That remains to be seen but a few things are certain: it will empower advisors to build deep one-to-one client relationships, drive productivity and engage with clients on any device, according to Salesforce. The new cloud leverages Salesforce Lightning Experience, a just-released user experience that aims to improve the core sales features people use daily.
“Today’s investors want a much different relationship with their advisors than their parents had,” said Simon Mulcahy, senior vice president and general manager of financial services at Salesforce, in a statement. “They want someone who understands them and engages them on their terms. Salesforce Financial Services Cloud sets advisors free from administrative tasks and gives them the modern tools they need to supercharge their relationships.”
It Isn’t Just About the Money
Here’s Salesforce’s pitch: Over $2 trillion in wealth is expected to transfer between generations in the next five years. Financial advisors are charged with meeting the needs of clients who will inherit this wealth. These clients are more social, mobile, connected and want more collaboration.
According to a Salesforce survey, 55 percent of investors want the opportunity to collaborate with their advisors, yet very few are able to do so today. Salesforce’s conclusion: To succeed, financial advisors have to find ways to free up time from administrative tasks and build deeper relationships with clients and their families.
“A client’s financial well-being isn’t just about money. It’s about a person’s entire life,” said Mike Capelle, chief strategy officer at United Capital, in a statement. “With Salesforce Financial Services Cloud, advisors now have the technology to build deeper, one-to-one relationships with their clients, helping them make the right financial decisions to achieve their life goals.”
How This Helps
Drilling into the actual product offering, the client profile in Salesforce Financial Services Cloud allows advisors to see all of their clients’ information in one place, with access to tear sheets, financial accounts and goals.
On the productivity front, the cloud addresses a common complaint among financial advisors -- they spend half the day on manual and paper-based tasks to prepare for meetings. The Advisors Today homepage automates administrative tasks, aggregates information from multiple systems and creates to-do lists and alerts.
Advisors can access the Salesforce Financial Services Cloud app from any device, so they no longer have to schedule quarterly meetings to connect with customers. Instead, they can share information and respond to questions wherever they are.
“We are excited about the release of Salesforce Financial Services Cloud and what it means to the wealth management industry,” said Michael Spellacy, principal, global wealth leader at PwC, in a statement. “We believe this product can fundamentally change the way wealth managers engage with their clients by providing a complete customer eco-system perspective. It transforms the experience of the wealth manager and gives them a more integrated perspective on their client interactions.”
The Salesforce Financial Services Cloud previews today, with general availability slated for February 2016. Pricing for the new Salesforce Financial Services Cloud will be announced at the time of general availability.