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  • Writer's pictureCorey Schwitz

Salesforce Implementation for Wealth Management: Key Tips & Strategies

Are you embarking on a wealth management Salesforce implementation? This article cuts through the noise to deliver key steps for integrating Salesforce effectively within your wealth management firm. Understand how to elevate client engagement, optimize advisor efficiency, and consolidate operations, all underpinned by the robust Salesforce Financial Services Cloud. Start your journey toward a transformative CRM strategy tailored to your firm’s needs, with practical insights devoid of fluff.

Key Takeaways

  • Salesforce Financial Services Cloud offers wealth management firms a tailored CRM platform with tools for client profiling, advisor productivity, and integration with custodial systems, enhancing personalized service delivery and operational efficiency.

  • Customization and personalization are central to the Salesforce experience, with features like the Wealth Management Lightning app and Marketing Cloud serving to create personalized client interactions, secure data management, and support omnichannel communication strategies.

  • Proper implementation of Salesforce, with the support of expert partners, is crucial to realizing its full potential in financial advisory services, including streamlined investment processes, proactive relationship building, and a firm’s successful digital transformation.

Harnessing the Power of Salesforce Financial Services Cloud for Wealth Management

Salesforce Financial Services Cloud, a robust, intelligent, and customizable platform designed for wealth management, lies at the core of this transformative journey. Wealth management firms benefit from its comprehensive Client Relationship Management (CRM) platform, specifically tailored for effective investment data management. It enhances client relationships through comprehensive profiling and personalized service delivery. Additionally, the platform provides wealth managers with various tools like goal planning, tracking, wealth simulations, portfolio rebalancing, and risk profiling, which streamline their operations.

The platform’s unified view of business data enables wealth management professionals to tailor services, thereby standing out from the competition. Additionally, the in-depth data analysis and visualizations provided by Salesforce assist financial advisors by delivering important insights into client journeys and behaviors.

Crafting a 360-Degree Client Profile

To provide personalized advice and efficiently manage clients’ financial goals, a comprehensive view of client data is crucial. Salesforce Financial Services Cloud delivers on this need by providing:

  • A 360-degree view of client data, revealing trends and enabling advisors to make informed decisions

  • A comprehensive view of clients, including financial accounts, goals, and life events

  • Enhanced ability for advisors to provide personalized advice

This comprehensive client profiling not only enables wealth management firms to manage multiple clients efficiently but also allows the tracking of their financial goals and life events, thereby providing personalized insights and advice. Moreover, Salesforce partners specialized in wealth management extend the capabilities of Salesforce, providing a comprehensive view of clients and access to advanced analytics tools for advisors.

Enabling Advisor Productivity with Smart Tools

The Salesforce Financial Services Cloud comes equipped with smart tools intended to enhance advisor productivity. It helps advisors:

  • Monitor their performance

  • Track progress towards their goals

  • Automate workflows

  • Manage tasks

These features streamline operations and reduce manual workloads for wealth management advisors, thereby freeing them to focus on high-value interactions.

Additionally, Salesforce’s mobile functionality allows advisors to:

  • Access critical customer information remotely, thereby improving responsiveness and service quality

  • Minimize the need for context switching between different systems with the advisor console in Salesforce, which is specifically designed to maximize productivity

  • Utilize analytics and automation to improve client engagement and manage trading workflows effectively with Salesforce Financial Services Cloud.

Integrating Custodial Systems for Seamless Operations

The power of Salesforce Financial Services Cloud extends to integrating custodial systems, thereby consolidating data from various platforms for streamlined investment management. The integration involves consolidating data from various platforms, including custodians, banking systems, and portfolio management tools. It also integrates with financial planning tools, electronic forms, and data aggregation services, facilitating a more streamlined investment management process.

Furthermore, the CRM provides a holistic view of deal pipelines, enabling real-time review and quick action on new opportunities.

