Cloven vs WealthBox

Both Cloven and WealthBox are popular CRMs for financial advisors in North America. They offer similar functionality, integrations and support- leaving many advisors asking, “Cloven vs Wealthbox- 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

Cloven stores their data in Canada, while Wealthbox stores thier data in the US. For some advisors, this is a complete deal-breaker. If this is you, then Wealthbox is a no-go, if not- then please read on!

Both Cloven and Wealthbox offer “best-in-class” capabilities when it comes to 3rd-party integrations. They both integrate emails, contacts, and calendars with O365 and G Suite. They both also offer Zapier support and a fully open API.

For most brokers, industry-specific integrations are hugely important. Both platforms support industry integrations with Cloven focusing on Canadian integrations like BlueSun and SideDrawer, and Wealthbox focusing on more US-based integrations like TD Ameritrade and MorningStar.

If we ignore Wealthbox’s US data residency, this category we is a tie between Cloven and Wealthbox- as these features are pretty much identical.

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.

WealthBox is a custom-built application, offering more control and highly-specific features tailored to industry needs.

WealthBox optimizes for simiplicity, which is ideal if you have a simple practice, and you don’t have the time or resources to scale a learning curve. Cloven instead optimizes for customizability. The learning curve is steeper, but once mastered, it can adapt to any type of advisory practice and can grow with you as your practice evolves.

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”.

The winner for this category depends on your preference. If you prefer a super simple CRM, it’s Wealthbox, but if you prefer a CRM that can be customized to evolve with your practice, it’s Cloven.

Support

Both CRMs have support teams in North America, which is ideal for time-zone purposes. Wealthbox is in the US, and Cloven in Canada, but it ultimately does not have much of an impact on customer support.

For data exports, Cloven allows free, instant exports to a CSV (Excel) format. Wealthbox also offers a free export, but to a XML file format. This requires Microsoft Access knowledge to properly extract.

For this category we are calling it a tie between Cloven and Wealthbox- as support are pretty much identical.

Pricing

Cloven costs $75USD/user/month, whereas WealthBox costs $89USD/user/month.

Cloven does not charge for their Productivity Suite (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 ~15% cheaper and advisors get further savings with it’s Productivity Suite.

Conclusion

When it comes down to it, both Cloven and Wealthbox are actually very similar CRMs. Which one is right for you and your business will depend on A) if Canada data-residency is important to you, and if not B) if your practice needs as CRM that is simple (Wealthbox) or customizable (Cloven).