In a competitive industry like wealth management, it’s important to have a process and system in place that sets your company apart from competitors. By integrating Salesforce CRM into your wealth management services, you have the opportunity to build lasting relationships with customers and optimize your workflow.
Before you continue reading, check out our blog to learn about the basics of Salesforce CRM for wealth management here.
Throughout this blog, we’ll cover the following topics:
Salesforce Products and Services for Wealth Management Firms
As a financial advisor and relationship manager, you wear a lot of hats. From managing your book of business to understanding each client’s financial needs, there’s a lot of information to keep track of. To sustain and maintain all of your responsibilities, it’s crucial to have efficient wealth management software.
You have the opportunity to streamline your wealth management process with the following Salesforce products and services:
Salesforce Financial Services Cloud
Salesforce Financial Services Cloud (FSC) is a financial management system that enables wealth management firms to sustain financial accounts by providing transparency and unifying operations in a single platform. Salesforce FSC allows financial advisors to deliver personalized experiences for customers, which enhances their relationship with your wealth management firm.
Salesforce Pardot
Salesforce Pardot is a Salesforce product that gives financial advisors and relationship managers real-time insights on high-priority leads, client life events, and account upselling opportunities. Powered by Einstein Insights, Salesforce Pardot has a predictive lead scoring feature that gives advisors details to understand why leads are prioritized.
With Salesforce Pardot, a wealth management firm’s sales and marketing team has the ability to send pre-approved emails and add clients to an email marketing campaign to nurture the relationship quickly. By adding clients to a unique email nurturing campaign, your team can send information that’s relevant to them and their financial needs.
As clients engage with emails, advisors receive real-time alerts of what emails they are interacting with. This allows advisors to call the client and pitch the right financial services at the right time. By integrating Salesforce Pardot into your wealth management firm’s operations, your team members also have access to the following Pardot features:
- Pardot Engagement Studio: This Pardot feature allows marketing teams to design personalized emails. With the right content, advisors have the opportunity to pitch the best products and services that align with prospects’ financial goals.
- Pardot Email Builder: This Pardot feature helps financial marketing teams build the perfect email without coding. When a prospect fills out a form on your company’s website or landing page, they are integrated into an email marketing campaign that’s specific to their list of chosen criteria in the form.
- Multi-Touch Attribution Reports: With this Pardot report, wealth management marketers have a holistic view of campaign performance and determine if they are getting a significant ROI.
How Companies Use Salesforce CRM for Wealth Management Business Processes
Salesforce collaborates with wealth management firms around the world to maximize how they interact with customers. Here are some case studies on how major corporations have integrated Salesforce into their wealth management business processes:
United Capital
For over 25 years, United Capital has worked to make financial services less intimidating and more human. Financial lives are incredibly complex, but United Capital wants their financial advisors to be deeply engaged with clients so they have a firm grasp of their financial options.
Ten years ago in the financial industry, many financial advisors viewed their clients as walking wallets. As time, technology, and the financial industry progressed, United Capital wanted their financial advisors to take time to engage with clients on a more personal level and discover what really matters to them. Salesforce has enabled them to do this.
United Capital financial advisors practice an honest conversations exercise that allows them to deepen conversations with clients and learn more about their values and priorities. United Capital financial advisors integrated this process into Salesforce, so they have visual representation of the wants, needs, and desires of their clients. While technology is not the focus point of the relationship, it’s a platform that allows financial advisors and customers to communicate when it’s most convenient for them.
By integrating Salesforce into United Capital’s operations, financial advisors were able to reach out to more people across the United States at a quicker rate. Since wealth management is such a competitive industry, Salesforce gives them another pathway to have a competitive edge over other wealth management companies.
Ellevest
As a woman-focused financial services company, Ellevest wanted to know more about their target market. By understanding their ideal audience, they are able to deliver a more personalized experience.
Ellevest integrated Salesforce into their operations to streamline their personal and financial relationships. Before following up with a potential client, an Ellevest rep can review previous conversations to add value. If a prospect isn’t ready to work with Ellevest, the rep can set a reminder to follow up with them in a few weeks or a month to nurture the relationship.