Tailoring Salesforce to Wealth Management Needs

Salesforce Financial Services Cloud, apart from its robust features, is highly adaptable and can be customized to suit the unique requirements of wealth management firms. Its adaptability allows for customization to the specific needs of financial institutions without extensive coding. The platform can be expanded with over 4,000 third-party apps from the AppExchange, like form generation systems and enhanced workflow applications, without requiring custom coding.

The Wealth Management Lightning app within Salesforce Financial Services Cloud provides wealth managers with:

  • A comprehensive view of customers to enhance personalized service delivery

  • Enhanced deal management tools and AI-powered recommendations, providing deep insights into client needs

  • Tools to aid in personalizing client experiences and promote operational efficiency and business growth for wealth management professionals.

Lastly, wealth managers can benefit from accelerator tools like pre-built automation and best practice industry models, leading to a faster time to value.

Personalized Client Experiences with Marketing Cloud

Salesforce goes one step further in personalizing client experiences through its Marketing Cloud. It enhances personalized client communication through omnichannel support, content localization, tailored information strategies, and includes utilizing email, text, social media, and calls. The Marketing Cloud increases productivity of financial advisors by providing data-driven actionable insights to improve marketing efforts. It also offers analytics and forecasting tools that provide actionable insights into client behavior and market dynamics, helping wealth management firms to pinpoint and seize growth opportunities.

Moreover, Salesforce partners are specialized in deploying Marketing Cloud and Pardot, equipping wealth management firms with advanced tools for delivering personalized experiences and gaining real-time insights on leads.

Secure Client Data Management

Security being paramount in the financial sector, Salesforce ensures secure client data management. It provides tools that assist in managing sophisticated sales and trading workflows, which are essential for maintaining security and regulatory compliance.

Moreover, Salesforce enables secure collaboration and information sharing among investment banking team members, facilitating efficient and secure decision-making processes.

Enhancing Team Collaboration

Salesforce also facilitates better team collaboration, a crucial aspect in wealth management. It allows for the sharing of information and coordination in real-time among financial advisory teams. The CRM system facilitates effective coordination among finance and sales teams to improve forecasting and revenue growth.

Moreover, financial advisors can automate repetitive tasks such as report generation and client record updates using Salesforce, freeing up time to focus on high-impact activities like strategic financial planning.

Implementing Salesforce for Enhanced Financial Advisory Services

While Salesforce Financial Services Cloud has a range of features, the benefits can only be reaped through proper implementation. Indeed, implementing Salesforce enhances financial advisory services with goal tracking, streamlined investment management, and proactive relationship building. Salesforce consulting partners play a pivotal role in this implementation, guiding financial advisors through the complex transition and optimization process. They tailor-fit Salesforce products to the unique needs of wealth management firms, ensuring a seamless integration within their existing systems.

Moreover, Salesforce partners provide:

  • Extensive training to wealth management staff, helping them use Salesforce effectively

  • Ongoing support to resolve any implementation issues

  • Strategic insights, which includes leveraging the latest features to stay competitive in the financial advisory market.

Defining Financial Goals and Tracking Progress

One of the key aspects of financial advisory services is goal tracking. Salesforce Financial Services Cloud enables financial advisors to:

  • Set and monitor client financial goals through a centralized platform

  • Enhance their ability to provide personalized advice

  • Offer comprehensive views of their clients by integrating financial profiles, risk tolerance, and investment goals.

Furthermore, the Advisor Home Page within Salesforce Financial Services Cloud allows advisors to:

  • Track client goals and progress with key targets and action items

  • Monitor client milestones and financial goals

  • Facilitate personalized engagement

  • Provide comprehensive progress tracking for each client

These tools help advisors work smarter, stay organized, and provide better service to their clients, especially when working with firms like United Capital.

Streamlining Investment Management Processes

Streamlining investment management processes is another significant benefit of implementing Salesforce. The platform offers advanced data analysis tools that asset managers can utilize for gaining valuable insights into client portfolios, which in turn helps optimize investment strategies and enhances collaboration for better portfolio management.

