How to Use Salesforce for Wealth Management

According to Deloitte Financial Services, analytics and big data are set to transform the wealth management industry. Savvy firms will leverage internal and external data to create comprehensive prospect profiles and improve customer acquisition. Advisors will be able to track key drivers and business results more efficiently and more accurately to provide better investment recommendations for their clients. New technology-driven tools will let clients rebalance their portfolios in real-time and make smarter investment decisions.

How can your firm stay ahead of this potentially disruptive trend? The key is to use Salesforce for wealth management – read on to learn more.

Managing Transformation in the Wealth Management Industry

Wealth management is all about helping clients protect, grow, and pass on their wealth. According to Allied Market Research, the global wealth management industry was worth more than $1.25 trillion in 2020 and is expected to grow to $3.43 trillion by 2030. This growth will be accompanied by an industry-wide transformation that will change how wealth management operates and responds to client needs. 

Several factors drive this transformation in the wealth management industry, including massive changes to the client base itself.

Demographic Shifts

High net worth investors are getting younger and more diverse. Experts expect Baby Boomers to pass down more than $30 trillion in wealth to their Generation X and Millennial progeny. By 2030, millennials will enjoy five times the wealth they currently hold. 

Omnichannel Interactions

GenX and Millennial investors expect to interact in different ways than did their Baby Boomer parents and grandparents. The next generation of high-net-worth investors doesn’t limit their interactions and communications to any channel. They want to interact across channels via a combination of:

  • Face-to-face interactions
  • Mobile apps
  • Video conferencing
  • Phone conversations
  • Live online chat
  • Websites
  • Email

This will require vastly different communication strategies on the part of wealth management firms.

Technology-enabled changing use of channels in wealth management.

Service Expectations

Younger high net worth investors demand a more unique customer experience. They want customized investing advice and personalized service. They want to feel as if they’re the advisor’s only client.

Digital Transformation

Technology is driving a substantial portion of the wealth management industry transformation. It will take new digital tools to meet the evolving needs of younger investors. These new technologies will also help automate the wealth management process and provide more accurate and rapid insights. 

The following video discusses the impact of digital transformation on wealth management.

How Salesforce Financial Services Cloud is Transforming Wealth Management

A different approach is warranted to manage these changes in wealth management – one that uses a popular customer relationship management (CRM) platform. CRM solutions let organizations manage all aspects of their customer relationships and collect, analyze, and gain insight from the wealth of available customer data. 

Salesforce Financial Services Cloud builds on the well-known Salesforce CRM platform to optimize and revolutionize wealth management. Financial Services Cloud enables all members of a wealth management team to access the same essential information drawn from various sources, including the client’s financial accounts and interactions. This real-time access breaks down any traditional silos and provides a 360-degree view of the client.

Managing financial accounts with Salesforce Financial Services Cloud.

The key features of Salesforce Financial Services Cloud include:

  • Real-time capture, retrieval, and analysis of client and investment data
  • Customizable to fit the way your wealth management team works
  • Scalable for changing needs
  • Easy integration with existing processes and platforms
  • Cloud-based for secure access from any location and any device

6 Essential Benefits of Using Salesforce for Wealth Management

When you employ Salesforce Financial Cloud for wealth management, your firm will realize numerous benefits – including staying ahead of the changing dynamics in the wealth management industry. Here are six of the most significant benefits financial services firms are likely to see from Salesforce. 

1. Connects with Clients on Their Terms

Wealthy clients today are different from those of previous generations. Today’s clients aren’t waiting for their advisors to call on the phone; they want to connect through various devices and channels. 

According to Salesforce’s Connected Investor report, 67% of wealthy clients prefer financial advisors that offer mobile apps and other interactive tools. Salesforce Financial Services Cloud enables this time of omnichannel interaction. You’ll be able to respond to client requests in real-time and collaborate with clients wherever they are and whenever they want.

2. Provides a More Personal Experience

Salesforce Financial Services Cloud helps advisors provide a high-quality experience for their clients. Based on the client’s stated preferences, personal goals, and important life events, interactions can be highly personalized. Proactive tracking helps team members maintain personal contact, and event alerts remind advisors to notify clients of important events and activities. 

3. Provides Actionable Insights

Client data is no longer static. Salesforce Financial Services Cloud collects massive amounts of data using artificial intelligence, business analytics, and other state-of-the-art technologies to analyze that data for trends and provide actionable insights for future recommendations. 

4. Ensures Regulatory Compliance 

New federal, state, and industry laws and regulations require more strict compliance than might be possible with traditional processes. Salesforce Financial Services Cloud automates compliance, so you  don’t have to worry about fines or legal action. 

5. Increases Productivity

Salesforce Financial Services Cloud enables you to work smarter, not harder. The platform automates many previously manual activities, which streamlines the workflow and reduces errors. You spend less time running the numbers, so you have more time to build personal relationships with your clients.

6. Grows Your Business Faster

When you spend less time on busywork, you can build your client base and grow your business. Salesforce provides a competitive advantage in this changing industry, enabling you to take advantage of new opportunities as they develop. 

Let Rainmaker Show You How to Use Salesforce for Wealth Management

When you want to deploy Salesforce for wealth management, you need the right partner. The Salesforce experts at Rainmaker can help your firm get ahead of the coming transformation and get the most out of Salesforce Financial Services Cloud. We’ll show you how you can streamline your workflow, gain more insight into your clients’ needs, and make more informed financial and marketing decisions – even if you’ve never used CRM software before. 

Contact Rainmaker today to learn more about using Salesforce for wealth management!

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