Salesforce vs. Redtail: Choosing the Right CRM [2024]

In this guide, I’ll compare Salesforce CRM and Redtail (by Orion) based on the core features, pros and cons, and pricing to help you decide what’s best for you.

Businesses across various industries, particularly those in B2B sectors, require CRM solutions to manage customer relationships efficiently.

The demand for CRM has been dramatic over the past decade, with global CRM software revenue reaching $142.7 billion in 2023, and projected to hit $163 billion by the end of 2024.

Salesforce stands out for its robust customization, integration capabilities, and scalability, ideal for complex B2B operations.

Redtail, surprisingly, has gradually taken a large market share in the financial advisory sector, offering specialized features like compliance tracking tailored to the industry’s needs.

So if you’re wondering how Salesforce CRM is different from Redtail, here’s what I found out:

The main difference is that Salesforce is a comprehensive CRM platform offering extensive customization and integration options, while Redtail is a specialized CRM designed specifically for financial advisors, focusing on features tailored to their industry needs.

Salesforce vs Redtail: A Quick Comparison of Key Features

Here’s a quick comparison of the core features you can expect from these CRM platforms.

Personal note:

For almost a decade, my team have been using Salesforce to build rapport with our customers. It’s has been a no-brainer for us despite the allure of Redtail’s specialization in financial advisory. While Redtail offers tailored solutions for advisors, Salesforce’s robust customization and integration options have been indispensable. As someone who values adaptability and scalability in business operations, Salesforce’s versatility has consistently met my evolving needs, ensuring seamless workflows and empowering growth.

What is Salesforce? How Does it Work?

Salesforce is a cloud-based customer relationship management (CRM) platform designed to help businesses manage their sales, marketing, and customer service activities effectively. It allows businesses to track customer interactions, manage leads and opportunities, and automate various sales processes.

Salesforce CRM Pros:

• Comprehensive CRM functionality
• Customizable to suit unique business needs
• Extensive integration options with third-party apps
• Robust reporting and analytics capabilities
• Scalable for businesses of all sizes

Salesforce CRM Cons:

• Steep learning curve for new users
• Costly subscription plans
• Requires ongoing maintenance and customization
• Limited offline functionality

What is Redtail? How Does it Work?

Redtail is a web-based CRM platform specifically tailored for financial advisors and wealth management professionals. It offers tools for contact management, client communication, and practice management, helping advisors streamline their workflows and enhance client relationships.

Redtail Pros:

• Designed specifically for financial advisors
• User-friendly interface
• Affordable pricing options
• Integration with popular financial planning tools
• Dedicated customer support

Redtail Cons:

• Limited customization options compared to Salesforce
• Less robust reporting and analytics features
• Lack of advanced sales automation capabilities
• May not be suitable for businesses outside the financial advisory industry

A Comprehensive Comparison of Salesforce and Redtail CRM Platforms

How is Salesforce CRM different from Redtail, and how do they compare? Let’s find out:

1. Group Creation:

Salesforce offers robust group creation functionality, allowing users to create teams, departments, or any custom groups tailored to their organizational structure. With customizable permissions and roles, administrators can efficiently manage access levels for each group member, ensuring data security and integrity.

Similarly, Redtail provides group creation capabilities, enabling users to organize contacts and clients into specific groups based on various criteria such as demographics, location, or engagement level.

Administrators can assign group owners and set permissions to control data visibility and collaboration within each group.

Verdict: Both Salesforce and Redtail excel in group creation features, offering flexibility and customization options. However, Salesforce’s extensive customization capabilities and advanced security features give it a slight edge in this category.

2. Expense Logging:

Salesforce includes robust expense logging functionality, allowing users to track expenses related to sales, marketing campaigns, or other business activities.

Users can easily input expense details, assign them to specific projects or clients, and track their status throughout the sales cycle.

Redtail also offers expense logging capabilities, enabling users to record and categorize expenses associated with client meetings, events, or other business activities. Users can attach receipts, set spending limits, and track expenses against predefined budgets.

Verdict: Both Salesforce and Redtail provide effective expense logging features, streamlining the process of tracking and managing business expenses.

However, Salesforce’s integration with accounting software and advanced reporting capabilities make it the preferred choice for comprehensive expense management.

3. Balance Overviews:

Salesforce offers comprehensive balance overview features, providing users with real-time insights into their sales pipeline, revenue forecasts, and performance metrics.

Users can track opportunities, monitor sales quotas, and identify potential bottlenecks or opportunities for improvement.

Redtail also provides balance overview functionality, allowing users to view their client balances, asset allocations, and investment performance metrics. Users can track client portfolios, monitor account activity, and generate custom reports to analyze investment trends.

