Cloven vs Equisoft

Both Cloven and Equisoft are popular CRMs for financial advisors in Canada. They offer similar functionality, integrations and support- leaving many advisors asking, “Cloven vs Equisoft- what’s the Difference?”, and “What CRM is Best for My Practice?”.

In this article, we review the top criteria when considering a CRM and how these 2 products stack up against each other.

Here are 4 points to consider:

Data & Integrations

Both Cloven and Equisoft store their data in Canada, ensuring compliance with local data protection regulations. Cloven integrates emails, contacts, and calendars with O365 and G Suite, whereas Equisoft only supports O365.

Equisoft boasts the most comprehensive suite of data feeds from carriers and investment providers in the Canadian industry. Cloven enables industry-specific data integrations with import tools like their BlueSun integration.

Cloven connects to Zapier and has an open API. Equisoft does not publish an open API.

If we had to pick a winner for this category, it would be Equisoft given it’s data feeds from carriers and investment providers. With that said, Cloven should be considered for advisors using G Suite.

Functionality

Cloven is built on the Zoho One platform, a globally recognized CRM with over 100 million users, ensuring reliability and cutting-edge technology. Cloven is the version of Zoho that is specifically built for Canadian financial advisors.

Equisoft is a custom-built Canadian application, offering more control and highly-specific features tailored to local needs.

Cloven regularly updates its interface for a continually modern look-and-feel:

While Equisoft maintains a constant interface to ensure familiarity:

Beyond CRM functionality, Cloven goes further by providing other tools such as online forms, calendar bookings, and even website tracking. These are at no extra cost and included in Cloven’s “Productivity Suite”.

If we had to pick a winner for this category, it would be Cloven given it’s Productivity Suite, and we prefer a modern UI.

Support

Equisoft Connect is the result of Equisoft acquiring Kronos Technologies in 2018. This acquisition provides stability but fewer updates. Cloven, an up-and-comer, is rapidly evolving with multiple new integrations released in the past year alone.

Both CRMs have support team based in Canada. While they both boast “nationwide” support, Equisoft is Quebec-based and better supports the French-speaking market, whereas Cloven is Ontario-based and better supports the English-speaking market.

For data exports, Cloven allows free, instant exports to a CSV (Excel) format. Equisoft also supports a CSV format, but it’s a manual process for them to extract. For this reason, it can take multiple weeks and up to $1,000 to get your data.

If you are French-speaking, Equisoft is your best bet. If you’re English-speaking and/or want ownership of your data, Cloven is the winner.

Pricing

Cloven costs $75USD/user/month, whereas Equisoft costs $95USD/user/month.

Cloven does not charge for their additional digital tools (Online Forms, Calendar Booking, Email Marketing, etc.). For some advisors, this results in savings of $1,200+ each year.

If we had to pick a winner for this category, it would be Cloven given it’s about ~20% cheaper and advisors get further savings with it’s Productivity Suite.

Conclusion

When it comes down to it, both Cloven and Equisoft are solid CRMs. Which one is right for you and your practice will depend on how you prioritize the above factors. In general, we see the solo-advisor go for Equisoft, whereas bigger teams that need collaboration and a process going with Cloven.