Salesforce have launched Salesforce Financial Services Cloud giving financial advisors the next generation of tools to build deeper 1-to-1 client relationships, supercharge productivity and deliver always-on client engagement.
At a time when advisors are under more pressure than ever before to meet the growing expectations of today’s digitally demanding investors, against a backdrop of proposed regulatory changes, demands on them to act more effectively have never been greater.
To succeed, wealth management firms must equip advisors with the latest technology to increase productivity and engage with clients on their terms which is where Salesforce Financial Services Cloud aims to deliver.
“Legacy advisor solutions were created decades ago to serve a product-centric world. Today, we live in a new world that is digital- and client-centric, which is turning the wealth management industry on its head,” said Simon Mulcahy, GM of Financial Services, Salesforce.
“We’re not only building tools that advisors need for this new world, but we’re also joining forces with best-in-class partners to deliver a next-generation solution that takes advantage of modern, cloud technology. This will help advisors transform the way they serve clients.”
A recent study by Salesforce, The Connected Investor Report, found that over 70% of investors want their relationship with their financial advisor to be more collaborative. It also had some interesting global findings a on the communication methods used to manage investments
Modernising the Investment Experience
Powered by Salesforce Lightning, Salesforce’s modern CRM user experience, Financial Services Cloud is helping advisors connect with clients in entirely new ways:
● Build 1-to-1 client relationships: With features including Client Profiles and Client Households, advisors gain a panoramic view of each client, accessing a full picture of the customer’s household and extended network. Client Life Goals allow advisors to create collaborative financial plans for the client based on personal goals such as budgeting for college or buying a vacation home.
● Supercharge productivity: Wealth Home Page automates administrative tasks so advisors can quickly scan their daily agendas, prioritize client tasks and track client opportunities. Real-time Analytics allow advisors to slice and dice data within their books of business and reach out to clients based on interests or service models. Advisors no longer need to toggle between different systems to review portfolio drifts or segment their books of business — they can do all this within Financial Services Cloud.
● Deliver always-on client engagement: Leveraging the Salesforce platform, which has mobile and social capabilities at its core, advisors can access Financial Services Cloud on any device and collaborate with advisory teams from anywhere. Advisors no longer have to wait for quarterly meetings to connect with investors — they can quickly and easily share information and answer questions in micro-moments. Additionally, they have the power to instantly and virtually assemble an entire advisory team, such as attorneys and CPAs, to provide clients with collaborative advice.
Growing Ecosystem Joins Salesforce in its Journey to Reinvent Wealth Management
Leading ISVs and SIs in the Financial Services market extend the capabilities of Financial Services Cloud by building applications and providing services for all aspects of the advisor experience. These partners deliver capabilities such as:
● Account aggregation: Athene Group and Envestnet | Yodlee aggregate account data from multiple sources, such as bank accounts and 401(k)s, to provide advisors using Financial Services Cloud with holistic views of their books of business.
● Document management: DocuSign and eSignLive plan to add integrations that could allow advisors to send, sign and manage financial documents within Financial Services Cloud.
● Data aggregation: Informatica and MuleSoft bring information from multiple sources including on-premise systems, SaaS applications, enterprise databases and more into the Financial Services Cloud allowing advisors to access data from siloed systems in one place.
● Implementation services: Accenture, Capgemini, Deloitte, Fortimize, INVISR, LiquidHub, NexGen Consultants, PwC, Silverline and Unlimited Technology Solutions deliver professional services for implementation of Financial Services Cloud, ensuring the product is customized for each firm’s individual needs.
● Portfolio management: Orion integrates new billing capabilities into Financial Services Cloud, allowing users to aggregate, schedule, pay and report seamlessly from within the product.
● Portfolio rebalancing: Advisor Software’s rules-based rebalancing engine enables account monitoring and rebalancing at both the household and individual account level.
● Prospecting: Idio and WealthEngine extend client acquisition capabilities with services, such as wealth scoring and analytics, that assist advisors in expanding their books of business.
● Security and compliance: CipherCloud and Blue Coat provide data protection, and Smarsh adds archiving solutions, to Financial Services Cloud to ensure data and communication compliance, which is critical in a heavily regulated industry like financial services.
United Capital advisers have relied on Salesforce since 2007 and the company has been key ally and guide in the design of Salesforce’s Financial Services Cloud.
Richard Lumb, Group Chief Executive, Financial Services at Accenture was enthusiastic about what the launch means: “Today’s investors don’t wait for quarterly meetings to discuss their finances with advisors; they expect to be able to engage them for advice when and how they want,”
“That’s why we are thrilled to partner with Salesforce in developing the Financial Services Cloud. This initiative brings the latest digital technologies to the wealth management industry to help transform the way advisers connect with their clients.”
Salesforce Financial Services Cloud is generally available now.