Verdict: Both Salesforce and Redtail offer robust balance overview features, empowering users to make informed decisions and drive business growth. However, Salesforce’s advanced analytics and forecasting capabilities give it a slight advantage in providing comprehensive balance insights.

4. Payment Reminders:

Salesforce includes built-in payment reminder functionality, allowing users to set up automated reminders for overdue invoices, pending payments, or upcoming deadlines.

Users can customize reminder settings, send notifications via email or SMS, and track payment statuses to ensure timely collections.

Similarly, Redtail offers payment reminder features, enabling users to schedule reminders for client payments, billing cycles, or account renewals. Users can set up recurring reminders, customize notification templates, and track payment history for each client or account.

Verdict: Both Salesforce and Redtail provide effective payment reminder capabilities, helping users streamline their billing processes and improve cash flow management.

However, Salesforce’s automation options and integration with payment gateways give it a slight edge in delivering timely payment reminders.

5. In-App Payment Options:

Salesforce integrates with various payment gateways and third-party billing platforms, allowing users to accept payments directly within the application. Users can create payment links, generate invoices, and process transactions seamlessly, eliminating the need for manual payment processing or external tools.

While Redtail does not offer native payment processing functionality, it integrates with third-party billing and invoicing solutions, enabling users to send payment requests or invoices to clients via email.

Clients can then make payments through secure online portals or payment gateways.

Verdict: In this category, Salesforce emerges as the clear winner due to its native payment processing capabilities and seamless integration with leading payment platforms. The ability to accept payments directly within the application enhances user convenience and accelerates the billing process.

6. Cross-Currency Support:

Salesforce provides robust cross-currency support, enabling users to manage transactions, invoices, and financial reports in multiple currencies.

Users can set up default currency settings, perform real-time currency conversions, and track exchange rate fluctuations to ensure accurate financial reporting.

Redtail offers limited cross-currency support, allowing users to input transactions or expenses in different currencies but lacks advanced currency conversion features.

Users may need to manually calculate exchange rates or use external tools to reconcile transactions in different currencies.

Verdict: While both Salesforce and Redtail offer cross-currency support, Salesforce’s comprehensive currency management capabilities and real-time conversion features make it the preferred choice for businesses operating in international markets.

The ability to streamline currency conversions and financial reporting enhances user efficiency and accuracy.

7. Bill Splitting:

Salesforce does not offer native bill splitting functionality but integrates with third-party expense management and accounting solutions that support bill splitting features. Users can link expense records to specific transactions or invoices and allocate costs among multiple clients or projects as needed.

Similarly, Redtail does not include built-in bill splitting features but integrates with third-party billing and invoicing platforms that support expense allocation and splitting capabilities.

Users can attach expense receipts to client records and allocate costs based on predefined splitting rules or percentages.

Verdict: In the category of bill splitting, both Salesforce and Redtail rely on third-party integrations to support this functionality.

While users can achieve bill splitting through external solutions, Salesforce’s extensive ecosystem of integration partners provides a wider range of options and flexibility in managing expenses and allocations.

Salesforce CRM Use Case Examples:

1. Sales Pipeline Management: A multinational software corporation utilizes Salesforce to streamline its sales pipeline management process. Sales representatives use Salesforce to track leads, opportunities, and customer interactions in real-time.

By leveraging Salesforce’s customizable dashboards and reports, the sales team can identify potential bottlenecks, prioritize leads, and forecast sales projections accurately.

This enables the company to optimize its sales processes, improve conversion rates, and drive revenue growth.

2. Customer Support Ticketing: A leading e-commerce retailer employs Salesforce for managing customer support inquiries and ticketing.

The retailer integrates Salesforce Service Cloud to centralize customer communication channels, including email, phone, and social media.

Customer support agents use Salesforce to log, assign, and resolve support tickets efficiently. With automated case routing and escalation rules, the retailer ensures timely resolution of customer issues, enhances customer satisfaction, and fosters brand loyalty.

Redtail CRM Use Case Examples:

1. Client Relationship Management: A financial advisory firm relies on Redtail as its primary client relationship management (CRM) solution.

Financial advisors use Redtail to maintain comprehensive client profiles, track interactions, and manage appointment schedules.

With Redtail’s integration with financial planning tools and document management systems, advisors can deliver personalized financial advice, track investment portfolios, and securely store sensitive client information.

This enables the firm to build strong client relationships, deliver tailored financial solutions, and drive business growth.

2. Compliance and Regulatory Reporting: A wealth management company utilizes Redtail for compliance and regulatory reporting purposes.

Redtail’s robust data management capabilities and audit trail features enable the company to maintain accurate records of client communications, transactions, and disclosures.

