Top 5 Considerations in Moving to Salesforce Financial Services Cloud

July 3, 2018

Article written by Tracy Julian, Salesforce Engagement Manager at Bluewolf, an IBM Company


As a Salesforce consultant, I am constantly evaluating what the best options are for clients. Common questions are, “What should we be thinking about?”, “What are other organizations like ours doing that we are not?”, and “What’s the difference between standard Salesforce vs Financial Services Cloud?” 

Wealth management firms all desire the same capabilities, and a lot of this functionality is incorporated in out-of-the-box Financial Services Cloud set-up. This means that during implementation, you will spend less time building out foundational components and more time adding functionality specific to your business. Examples of the foundational components listed below:

  • Unified Client Profile
  • Householding (including party to party relationships)
  • Organization and Household Consolidation
  • Financial Goal Tracking
  • Life Event Tracking (eg: Marriage, Birth of Child, Home Purchase)
  • Interaction Management
  • Wallet Share Calculations
  • Easy ability to Merge and Split Households (including Members, Groups, Object-Roll ups)
  • Assets Under Management (AUM)

In addition to the items listed above, Financial Services Cloud includes a slick pre-built Wave Analytics app that during my experience, I have seen both advisors and executives rave about. Teams are able to easily analyze their books of business and instantly determine actions to help increase AUM. Sounds cool, right?

Beyond being an information aggregator, Salesforce Financial Services Cloud brings everything into context, puts the client at the center of everything and makes it very easy for advisors to make smart decisions quickly.

For most new Wealth Management firms, I say, “Yes this is the way to go”; for others, there is some due diligence that needs to be completed before moving or deciding to build a completely new org.

Below are 5 things to consider in making the decision to move to Financial Services Cloud:

  1. How customized is your current Salesforce environment? Financial Services Cloud requires Lightning and you will have to convert to Lightning step. See if you’re ready by taking the Lightning Readiness Check.  
  2. How many visualforce pages, APEX classes and triggers, Javascript buttons, objects, validation rules do you have? It may be that your current Salesforce org is more sophisticated and will take a significant amount of time for analysis to fully understand the conversion implications. By significant, I mean up to 6 months to possibly a year if you are pushing the limits. For some organizations, building a new Lightning enabled org and then installing Financial Services Cloud is a better approach and it will be worth it in the long run. For organizations that are already on Lightning, congrats! One less step to consider.
  3. What does the security model look like? Financial Services companies typically have the most stringent security requirements and the OWD Private does not suffice. This ends up in a custom model that can be difficult to unravel if built a while back. Spend time examining the new data model and re-visit the security set-up.
  4. Is your organization comfortable with less freedom to customize and 100% committed to the Householding data model? This model is relationship based versus the standard account-based model. It cannot be modified. Salesforce defines a household as a  ‘representation of a group of clients who live together and whose financials are summarized at the household level. A household is an account with the Household record type.’ The household is related to the contact part of the individual using the Account Contact Relationship standard object. With any managed package, the benefits are that you get all of the new updates automatically but less ability to customize. This does not mean that you will not be able to customize, it’s just a little bit less. See #5 on ways to get around that. Look at the screenshot below for an example.
  5. What is the plan for data migration? Make sure that the implementation team fully understands the data model and the underlying complexities around the Account structure. It is fundamentally different from standard Salesforce; take time in evaluating this part.
  6. Understand the Salesforce Financial Services Cloud product roadmap. Salesforce does an excellent job taking feedback from clients and adjusting the platform with new emerging requests. Work through your Salesforce Account Executive; they will have the most up to date information.

Ready to start your move to Salesforce Financial Services Cloud? Connect with an expert — now.

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