By integrating Salesforce into their day-to-day operations, Ellevest financial advisors can customize messaging to potential customers through email and sales calls. This gives them the opportunity to approach clients in a way they couldn’t otherwise.
With Salesforce, financial advisors can connect with leads through a page or an article on the website. From here, their information is directed to the Salesforce platform and integrated into the sales pipeline. Thanks to Salesforce, Ellevest financial advisors can target their audience in a new and improved way.
Morgan Stanley
Morgan Stanley understands that when clients have more resources, they’re able to make more informed financial decisions. Morgan Stanley partnered with Salesforce so financial advisors, relationship managers, and clients have all the information they need to make and guide smart financial decisions.
Salesforce provides wealth management firms a visualized financial approach so everyone involved on a financial account is on the same page. Morgan Stanley uses Salesforce to track which emails customers interact with. This allows the firm to enhance its marketing efforts and present meaningful and relevant content for customers.
Overall, Morgan Stanley’s objective is to help customers achieve their financial goals. Morgan Stanley uses Salesforce Tableau as a vehicle to deliver personalized experiences for their clients and make better choices on their behalf.
RBC Wealth Management
RBC Wealth Management strives to give clients a tailored financial approach, stable advisor relationships, resources to make informed financial decisions, and thoughtful financial guidance. By integrating Salesforce into their management processes, RBC Wealth Management has the ability to unify its team with a 360-degree view of each client. This allows advisors to focus on each client’s needs, prioritize each interaction, and convert opportunities into sales.
In addition to client-focused processes, Salesforce allows RBC Wealth Management to attract the best advisors in the industry. With a streamlined wealth management process in place, successful financial advisors and relationship managers are more likely to work for them because it shows that the company prioritizes their professional growth.
Sequoia Financial Group
Salesforce enabled Sequoia Financial Group to centralize data and spend more time delivering value for their clients than performing tedious tasks. Adding Salesforce Pardot to their operations enabled Sequoia Financial Group to achieve a 361% ROI.
Northern Trust
As one of the world’s largest money managers, Northern Trust values service, expertise, and integrity. Northern Trust actively takes measures to shape the new generations of clients and employees in an ever-changing and complex world. With Salesforce, they have the opportunity to help clients achieve their personal and financial goals.
Northern Trust rolled out Salesforce Experience Cloud so prospects and clients could receive answers to their questions when they need them most. This Salesforce product helps enhance relationships between prospects, customers, and financial advisors.
In addition, Northern Trust integrated Salesforce Service Cloud to help employees streamline wealth management processes and workflows. Salesforce Service Cloud supports successful financial advisors and relationship managers and allows them to work more efficiently.
Benefits of Using Salesforce CRM for Wealth Management Services
Wealth management firms across the United States have looked to Salesforce to grow their business internally and externally. There are many advantages of using Salesforce CRM for wealth management services, including:
- Strengthening client relationships: Salesforce CRM for wealth management is designed to give advisors better insights into high-converting sales opportunities. With Salesforce, financial advisors can upsell their customers’ products and services that align with their personal and financial goals.
- Boosting advisor productivity: By integrating Salesforce CRM into your wealth management processes, your advisors have the opportunity to work smarter, not harder. Salesforce gives advisors the opportunity to manage more clients while keeping track of their long-term financial goals.
- Integrating financial applications into a single platform: Wealth management firms typically work with various financial tools and technologies. Salesforce CRM for wealth management allows companies to easily integrate their applications into a single platform for easy accessibility.
Key Takeaways
While wealth management is an incredibly competitive industry, integrating Salesforce CRM into your wealth management processes enables you to stand out among the sea of competitors. By integrating Salesforce Financial Services Cloud, Salesforce Pardot, and other Salesforce products and services into your daily operations, you increase the likelihood of converting opportunities into sales and streamlining communications from one individual to another.
As a St. Louis-based Salesforce consulting partner, Abstrakt Cloud Solutions works with wealth management firms across the United States to provide various Salesforce support services, including Salesforce management, consultation, implementation, and custom development.
If you’re ready to maximize your Salesforce CRM for your wealth management firm, contact the sales reps at Abstrakt Cloud for more information!
