As businesses in the financial sector continue to evolve, so do the technologies that advisors use to manage client relationships. Wealth management companies need to use a variety of financial tools and technologies to do their job productively and accurately. Without a reliable Salesforce CRM for your wealth management company, you risk disorganized communications and losing clients to firms that prioritize building relationships.
Salesforce offers a variety of products that enable wealth management firms to productively manage client relationships, including Salesforce Financial Cloud and Pardot. By taking advantage of these CRM solutions, your wealth management company has the opportunity to continuously build relationships with prospective and ongoing clients and pitch them the right product or service that aligns with their personal and financial goals.
Before reading this article, check out our blog to learn how wealth management firms use Salesforce for their day-to-day operations.
Throughout this piece, we’ll discuss the following topics:
How Can a CRM Optimize Wealth Management Services?
In the 1980s, CRM platforms were developed to prioritize clients and put them at the center of every business. Overall, the function of CRM software is to gather and organize customer data from various systems. With a CRM platform like Salesforce Financial Services Cloud (FSC), financial advisors and relationship managers have a 360-degree view of every interaction between a client (or prospect) and your business. This ensures clients have a good experience with your company and increases the likelihood of generating or retaining business with your wealth management firm.
When choosing a CRM software for your wealth management firm, it’s crucial to select a program with a pre-built data model that leverages the cloud, allows multiple users to use the platform at once, and is easy to use across any channel or device. In addition, the information that’s collected, interpreted, and stored should be easily accessible and updated in real time. This ensures that nothing is left behind and your wealth management team can communicate effectively with clients, prospects, and other team members.
Salesforce Financial Services Cloud allows advisors to discover data about existing and potential customers. This data can also be analyzed to help advisors better understand a customer’s long-term financial and personal goals. By analyzing the data, you and your team can deliver personalized information by email or sales calls. This allows you to pitch products or services that align with customers’ personal and financial goals and life events.
Integrating Salesforce CRM with wealth management services gives financial advisors and relationship managers the opportunity to reach a greater audience, discuss products or services that resonate with them, and build lifelong client relationships. Without a CRM, you risk missing out on significant business opportunities that could have positively impacted your business’s reputation in the world of finance.
What Makes a Wealth Management CRM Successful?
Sure, you might have a Salesforce CRM for your wealth management firm—but is it successful? What actually makes a wealth management CRM platform successful? To have sustainable CRM software:
Client Data Must Be Actionable
To have a successful CRM platform, data should serve as the foundation of your program. With comprehensive CRM software, data must be easy to gather, analyze, and store, so advisors and relationship managers have all the necessary information to guide a client’s financial decisions effectively.
Software Must Be Scalable
As your business continues to expand, it’s important to ensure that your CRM software is scalable to align with your company’s growth. On the other hand, your CRM should also be able to scale down your business if necessary. A CRM should be customizable and allow you to grow your book of business without worrying about the scalability of your customer relationship management applications.
Applications Should Be Integrated Seamlessly
Wealth management companies work with many different programs and applications to do their job effortlessly. With an effective CRM platform, your team should be able to work seamlessly with all of your programs in a single platform without interrupting your current setup.
Management System Must Be Customizable
Lastly, your wealth management software should be customizable. Financial advisors have a specific way of doing things that work well for their business. Effective CRM software gives advisors and relationship managers the ability to customize their platforms by creating detailed dashboards, financial accounts, and reports.
Best Financial Tools To Integrate With Salesforce Financial Services Cloud
As mentioned previously, businesses in the wealth management sector require a lot of financial tools and technologies to do their job effectively. Integrating Salesforce Financial Service Cloud into your processes gives you access to various third-party add-ons that allow you to streamline the way you work.
Here are some of the most commonly used financial tools that wealth management firms operate in the Salesforce ecosystem:
Custodial Feed Connections
Custodial feed connections are essential for wealth management businesses because they link financial transaction information with a financial account. Some of the most popular custodial feed connection add-ons include:
AppCrown is a managed turnkey integration that syncs vendor data into the Salesforce platform. By integrating AppCrown into Salesforce Financial Services Cloud, wealth management companies have access to the following features:
- Daily financial loading
- Turnkey integration with certified third-party apps
- Customizable experience through Salesforce consulting partners
Orion Connect
Orion Connect allows wealth management firms to complete billing, reporting, and trading actions without switching between applications. When Orion Connect pairs with Salesforce, data is accurate and up to date on both platforms, eliminating the need to perform repetitive tasks.
Orion Connect is a reliable Salesforce application used by many businesses in wealth management. Orion empowers integrations for over 2,800 advisor-level Salesforce users and automatically updates financial account information without syncing manually.
