When it comes to wealth management, contract lifecycle management (CLM) is essential for ensuring compliance, streamlining client agreements, and managing complex legal and financial contracts. Wealth managers need a CLM solution that offers strong security, automation, and integration with the financial systems they use daily. Having worked with different tools in this space, I can tell you that the best CLM solutions for wealth management help handle confidentiality, automate document management, and minimize manual tasks so you can focus on client relationships.
Here are the top CLM solutions tailored for wealth management professionals:
Best CLM Solutions for Wealth Management
1. Icertis
Icertis is a top-tier, enterprise-grade CLM platform that excels in industries with complex compliance and regulatory needs, like wealth management. Icertis’ ability to handle the complexity of financial services contracts, from regulatory compliance to multi-jurisdictional agreements, makes it a strong fit for wealth managers.
Why Icertis Works for Wealth Management:
- Compliance-Focused: Icertis has built-in compliance features that track regulatory changes, making it easier for wealth managers to maintain legal and contractual integrity.
- Risk Management: The platform uses AI to automatically detect and flag risky terms or clauses in contracts, reducing the likelihood of non-compliant or unfavorable contract terms.
- Automated Workflows: Icertis helps streamline the contract approval process by routing documents to the right departments, ensuring fast approvals while maintaining control over sensitive financial documents.
- Audit and Reporting: Icertis offers robust audit trails and analytics, allowing wealth managers to track contract performance and ensure they meet fiduciary duties to clients.
Downsides:
- High Cost: Icertis is a premium solution, which may be overkill for smaller firms.
- Complex Implementation: It may require a significant setup and onboarding period, especially for smaller teams.
Best For: Large wealth management firms with complex contract workflows and regulatory requirements, and those dealing with high-net-worth clients and extensive portfolios.
2. DocuSign CLM
DocuSign CLM is widely recognized and trusted for securely managing contracts and automating document workflows. Since many wealth management firms already use DocuSign eSignature, upgrading to their CLM platform is a natural fit.
Why DocuSign CLM Works for Wealth Management:
- Secure and Compliant: DocuSign CLM offers strong encryption, ensuring compliance with financial regulations like FINRA and SEC.
- E-signature Integration: The tight integration with DocuSign eSignature makes it easy for wealth managers to automate the signing process, reducing paperwork and speeding up client onboarding.
- Templates and Clause Libraries: Wealth managers can create templates for standard agreements, such as client onboarding or portfolio management contracts, ensuring consistency and reducing manual input.
- Audit Trails: Built-in audit trails make it easy to track every step of a contract’s lifecycle, which is crucial for regulatory compliance in wealth management.
Downsides:
- Price: While scalable, DocuSign CLM can get expensive, especially if you need advanced features like AI-driven contract analytics.
- Learning Curve: For more complex workflows, there’s a learning curve, particularly for teams new to CLM software.
Best For: Wealth management firms looking for a secure, compliant solution that integrates with DocuSign eSignature, particularly for automating client agreement workflows.
3. ContractWorks
ContractWorks is a more affordable, simple-to-use CLM solution ideal for smaller wealth management firms or financial advisors. It’s perfect for those who need a reliable system for storing, organizing, and tracking contracts without complex features.
Why ContractWorks is a Good Fit:
- Simplicity and Speed: It’s designed to be easy to implement, so your team can start using it quickly without long setup times or complex configurations.
- Role-Based Access: You can control who has access to what, ensuring sensitive financial data is only available to authorized personnel.
- Affordability: ContractWorks offers flat-rate pricing, which is often more budget-friendly than larger CLM platforms. This is particularly useful for smaller firms that still need solid contract management without breaking the bank.
- Document Security: Offers robust security features like encryption and secure document storage, crucial for managing client agreements and confidential financial contracts.
Downsides:
- Limited Advanced Features: ContractWorks is more basic compared to enterprise-level platforms like Icertis or DocuSign CLM, so it may lack advanced automation and customization features.
- No Native E-Signature: You’ll need to integrate with a separate e-signature tool, which adds an extra layer of management.
Best For: Small to mid-sized wealth management firms that need a simple, secure, and cost-effective solution for managing contracts.
4. Conga Contracts (Formerly Apttus)
Conga Contracts is another excellent CLM solution that integrates seamlessly with Salesforce, making it a great option for wealth managers who rely on Salesforce to manage client relationships. It’s particularly useful for automating complex contract workflows, such as client onboarding and portfolio management contracts.
Why Conga Contracts Works for Wealth Management:
- Salesforce Integration: If your firm uses Salesforce CRM, Conga Contracts can automate and manage contracts directly within your CRM environment, helping to centralize client data and reduce manual input.
