Why Wealth Managers Prefer Salesforce Financial Services Cloud Over Other Wealth Management Tools

Health emergencies like the COVID-19 pandemic, associated economic and cultural disruptions, wage and labor trend dynamics, are all creating the need for better wealth management strategies for the average individual.

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Studies estimate that the global wealth management market will be worth over USD 3.43 trillion by the year 2030. However, even though the industry as a whole is seeing a rosy growth picture, traditional incumbents in the sector such as banks, financial institutions, and wealth managers are witnessing a decline in the flow of interest from customers. The rise of self-service fintech platforms powered by AI is creating a paradigm shift in the way people perceive and manage their wealth. It is almost as if customers have more trust in an AI algorithm to manage their wealth than decisions taken by reputed wealth managers.

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So, does this mean that wealth managers will have to seek alternate careers? The answer is “No”. The expertise of wealth managers cannot be replaced any time soon, but they can certainly be augmented with digital tools. One of the top candidates in the list of such wealth management tools that bolster the potential of wealth managers is the Salesforce Financial Services Cloud (FSC). Salesforce FSC offers a comprehensive 360-degree view of a customer’s financial profile and helps wealth managers build a customer-centric engagement and nurture a sustainable relationship with the customer for a longer term.

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Why is Salesforce FSC better than other wealth management tools in the market?

The brief overview we gave earlier about what Salesforce FSC alone may not justify the value that the platform brings for wealth managers. FSC enables a far-reaching impact on decisions made by wealth managers. FSC allows wealth managers to quickly understand opportunities, make the right product or service pitch, collect potential data, and then proceed with offering strategic financial advisory that helps customers safeguard and grow their wealth risk-free.

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Let us examine why Salesforce FSC can help wealth managers drive more valuable returns and engagement with their customers:
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• Deliver custom advisory for different client profiles: Salesforce brings its CRM expertise into the FSC platform and helps wealth managers curate as much information about their client’s financial credentials and then leverage different data points to create the most optimal advice for each customer. The decisions or advisory that are given have the advantage of being centered around the customer rather than generic financial advisory without personalization.
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• Expansive modeling of income and expense streams: From tracking professional or business financial profiles to managing end-to-end audits of household and all associated accounts, Salesforce FSC enables wealth managers to create predictive models based on an extensive plateau of relationships that their customer shares with their household members or business partners. This ensures that the advisory given reflects the most accurate depiction of funds and expenditure and helps in preparing future budgets to accommodate market dynamics.
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• Automating recurring tasks: Salesforce FSC allows the automation of numerous activities in financial planning, investment, expense management, customer acquisition and onboarding, and much more. It can ensure compliance across every step of the way and prevent delays by ensuring dependencies between team members are minimal.
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• Reporting: The financial services industry operates under the strict control of respective authorities in the countries they operate. For clarity on purpose, it is recommended that wealth managers have a clear-cut strategy in place to prevent any lack of transparency. Intelligent reporting, lead tracking, conversational analytics, and reporting of insights to end customers makes Salesforce FSC stand out from the rest.
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• Leverage analytics: Salesforce FSC empowers wealth managers to identify what kind of investments or expenditure patterns a particular customer may be accustomed to. By leveraging data analytics on a vast set of data points, it can enable data-driven decision-making. Salesforce FSC offers access to pre-defined analytical report templates as well as dashboards that enable wealth managers to come up with much more informed decisions at a faster pace. This can really improve the competitiveness of customers in highly challenging markets.

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Salesforce FSC offers a centralized digital platform that helps wealth managers collate data, collaborate on deriving insights through analytics, and drive better relationships with their clients. By delivering the right information at the right time to the right person, FSC can shorten sales cycles, improve advisory effectiveness, and enable better and more prudent financial and wealth management services to customers.

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