The power of Salesforce for sales teams is old news by now. Historically, wealth managers in the area of Financial Services have been left out of this movement because of their unique role as both salespeople and advisors. Salesforce was missing functionality that this industry relies upon to do business. This is changing now with Salesforce’s release of the Financial Services Cloud. The importance of this release for wealth managers is simple - prior to this release, the standard Salesforce Sales Cloud did not provide a workable model to build out the complex relationships that are at play in Wealth Management. Here are the benefits and downsides to the new cloud.
Industry Specific Features
The Financial Services Cloud combines traditional functions of the CRM with new features that are customized for wealth managers. Person Accounts, which allow contacts to be linked to specific accounts, have been re-labeled as Clients. Brand new features include the ability to choose how to roll-up financial holdings to both a household and client level.
We’ve seen multiple client projects where it was necessary to build out custom models to capture data on a client’s financial holdings, then build visualforce pages to display the data in a usable fashion. Salesforce released Financial Services Cloud with Lightning capability built in. This removes the cumbersome task of building a customized instance of traditional Salesforce in order for wealth managers to begin using Lightning. This also means there’s no need to write triggers to roll-up different data for different clients or update visualforce pages in order for them to be compatible with the new Lightning UI.
Before Financial Services Cloud is a truly comprehensive CRM for this industry the way it is for traditional sales teams, additional functions are needed. Multi-currency support and Shield’s data encryption capabilities are requirements before the larger wealth managers that operate internationally will see this cloud as a solid investment.
This release is an important step in the right direction for an industry that has historically not been able to thrive with the standard Salesforce offering. This model, while currently aimed at Wealth Managers, can be a huge step forward for Asset Management and Insurance clients with a few tweaks. Combining the Financial Services Cloud with a Customer and Partner community could also provide huge benefits to all parties involved.
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