- Automation of Approvals: Automatically routes contracts through approval workflows, ensuring that wealth managers and legal teams can easily manage contract reviews.
- Compliance Monitoring: The platform offers built-in compliance tools to ensure that all contracts meet the necessary regulatory requirements, a key need in wealth management.
- Client-Focused Contracts: Create and manage client contracts such as asset management agreements, trust documents, or portfolio reviews, all while ensuring consistency and compliance.
Downsides:
- Complexity: Conga Contracts can be more complex to implement, especially if you’re not already using Salesforce. It’s also on the higher end in terms of pricing.
- Customization Time: Setting up the full range of customizations and automation can take some time.
Best For: Mid to large wealth management firms that already use Salesforce and need advanced contract management features to streamline their client relationship workflows.
5. Ironclad
Ironclad is a highly intuitive CLM solution designed to streamline contract workflows and make it easy for legal, financial, and business teams to collaborate. It’s especially useful for wealth management firms focused on client collaboration and contract negotiation.
Why Ironclad is a Top Contender:
- User-Friendly Interface: The platform is known for its clean, easy-to-use interface, making it perfect for teams that don’t want to deal with a steep learning curve.
- Real-Time Collaboration: Ironclad allows wealth management teams, legal departments, and clients to collaborate on contracts in real-time, making it easier to handle contract negotiations and changes.
- Custom Workflows: You can automate contract workflows, such as approval processes and renewal reminders, which help wealth managers stay on top of client agreements and compliance deadlines.
- Data-Driven Insights: Ironclad’s reporting tools give you insights into contract performance and risk, so you can make better strategic decisions for managing client portfolios and financial agreements.
Downsides:
- Limited Advanced Features: While intuitive and easy to use, Ironclad may lack some of the deeper customization and automation options found in more robust systems like Icertis or Conga.
- Pricing: Ironclad can be more expensive than other user-friendly CLM options, depending on the features you need.
Best For: Wealth management teams that prioritize ease of use, client collaboration, and need a CLM that integrates well into their existing workflows.
6. Agiloft
Agiloft is a highly customizable, no-code CLM platform, making it ideal for wealth management firms that need tailored contract workflows and automation without heavy IT involvement. It’s a robust solution that scales well as your business grows.
Why Agiloft Works for Wealth Management:
- No-Code Customization: You can easily build and adjust workflows for client agreements, portfolio management contracts, and other financial documents without needing IT resources.
- Automated Workflows: Automates repetitive tasks like contract creation, approval routing, and renewal tracking, freeing up time for wealth managers to focus on client relationships.
- AI-Powered Analytics: Agiloft offers AI-driven insights to help identify risks in contracts and suggest clauses, ensuring you remain compliant with financial regulations.
- Contract Repository: Agiloft’s secure, centralized contract repository is great for organizing client contracts and investment agreements, making it easy to access, search, and manage key documents.
Downsides:
- Complex Setup: While highly customizable, the setup process can be complex if you’re not familiar with CLM systems.
- Overkill for Smaller Firms: Agiloft’s depth might be more than small firms need, especially if they don’t require heavy automation or customization.
Best For: Wealth management firms that need a customizable, scalable CLM solution with advanced automation and analytics, especially those with growing teams or complex portfolios.
Key Features to Look for in a CLM for Wealth Management
- Compliance and Security
In wealth management, maintaining compliance with regulations (e.g., SEC, FINRA) and ensuring data security are non-negotiable. Look for CLM solutions with robust security features like encryption, audit trails, and role-based access. - Automation of Workflows
Automating contract creation, approval routing, and renewal tracking helps free up time and ensures that you never miss critical dates, especially when managing multiple clients. - Integration with CRM/Financial Tools
The best CLM for wealth management integrates seamlessly with your existing CRM (like Salesforce) or financial systems to centralize client data and streamline operations. - Reporting and Analytics
Detailed reporting tools help you keep track of contract performance, upcoming renewals, and potential risks. Advanced CLM systems with AI-driven analytics can even help you flag risky contract terms and identify opportunities for improvement. - Collaboration Features
If your wealth management team frequently collaborates with legal teams, compliance officers, or clients on contract negotiations, real-time collaboration features will be essential.
Final Word
For large wealth management firms, Icertis or DocuSign CLM are top choices, thanks to their focus on compliance, security, and advanced automation. ContractWorks is a more affordable and user-friendly option for smaller firms that still need secure contract management without the complexity. If you’re already using Salesforce, Conga Contracts will integrate smoothly into your existing ecosystem. Finally, Ironclad is perfect for teams that value ease of use and client collaboration.
Each of these solutions can handle the complexities of wealth management contracts, but the best choice will depend on your firm’s size, workflow needs, and budget.