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Salesforce for Wealth Management
Alok Khandelwal
Alok Khandelwal Posted on Apr 1, 2019   |  5 Min Read

Wealth Management firms constantly face challenges in maintaining client relationships, building a book of business, handle compliance requirements, increase productivity, and drive deals to close faster. They are racing to become the trusted advisor to clients and help them navigate the everincreasing range of financial services products. At the same time, the clients have become more sophisticated and increasingly willing to switch advisors for the best available service, expecting personalized outreach, proactive insights, and goal-based planning delivered the moment they want it. All this has led to the creation of a fiercely competitive wealth management market.

This resource will cover how implementing the Salesforce CRM helps create growth opportunities, adapt quickly to changing capital market conditions, and provide personalized products and services to clients which can help you develop meaningful relationships with your clients, provide them with an exceptional customer experience and subsequently increase your competitiveness and profitability.

Relationship Managers Enter a New Era

Financial advisors have always been constrained by technology till the recent past. The internet has revolutionized the way that consumers do their financial transactions like banking, bill payments, trading etc., but advisors have not kept up with this pace. The technology that most advisors use today has hardly changed in many years, becoming outdated, restricted and expensive to integrate.

With Salesforce, the advisor software finally enters a new era. Today’s industry leaders in Wealth Management are choosing Salesforce as their preferred advisor platform. While there may be a few completely manageable Challenges faced when implementing Salesforce CRM especially when the organization had no CRM before, the astounding benefits offered post-implementation make the period of transition worth it.

Salesforce frees financial professionals from the shackles of outdated technologies. Advisory teams find it easy to manage clients with Salesforce. And because Salesforce is available online, offline, and via mobile devices, advisory teams can provide world-class client service from anywhere.

How Salesforce Helps Wealth Management Firms?

Salesforce is the most popular CRM in the market today. More than 1,600 financial services firms across the globe have standardized on Salesforce, and the wealth management segment is leading the charge. Having a popular CRM like Salesforce empowers you to better understand and anticipate your client’s needs, identify cross-sell opportunities by providing accurate financial advice and tailored services based on each customer’s unique profile and risk tolerance.

  1. 1. Custom App & FeaturesCustom App and Features

    Salesforce has industry-leading features to manage client data and team activities. It has pre-integrated, add-on wealth management applications available via the AppExchange . Point-and-click customization to meet the needs of individual advisors. Plus, it is available for use online, offline, and on mobile devices for advisors who are always on the go.

  2. 2. Financial Accounts, Holdings, and InterestsFinancial information of the clients can be made available in the same interface in the application in context with relationship and activity information.
  3. 3. Relationship Groups and HouseholdsSalesforce can give an aggregate view of households so that advisors can see the holistic picture with respect to a family or group, along with other roles like accountants and attorneys.
  4. 4. Client Management and CollaborationA 360-degree view of client’s profile built especially for advisors that empower you to better understand and anticipate your client’s needs and identify cross-sell opportunities.
  5. 5. Know Your Client Workflow Know Your Client Workflow
    Workflows like know your client capture and approval and other related compliance processes can be built in Salesforce which ensures right information is being captured in a secure way.
  6. 6. Advisor Team CollaborationThis is the perfect platform for advisors to collaborate with other advisors and specialists to provide the best-in-class client service. Salesforce provides the right tools like Chatter, portals, etc. for advisors to collaborate together efficiently.

Other Salient Features of Salesforce

Advanced Analytics with Reports and Dashboards : A number of reports and dashboards can be designed for advisors, branch managers, and senior management to give insight into key metrics and performance measures, easy customization, and rapid innovation.

End User Adoption : Salesforce interface is userfriendly, easy to navigate and ensures a smooth transition for end users who can start using it effectively with minimal training required.

Best-in-Class Security : Salesforce is built on the trusted platform that’s used by more than 41,000 companies worldwide, so you get the security, availability, and performance you need. It’s the same platform that has been thoroughly vetted by the most demanding financial institutions.

Customization and Integration : Just as you intuitively customize Google and Yahoo!, Salesforce provides a flexible wealth management solution that you can tailor to your specific business needs. Completely change layouts, add fields, activate workflow, and create reports and lists all with a few clicks of the mouse. Salesforce can also be tightly integrated with news and market data feeds, as well as Microsoft Outlook or Lotus Notes. It can be integrated with virtually any system with ease using off the shelf available apps, or custom web APIs. There are pre-integrated, add-on wealth management applications available via the AppExchange (the Salesforce app market place).

Damco’s Salesforce Services Overview

At Damco, we combine our experience of 22+ years, research, and functional and technical expertise to help you deliver personalized service to your clients anytime from anywhere with rich client profiles, create client relationships that last generations, get useful insights into your business, supercharge your advisor’s productivity with instant access to client data and important tasks, and collaborate seamlessly across your advisory team from any device, using the market’s leading CRM platform — Salesforce.

Download Salesforce for Wealth Management Companies

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Salesforce offers the best CRM platform for wealth management firms, and we at Damco use our vast experience and research in this field of Salesforce in Wealth Management industry to ensure a flawless, successful CRM implementation, customized and tailored to your specific needs.

Salesforce Cloud

  • Financial Accounts
    and Contacts
  • Leads and
  • Households and
  • Assets and Liabilities
  • Document
  • Activities and
  • Communities
  • Campaigns
  • Chatter
  • Security
  • Validations

Client Specific Requirements

  • Automations
  • Workflows
  • Validations
  • Migrations
  • Integrations
  • AppExchange

Damco’s Implementation Approach

  • Agile Processes
  • CRM Strategy
  • Gap Identification
  • Accelerated
    Discovery Phase
  • Industry Best
  • Decreased Time to
  • Rigorous Testing
  • Highest Quality
  • Leverage Salesforce
    with Wealth

Damco Differentiators

Salesforce Strategic Partner; Salesforce Certified Resources

One Stop Shop for Your Diverse IT Needs

Strong Experience with Multiple Wealth Management Firms

Cost Efficient Solution with Hybrid (onshore – offshore) Team Model

Best in Class Functional & Technical SMEs

Ensuring Success Always. Full Responsibility for a Successful Implementation

Strong Experience with Integrations

Quality Focused; ISO and CMMi Certified

Multiple Implementations & Customizations Experience

22+ Years of Experience in Delivering IT Services & Solutions to Customers Worldwide

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