In the previous post, we looked at data that showed what investors want from their advisors – a collaborative relationship, and modern tools that enhance this relationship. We also saw that Salesforce Financial Services Cloud is positioned to fulfill these needs. Today, let’s dive deeper to understand what Salesforce Financial Services Cloud is, and what difference it can make to your wealth management firm.
During the launch of Salesforce Financial Services Cloud, United Capital CEO, Joe Duran gave viewers a pyramid analogy to describe how things work in the financial services sector. He spoke about a bottom tier which involved reporting and execution of tasks. A middle tier which included tactics for financial investment. And a top tier which was the financial analysis – the most valuable part of the pyramid – the strategy. Duran said that the investor-advisor relationship should start from the top, and define the remaining parts accordingly. However, he pointed out that most advisors start at the bottom and hope to make their way up gradually.
Because of this wrong approach, advisors find themselves spending too much time with their systems, and too little time with their clients. The best part of an advisor’s job should be the time they get to communicate with their clients. However, legacy systems make it difficult to achieve this goal. There are often multiple platforms like CRM, portfolio management software, and modeling tools which are disconnected from each other, making it difficult for advisors to switch between the apps on a daily basis. As a result, the systems take time away from client interaction.
Salesforce Financial Services Cloud is built around this context. It makes it easy for advisors to perform daily tasks like reviewing their portfolio, filtering accounts, creating reports, keeping track of client conversations, making to-do lists, and collaborating within their team. Because it’s a cloud app, IT doesn’t have the hassle of reconfiguring the system every time there’s an upgrade, the application is always auto-updated. Here’s a glimpse of the long list of features that Salesforce Financial Services Cloud brings:
- Rich investor profiles
- Financial summaries of clients
- Life goals for clients
- Feed of activity related to a client
- Tools for productive & communication – notes, tasks, events, call log
- Dashboards, charts, and reports
- Household members
- Segment & filter your client list
- Lead management
- Contextualized views of data
- Mobile app
- Integrates with all your apps
To take advantage of all these features, and setup Salesforce Financial Services Cloud the right way, you’ll need to work with a trusted partner who understand your business, and the Salesforce platform equally well. This partner should make your transition seamless, and support you as you drive adoption of the new platform internally. This is the kind of partner Mansa Systems is. Our years of experience implementing and integrating Salesforce for financial services firms will be evident from the first conversation we have with you. Get in touch with us today to learn how you can benefit from Salesforce Financial Services Cloud.