father and son

Salesforce: It's Not Your Father's Financial Services Solution

3 minute read
Virginia Backaitis avatar

Many existing financial services solutions were built long ago — with the needs of 55-year-old investment advisors who pitched products, once a quarter, to other 55-year-old men in mind.

“The world of investors just doesn’t look like that anymore,” said Simon Mulcahy, SVP and GM of Financial Services at Salesforce.

Today, people of all generations — and genders — are managing portfolios. “The way wealth managers do business hasn’t changed but the world has,” added Mulcahy.

That’s one of the reasons Salesforce is building a new Financial Services Cloud. It's designed to enable modern advisors to work with savvy investors more frequently and on the fly — to the benefit of both parties.

Collecting Data

Financial  advisors complain they don't have time to interact with customers. Instead, they focus on digging up and gathering data from as many as 20 disparate systems.

And talk about touchpoints. Customers want easy access to their advisors.

And they want to be able to access  information on all of their devices around the clock. While paper portfolios and glossy pitchbooks aren't likely to die, they’re no longer enough.

Salesforce boasts that its Financial Services Cloud will take all of that into account.

Mulcahy and his team have partnered with wealth management firms including AIG Advisor Group, Northern Trust and United Capital to build it.

The cloud will be rolled out early next year, with the intended purpose of helping advisors. Salesforce claims it will:

Build Deeper, 1-to-1 Client Relationships: The Client Profile in Salesforce Financial Services Cloud allows advisors to see all of their clients’ information in one place, with instant access to tear sheets, financial accounts and goals.

Additionally, as wealth is transferred between generations, advisors need to gain a more complete picture of everyone in the family. The Client Profile’s Relationship component enables advisors to visualize and manage relationships with extended family members.

Advisors can now map and build 1-to-1 relationships with each member of their clients’ households, using relevant information to manage their individual goals, such as budgeting for college, buying a new home or planning a summer vacation.

Learning Opportunities

Increase Productivity: A frequent complaint among financial advisors is that they spend half their day on manual and paper-based tasks to prepare for meetings.

The Salesforce Financial Services Cloud’s Advisor Today homepage is built to enhance advisor productivity by automating administrative tasks and giving advisors more time to focus on their entire book of business.

They can check information on client accounts, such as gains and losses, and review relevant market insights. And rather than toggling between systems, advisors can stay on top of their most critical tasks throughout the day with the Salesforce Financial Services Cloud Assistant.

It aggregates information from multiple systems and creates comprehensive advisor to-do lists, including proactive alerts for leads and tasks.

Engage with Clients Everywhere: With Salesforce Financial Services Cloud Private Client Communities, advisors can collaborate with clients and other stakeholders within the client’s household.

In addition, an entire advisory team, including third parties, can come together to provide clients with collaborative advice.

And because advisors can access the Salesforce Financial Services Cloud app from any device, they can give ongoing advice in micro-moments to their clients. They no longer have to schedule quarterly meetings to connect with customers -- they can quickly and easily share information, proactively respond to questions and more, all while in a cab or waiting in the coffee line.

Title image by Catt Liu.