Wealth management firms supply clients with a variety of financial services, from investment management to estate planning. Since financial advisors and relationship managers typically wear many hats and work with various financial services, it can be challenging to keep track of what client has what services.
With a CRM platform like Salesforce, managing your book of business is seamless. Salesforce CRM for wealth management is essential to continuously grow your business and maintain current customer satisfaction.
In this blog, we’ll discuss the following topics:
What Salesforce Products Align With Wealth Management Firms?
Salesforce provides various Cloud products depending on a business’s industry and department needs. For wealth management, firms typically take advantage of the following customer relationship management solutions:
Salesforce Financial Services Cloud
Salesforce Financial Services Cloud (FSC) is a Salesforce product that enables businesses in the financial industry to build trust by providing transparency and unifying the customer experience in a single platform. Salesforce FSC is a pre-built data model that delivers personalized service to customers and allows them to access their account information at any given time.
Using the Salesforce Customer 360 platform, Salesforce FSC enables authorized users to access the client’s account and visualize customer relationships. This drives trusted customer interactions and provides a consistent experience for authorized users across any platform.
Salesforce Financial Services Cloud enables financial advisors, relationships managers, and any other employee linked to the account to access client data, including their cases, financial goals, policies, and documents.
Salesforce Pardot
Salesforce Pardot is essential for wealth management firms because it gives advisors and relationship managers a real-time, tailored view of their priorities. This could include pressing tasks, client life events, and high-quality opportunities that are prioritized by Einstein Insights.
By using Einstein Insights on Pardot, financial advisors have more visible access to crucial prospects in the sales pipeline and long-term client upselling opportunities. Einstein Insight’s predictive lead scoring feature allows advisors to see why leads are prioritized, along with account details and previous engagement history.
Salesforce Pardot is essential for wealth management sales outreach efforts because it lets advisors send a pre-approved email and add clients to an individualized relationship nurturing campaign quickly. Adding clients to a unique email nurturing campaign allows you to send them information that’s relevant to them and their financial service needs.
As clients engage with emails, advisors get real-time alerts of what they’re viewing. This helps them to call the client and pitch the right financial services at the right time.
Pardot Engagement Studio
Pardot Engagement Studio is a Pardot feature that enables marketing teams to design personalized email programs. This allows wealth management marketers to deliver the right content to prospects when it makes the most sense to them, their financial status, and their stage in life.
Pardot Email Builder
Pardot Email Builder is an intuitive program that helps wealth management marketing teams build the perfect email without coding. This Pardot feature also has the ability to send leads emails automatically once they complete a form on your website, social media profile, or mobile application.
By filling out the form, the prospect is integrated into an email marketing campaign specific to their list of chosen criteria in the form. Marketers use this information to deliver relevant messaging and content to each audience in the sales pipeline.
Multi-Touch Attribution Reports
Last but not least, Salesforce Pardot provides wealth management marketers with Multi-Touch Attribution Reports. With this report, marketers can get a holistic view of how campaigns are performing. In addition, they can help marketers determine their ROI.
Features Included in Salesforce CRM for Wealth Management
Salesforce CRM for wealth management offers companies the Empower Advisors solution. Empower Advisors provides a wide range of data that every client can use. With the Salesforce 360-degree view of each client and their interactions, financial advisors can learn their interests. By taking advantage of the Empower Advisors solution, Salesforce Trailblazers have access to the following features:
Salesforce Financial Services Cloud
As mentioned previously, Salesforce Financial Services Cloud enables your wealth management firm to unify customer experiences. With the Empower Advisors solution, financial advisors and relationship managers can streamline commercial and consumer interactions across various platforms.
Tableau
Tableau is a visual analytics platform that shows your wealth management team real-time analytics and data visualizations. This allows you to see which areas of your business are thriving and which aren’t resonating with prospects or customers.
Einstein Relationship Insights
Einstein Insights is an AI-powered research assistant that explores account data and finds high-quality sales opportunities. This Salesforce tool is essential because it allows financial advisors to follow up with prospects at the right time without anything falling through the cracks.
Salesforce Marketing Cloud
Salesforce Marketing Cloud enables you and your team to personalize the customer experience. With Marketing Cloud, you can optimize each campaign with data-focused marketing solutions for different digital platforms and devices.
MuleSoft Anypoint Platform
MuleSoft Anypoint Platform helps you integrate data from multiple systems into a single platform. This enables your wealth management firm to hand over deliverables for time-sensitive projects.
Why Is Salesforce a Viable Solution for Wealth Managers?
Without a CRM platform for your wealth management services, you risk missing significant business opportunities and losing long-term customers to a company that prioritizes customer satisfaction. Salesforce is a viable solution for wealth managers because it:
Deepens Client Relationships
When you develop new growth in client relationships, you develop new growth in your business. Salesforce Financial Services Cloud is designed to give your financial advisors better insight on how and when to approach upselling opportunities with clients. This allows you to serve their needs better and foster your relationship with them effectively.
Increases Overall Productivity
As technology advances in our everyday lives, it’s vital to work smarter, not harder. With Salesforce, your wealth management company can do just that. By integrating Salesforce into your daily operations, you have the ability to manage more clients while keeping track of their financial goals. Salesforce smart tools give your advisors personalized insights to further your relationships with long-term clients.
Allows You To Integrate Applications Seamlessly
Many wealth management companies work with a variety of tools and technologies to do their job effectively. Salesforce FSC is engineered to be integrated easily with any sales tools or technologies your company uses. If your current applications are not easy to integrate with Salesforce FSC, the pre-built design can be adjusted and customized with custodial systems and aggregators to support your company’s requirements.
Key Takeaways
Since wealth management firms work with many clients and financial services, a CRM platform is crucial to keep all your ducks in a row. Salesforce CRM for wealth management allows you and your team to manage your book of business and upsell when the timing makes the most sense for the client.
Abstrakt Cloud Solutions strives to help clients get the most value possible out of their Salesforce investment. As a Salesforce consulting partner, we collaborate with wealth management businesses across the nation to help them retain customers, streamline operations, and boost company revenue.
Are you ready to take your wealth management firm’s operations to the next level? Contact the sales reps at Abstrakt Cloud to get started!