With Tamarac, client onboarding is much more manageable. Tamarac is a Salesforce application that integrates portfolios and simplifies client management for independent financial advisors. With the click of a button, advisors can create client and household financial accounts and automatically update account information. Tamarac and Salesforce are intertwined, so both client management platforms obtain accurate, real-time data.
E-Signature Tools
Without the proper signatures, wealth management documents mean nothing to the company or the client. Today, more wealth management firms are taking advantage of e-signature applications so clients can quickly sign documents at their convenience. This also allows businesses in the wealth management sector to boost clientele nationally.
Here are some of the most popular e-signature applications that wealth management firms integrate into Salesforce Financial Services Cloud:
Since 2006, Adobe Sign has been a trusted Salesforce e-signature application. Adobe Sign helps financial advisors and customers create, send, sign, and track agreement documents quickly and without leaving Salesforce.
Adobe Sign allows wealth management employees to increase productivity while reducing the cost of printing and mailing documents to account holders. Signatures are digitized, meaning wealth management firms have the opportunity to close deals faster since a client can sign with the touch of a finger.
Conga is designed to accelerate and simplify contract management for wealth management firms. Conga makes it easy to control and distribute consistent agreement documents directly from Salesforce.
As one of the most downloaded e-signature apps with 700,000 users, DocuSign allows businesses in the wealth management sector to create, send, and track standard agreement signatures from virtually any device. DocuSign enables financial advisors to develop contractual agreements with Salesforce data, elevating the document signing experience.
LinkedIn is an essential social media platform to connect with like-minded businesspeople. With LinkedIn Sales Navigator, financial advisors have the opportunity to boost their lead generation efforts by reaching out to potential customers that could use their services. By integrating LinkedIn with your Salesforce FSC software, you can discover high-quality leads, send them InMail messages, and track their activity all from a single platform.
Data Enrichment
Since data is such a crucial component of measuring wealth management metrics, it’s vital to have a credible source of information. Without a reliable data enrichment tool, you risk missing high-quality upselling opportunities with customers and discovering the effectiveness of your sales and marketing campaigns.
Here are some of Salesforce’s leading data enrichment applications:
D&B Hoovers is a sales intelligence solution that provides accurate data and high-quality insights for wealth management firms. With this Salesforce application, your financial advisors have the opportunity to target prospects strategically, have informed conversations, and boost sales productivity.
As one of the fastest-growing sales and marketing enablement tools, ZoomInfo is engineered to help your financial advisors find contact information for high-quality leads. When integrated with Salesforce Financial Services Cloud, you have the opportunity to discover new business opportunities, boost connection rates, and close business deals.
Communication Tools
When it comes to the CRM for your wealth management firm, it all comes down to one thing: connecting and building relationships. With the best communication tools on the market, your financial advisors and relationship managers have the opportunity to understand the wants, needs, and concerns of your customers.
Here are some of the most significant communication tools you can integrate into the Salesforce CRM for your wealth management company:
By integrating Amazon Connect into your Salesforce software, you have the ability to get in contact with long-term and potential clients. From a single platform, your financial advisors and relationship managers can build relationships and pitch clients products or services that align with their current financial situation.
With Five9, your financial advisors can deliver top-tier customer experiences. Five9 is seamlessly integrated into Salesforce, allowing your team to make inbound, outbound, and blended calls from a single platform. This Salesforce application takes advisor productivity to new heights while enhancing the customer journey.
RingCentral is a globally used business communications application that enables wealth management firms to connect with customers. RingCentral allows users to make calls directly from Salesforce and displays incoming calls on a pop-up screen on the corner of the page. In this pop-up window, your financial advisors can see who is calling. This directs them to the caller’s account page and gives advisors a 360-degree view of the contact.
With Zoom connected to your Salesforce CRM, your team has the opportunity to start, track, and record virtual meetings with customers. In only a few clicks, you can schedule or start your Zoom meeting with a client, a colleague, or a group for a webinar.
Key Takeaways
As wealth management best practices continue to evolve, so do the technologies you need for managing your book of business. Without a sustainable Salesforce CRM for your wealth management company, you risk missing out on significant upselling opportunities and losing accounts to companies that prioritize client relationships.
Abstrakt Cloud Solutions works with wealth management firms across the United States to help them maximize their Salesforce investment. As a St. Louis-based Salesforce consulting partner, we support businesses in the wealth management sector to help them discover and implement all the financial tools and technologies they need to do their job effectively.
When you’re ready to get the most out of your Salesforce Financial Services Cloud and Pardot CRM solutions, contact the sales reps at Abstrakt Cloud!
