In the first few days of the new year, we at SM Innovations realized we had already heard from several wealth managers looking to switch from other CRMs (Redtail, Wealthbox, etc) to Salesforce. Here’s a summary of some of the common themes we’ve heard, and how Salesforce resolves them:
1. Lack of comprehensive client profiles. Other wealth management CRMs often fall short in providing a 360-degree view of clients. Salesforce CRM fills this gap by offering rich client profiles that encompass a wide range of data, including held-away accounts. This depth enables personalized advice and stronger client relationships.
2. Inadequate data management and non-scalable solutions. Many wealth managers struggle with CRMs that can’t handle complex data needs or scale with business growth. Salesforce addresses these pain points with robust data analytics capabilities and scalable solutions, ensuring that advisors can adapt to their firm’s evolving needs.
3. Poor marketing integration. Other wealth management CRM systems often lack sophisticated marketing tools, hindering targeted client engagement. Salesforce’s Marketing Cloud Engagement Studio and Email Builder enable wealth managers to create personalized, effective marketing campaigns, directly addressing this shortfall.
4. Inefficient multi-channel processes. Traditional CRMs frequently struggle with integrating and streamlining processes across different channels. Salesforce excels in this area, ensuring seamless experiences across emails, social media, and more, boosting both efficiency and client satisfaction.
5. Rigid and non-customizable platforms. One common frustration with many wealth management CRMs is their lack of flexibility. Salesforce stands out with its highly customizable nature, allowing wealth managers to tailor the platform to their specific operational styles. As the wealth management industry seeks solutions to these longstanding CRM challenges, Salesforce emerges as a frontrunner, providing a more holistic, efficient, and adaptable platform.
Have you identified any of the above as a recurring issue with your wealth management institution’s platforms? Feel free to reach out to us anytime at contact@sminnovations.co to get a Salesforce implementation started, or just to make some changes in an existing Salesforce environment such as configurations or integrations.
We also offer standalone Discovery Workshops where we’ll identify and discuss possible business issues together, summarizing our findings and recommendations in a report you’ll take with you.