Salesforce’s ability to automate the investment management process leads to better organization of client data and improved collaboration features. Moreover, wealth management firms leveraging Salesforce’s unified CRM system experience increased efficiency and productivity as it provides comprehensive insights into client financial accounts, goals, and relationships all within a single platform.

Facilitating Proactive Relationship Building

Proactive relationship building is a key to success in wealth management. Salesforce Financial Services Cloud’s personalized engagement and actionable relationship centers provide advisors insights into household members and account history. Event tracking and AI functionalities within Salesforce Financial Services Cloud enable financial advisors to proactively establish robust, long-lasting client relationships.

Wealth management firms can utilize Salesforce to gain insights into client preferences and life events, enabling them to tailor advice and proactively meet client needs. Moreover, Salesforce facilitates team collaboration in wealth management, allowing members to work together proactively on tasks such as client research and valuation.

Transitioning to Salesforce: A Step-by-Step Guide for Wealth Managers

A step-by-step guide is crucial for wealth management firms contemplating a transition to Salesforce. The transition involves the following steps:

  1. Initial assessment and planning

  2. Migration

  3. Integration

  4. Training for successful adoption

Establishing a strategic plan before the transition, identifying key goals, desired improvements, timelines, budget constraints, and stakeholder roles is critical.

During data migration, financial data from different systems is cleaned and consolidated while ensuring its accurate mapping into the structure of Salesforce Financial Services Cloud. Testing the integrated systems is essential to ensure that all functionalities and workflows operate correctly before going live. Wealth managers also need to choose the data migration approach - big bang or phased - that best suits their firm’s size, complexity, and risk tolerance.

Integration entails connecting Salesforce with other critical systems such as portfolio management, financial planning software, and CRM tools previously in use by the firm. Comprehensive training for wealth managers and support staff, incorporating tailored learning materials and interactive sessions, is necessary to facilitate a smooth transition to Salesforce. For successful adoption of Salesforce, wealth management firms should foster a culture of continuous learning and provide incentives for staff to engage with the new platform.

Post-implementation, wealth managers should:

  • Monitor system performance and user engagement to identify issues and areas for improvement

  • Conduct iterative refinement based on feedback, encouraging staff to report challenges and enabling agile responses to changing needs

  • Schedule regular follow-up training sessions and include user feedback to fine-tune processes and fully leverage Salesforce capabilities.

Initial Assessment and Planning

The first step in transitioning to Salesforce is initial assessment and planning. Performing an initial assessment is crucial for understanding how current operations will transition to Salesforce Financial Services Cloud. The assessment phase includes evaluating existing data and processes to identify what will be migrated to Salesforce Financial Services Cloud.

Moreover, the Transition Assistant helps in planning the Salesforce transition even before the purchase of Financial Services Cloud licenses.

Migration and Integration

After initial assessment and planning, the next steps are migration and integration. The Financial Services Cloud Transition Assistant aids in simplifying the migration process by providing a tool for discovery, gap analysis, and data model mapping. It facilitates migration complexity insights, time savings, and a lower-risk migration path. System administrator permissions are required to install the Transition Assistant in a developer sandbox for migration planning.

The Transition Assistant can help with the following tasks:

  • Map existing managed package components to FSC, identifying potential migration conflicts

  • Provide users with detailed error messages to facilitate debugging and adherence to field-level security during migration

  • Follow a structured approach to migration to maintain data integrity and compatibility with Salesforce Financial Services Cloud.

Furthermore, data about individuals, households, and financial accounts can be uploaded using Data Loader to establish Salesforce records. Lastly, integration partners leverage the Transition Assistant within a sandbox environment to create accurate data migration estimations and plans.

Training and Adoption

The final steps in transitioning to Salesforce are training and adoption. Comprehensive training for wealth managers and support staff, incorporating tailored learning materials and interactive sessions, is necessary to facilitate a smooth transition to Salesforce.

