Wealth management institutions often encounter various pain points during the client onboarding process, including fragmented data, the tediousness of manual paperwork, strict regulations, and lengthy approval cycles dragging out onboarding and other processes. Salesforce offers a comprehensive solution to streamline and optimize the onboarding experience for both clients and institutions.
By leveraging Salesforce’s robust CRM platform, wealth management institutions can centralize client data, documents, and interactions, eliminating silos and ensuring a seamless onboarding journey. Advisors can access a holistic view of each client’s financial profile, preferences, and goals, enabling personalized interactions and tailored recommendations from the outset.
Moreover, Salesforce’s automation capabilities play a pivotal role in addressing the inefficiencies inherent in manual onboarding processes. Through workflow automation and integration with third-party tools such as DocuSign, Salesforce enables institutions to digitize paperwork, quickly collect signatures, automate compliance checks, and accelerate approval cycles. This automation not only reduces the risk of errors and delays but also enhances the overall client experience by minimizing administrative burdens and expediting time to market.
Here are four ways Salesforce has been supporting important journeys in wealth management operations:
- Cross-selling enablement
Sometimes, some customers could benefit from other services at your institution that an advisor may not realize. Or it is realized, but communicating that to the right department gets messy. Cross-selling is another operation made more efficient by Salesforce’s 360 customer view you’ve probably already heard about. Whether it’s suggesting complementary investment products, estate planning services, or insurance solutions, Salesforce stores more than enough information to help advisors to deliver targeted recommendations that resonate with clients, deepening relationships which keeps customers happy to stay with their institution.
For example, Salesforce’s analytics capabilities provide wealth management institutions with actionable insights into client behavior and market trends, enabling proactive cross-selling strategies. By analyzing client interactions, transaction patterns, and demographic data, institutions can uncover untapped opportunities and segment clients based on their propensity to purchase specific products or services.
Referral management flows also make Salesforce conducive to cross-selling, as advisors can easily send referrals to advisors in other departments. For example, an advisor with a retirement investment client can send a referral of that client to their friend in the retail banking department.
- Client self-service portal
According to our observations and Salesforce’s reports, many customers in wealth management seek self-service options. Salesforce offers wealth management firms the capability to develop robust client self-service platforms, empowering clients with greater control over their financial portfolios while simultaneously driving efficiency for the business. By leveraging Salesforce’s CRM platform, firms can create intuitive and secure online portals where clients can update their profiles, including key details such as their beneficiaries access their investment accounts, review performance reports, and execute transactions with ease.
These self-service platforms provide clients with real-time visibility into their financial status, further establishing transparency and trust in the advisor-client relationship. Additionally, clients can update personal information, set financial goals, and explore educational resources at their convenience, enhancing their overall experience and satisfaction.
If you’ve been up to date on the power of generative AI, you can now build or update your customer service chatbots with Salesforce’s Einstein. A well-made bot reduces the administrative burden on advisors by enabling clients to handle routine tasks independently, such as updating contact information or generating account statements. This frees up advisors to focus on higher-value activities, such as providing personalized financial advice and cultivating deeper client relationships. Furthermore, self-service platforms facilitate scalability for wealth management firms, allowing them to accommodate a growing client base without significantly increasing operational overhead.
- Document generation and signing
Through third-party integrations with third-party platforms such as Conga and DocuSign, Salesforce enables firms to automate the creation, customization, and distribution of financial documents. For example, advisors can leverage Conga Composer to generate personalized investment proposals, performance reports, and compliance documentation directly within Salesforce CRM, eliminating the need for manual data entry and minimizing errors. Moreover, Conga’s advanced document automation capabilities enable firms to create dynamic templates that automatically populate with client-specific information, ensuring consistency and compliance across all client communications.
Furthermore, integrating DocuSign with Salesforce facilitates secure electronic signing processes, enabling clients to review and sign documents from any device, anywhere in the world. By embedding DocuSign functionality directly within Salesforce, wealth management institutions can streamline the signing workflow, reducing turnaround times and accelerating the onboarding process for new clients. Additionally, DocuSign’s robust authentication and encryption features ensure the security and legality of electronic signatures, enabling firms to meet regulatory requirements while delivering a seamless and convenient experience for clients. Evolving and strict regulatory requirements are quite a pain point in financial services, so such integrations have been quite helpful in giving our clients peace of mind.
- Client onboarding
Wealth management institutions often encounter various pain points during the client onboarding process, including fragmented data, manual paperwork, and lengthy approval cycles. Salesforce offers a comprehensive solution to streamline and optimize the onboarding experience for both clients and institutions. By leveraging Salesforce’s robust CRM platform, institutions can centralize client data, documents, and interactions, eliminating silos and ensuring a seamless onboarding journey. Advisors can access a holistic view of each client’s financial profile, preferences, and goals, enabling personalized interactions and tailored recommendations from the outset.
Moreover, Salesforce’s automation capabilities play a pivotal role in addressing the inefficiencies inherent in manual onboarding processes. Through workflow automation and integration with third-party tools such as DocuSign, Salesforce enables institutions to digitize paperwork, automate compliance checks, and accelerate approval cycles. This automation not only reduces the risk of errors and delays but also enhances the overall client experience by minimizing administrative burdens and expediting time to market.
At SM Innovations, we’ve been working with Salesforce architects who have several years of experience working in actual wealth management institutions. Having such experience in our midst has helped us better understand industry business and user needs, which makes it easier for us to advise on a wide range of issues throughout an implementation or just a Discovery Workshop session. If the above resonates with you, feel free to reach out to us anytime below!
