The finanical services market at all levels runs on client trust. And for those selling products for wealth management and financial planning to gain and maintain that trust they need to have as full a picture of the client as possible and also need to be able to engage with clients at the most appropriate time.
Rohit Mahna, is GM for Salesforce Financial Services Cloud. He says, “The way we think about is, there is a jungle of data across multiple systems and it can be difficult for advisors to get their own segmentation, build their goals, and ensure effective use of activity management.”
Salesforce launched its Financial Services Cloud targeted at financial services players as a platform play and especially at those with agents and intermediaries
The latest feature to be added to its cloud is the Salesforce Wave App, its analytics application. Mahna says, “Why we brought Wave to FS Cloud is because of what we see out there in the market. Advisors are looking to get a holistic view of the client but they are dealing with data which is often spread across multiple systems. It is brought together on Financial Service Cloud and the information that they need can now have robust analytics.”
Financial Services firms are looking to power the advisor to offer personalized interactions with individual client but also with their book of business. he says
You need a way to look at that data from one client, multiple clients and run a series of analytics, says Mahna.
An additional benefit is that it helps advisors maximize the use of the their time on client engagement and report building and event management.
Salesforce Wave App for Financial Services Cloud is embedded directly into the product and will enable advisors to take a multidimensional approach to analyzing and managing their books of business — all from a single pane of glass.
Wave enables advisors to segment their clients by age group, activity type, investment area, financial goal progress and more. Advisors can identify which clients were affected by a recent shift in the market or have made a significant deposit and now require extra guidance on their holdings.
Advisors can prioritize their day by comparing client revenue against advising activities. A 80/20 Dashboard — based on the theory that 80% of advisors’ revenues comes from 20% of their books of business — means advisors can identify high-value clients, and prioritize activities and time accordingly. Advisors can now view their clients’ progress toward saving for life goals, such as buying a new home or planning a summer vacation, and then proactively reach out with personalized advice and recommendations to those who are not on track.
“Analytics are helping companies across industries create more meaningful interactions with their customers,” said Thomas Zink, Associate Research Director for IDC Financial Insights. “Financial advisors are no different and solutions that provide actionable insights to deepen client engagement are just what they need.”
“Leading wealth advisors understand the importance of embracing new technology to stay ahead in an increasingly complex financial landscape," said Will Armenta, Head of Market Development, Addepar. “Our integration with Financial Services Cloud gives advisors access to the power of Addepar’s platform, which allows them to provide the highest level of client service and grow their businesses more efficiently.”