insights into practical guidance for advisory firms.

To download the white paper on CRM Selection in Wealth Management, sponsored by Practifi, please click here.