Compliance officers leverage Redtail’s reporting tools to generate regulatory compliance reports, monitor adherence to industry regulations, and demonstrate compliance during regulatory audits.

By ensuring adherence to regulatory requirements, the company mitigates compliance risks, fosters trust with clients, and protects its reputation in the financial services industry.

Salesforce vs. Redtail CRM Platforms: Pricing at a Glance

Here’s a breakdown of the pricing for Salesforce and Redtail:

What are the Factors to Consider When Choosing a Dedicated CRM for Your Business?

Let’s go through the important factors to keep in mind when choosing a reliable CRM platform:

Customization and Scalability:

• Salesforce, offers extensive customization options with its robust platform, allowing businesses to tailor workflows, fields, and layouts to their specific needs. It also scales effortlessly to accommodate growing businesses and evolving requirements, making it suitable for enterprises of all sizes.
• Redtail, provides moderate customization capabilities but may lack the depth and flexibility of Salesforce. However, it’s suitable for smaller firms or those with simpler CRM needs. While it may lack the scalability of Salesforce, it can still accommodate moderate growth.

Integration Capabilities:

• Salesforce boasts a vast ecosystem of third-party integrations, allowing seamless connectivity with other business tools such as marketing automation, ERP, and accounting systems. This ensures data flow across multiple platforms, enhancing efficiency and collaboration.
• Redtail offers integrations with key financial planning and document management systems, catering specifically to the needs of financial advisory firms. While its integration options may be more limited compared to Salesforce, they are tailored to the finance industry’s requirements.

User Interface and Ease of Use:

• Salesforce provides a modern and intuitive user interface, but its extensive feature set may result in a steeper learning curve for users, particularly those new to CRM systems. However, its comprehensive training resources and community support mitigate this challenge.
• Redtail offers a user-friendly interface designed specifically for financial advisors, with straightforward navigation and key functionalities accessible from a centralized dashboard. This simplicity aids in quick adoption and minimal training requirements.

Cost and Value for Money:

• Salesforce typically commands a higher price due to its robust features and scalability. While its cost may be prohibitive for some smaller businesses, its value lies in its comprehensive suite of CRM solutions and extensive support offerings.
• Redtail generally offers more affordable pricing plans tailored to the needs of financial advisory firms. While it may lack some of Salesforce’s advanced features, its competitive pricing and industry-specific focus make it a cost-effective solution for smaller firms.

Customer Support and Training:

• Salesforce provides extensive customer support resources, including online documentation, training modules, and a vibrant user community. Additionally, businesses can opt for premium support plans for personalized assistance and priority response times.
• Redtail offers dedicated customer support tailored to the finance industry, with knowledgeable representatives available to assist with technical issues and training needs. While its support options may be more limited compared to Salesforce, they are specialized to meet the unique requirements of financial advisory firms.

FAQs

Here are answers to common questions you might have about these CRM tools:

Is Salesforce suitable for small businesses?

Salesforce caters to businesses of all sizes, offering scalable solutions tailored to meet the needs of small startups to large enterprises. While it may have a reputation for serving larger organizations, Salesforce’s diverse product offerings, including Essentials and Salesforce CRM, provide options suitable for small businesses seeking robust CRM solutions.

Does Redtail integrate with other financial software?

Yes, Redtail offers integrations with key financial planning and document management systems commonly used by financial advisors. These integrations streamline data flow and enhance productivity within the financial advisory workflow, ensuring seamless connectivity between Redtail and other essential tools.

How customizable is Salesforce?

Salesforce is highly customizable, allowing businesses to tailor the platform to their specific needs. With robust customization options for workflows, fields, layouts, and automation rules, businesses can configure Salesforce to align with their unique processes and requirements, maximizing efficiency and user adoption.

What training resources are available for Salesforce users?

Salesforce provides extensive training resources, including online documentation, Trailhead learning modules, webinars, and community forums. Additionally, businesses can opt for personalized training sessions and premium support plans for dedicated assistance from Salesforce experts.

Is Redtail suitable for solo financial advisors?

Yes, Redtail caters to solo financial advisors and small advisory firms, offering a user-friendly CRM solution designed to streamline client management and practice workflows. Its intuitive interface, tailored features, and affordable pricing plans make it an ideal choice for solo practitioners seeking efficient client relationship management tools.

Is Salesforce CRM Better than Redtail? Takeaway

Salesforce stands out for its extensive range of features, customization options, and scalability, making it a preferred choice for businesses of all sizes.

However, its complexity and steep learning curve can be daunting for some users, particularly smaller businesses or those with limited resources.

Redtail addresses this gap by offering a user-friendly interface and tailored features specifically designed for financial advisors, streamlining client management processes and improving overall efficiency, making it a more accessible solution for solo practitioners and smaller firms.