Unveiling the Benefits of Salesforce Implementation for Wealth Management

Successful implementation of Salesforce Financial Services Cloud brings numerous benefits for wealth management firms. Implementing Salesforce with an expert partner can lead to a faster return on investment. It provides wealth management firms with access to specialized expertise and resources.

With the assistance of an expert partner, wealth management firms can realize all business objectives through Salesforce implementation.

Boosted Efficiency and Productivity

One of the key benefits of implementing Salesforce is boosted efficiency and productivity. Salesforce enhances efficiency in wealth management operations by:

  • Connecting middle and back office workflows

  • Ensuring better team collaboration and workflow orchestration

  • Streamlining operations

  • Boosting productivity

  • Leveraging analytics for better decision-making

Wealth management firms utilizing Salesforce CRM can benefit from these features and improve their overall operations.

A case in point is the use of the FSC Transition Assistant by a wealth management firm, which led to a smooth transition with FSC going live after just a single weekend of migration.

Strengthened Client Relationships

Another significant benefit of Salesforce implementation is strengthened client relationships. Salesforce enables wealth management firms to deliver personalized advice, a key to strengthening client relationships. Personalization in client engagement is further enhanced by AI-driven insights provided by Salesforce, fostering deeper connections with clients.

Moreover, tracking, measuring, and reporting on ESG performance with Salesforce tools support wealth management firms’ initiatives that strengthen client relationships.

Accelerated Business Growth

The final benefit of Salesforce implementation to be discussed is accelerated business growth. Adapting to digital-first services enables wealth management firms to attract new customers as client expectations continue to evolve towards digital solutions.

Partnering with a Salesforce Expert

Partnering with a Salesforce expert is vital for a successful Salesforce implementation. Salesforce partners bring specialized experience to the table, enhancing the implementation process. Sikich, a Salesforce partner, has extensive experience with over 60 wealth management firm implementations, utilizing their own Financial Services Cloud Accelerator to enhance these implementations.

By working with Sikich, wealth management firms can optimize their Salesforce implementation, ensuring they fully capitalize on the system’s capabilities.

The Role of Salesforce Partners

The role of Salesforce partners in the implementation process is fundamental. They bring specialized experience developing solutions tailored to the finance industry, including wealth management.

Certified experts with a deep understanding of Salesforce products and services, they maintain strong product knowledge, ensuring a firm’s Salesforce implementation aligns with industry best practices. Some partners possess additional certifications in niche areas beneficial to wealth management, further enhancing the value they bring to the implementation process.

Salesforce partners offer a range of services to help wealth management firms with Salesforce for wealth management:

  • Navigate the complexities of CRM implementation

  • Provide ongoing support and best practices during and post-implementation

  • Contribute strategic planning services to align Salesforce solutions with business objectives

  • Offer customized solutions to address unique challenges, from client engagement to regulatory compliance

These services ensure that wealth management firms can successfully implement and utilize the Salesforce platform.

Selecting the Right Partner for Your Firm

Choosing the right Salesforce partner is a significant decision. A Salesforce implementation partner should have:

  • A culture and vision that aligns with the wealth management firm to ensure a committed partnership and shared interest in the project’s success

  • Cultural and language compatibility

  • Industry and solution expertise

  • Certifications and technical skills

Consider these factors when choosing a Salesforce implementation partner.


To sum up, Salesforce Financial Services Cloud is a robust, intelligent, and customizable platform specifically designed for wealth management firms. Its implementation can revolutionize operations, enhance client relationships, boost productivity, and accelerate business growth. With the right partner, wealth management firms can ensure a successful implementation and fully leverage the capabilities of Salesforce to transform their practice.

Frequently Asked Questions

What is Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud is a customizable platform tailored for financial advisors to meet their unique needs. It is robust and intelligent, providing specialized tools for managing financial services.

How does Salesforce enhance client relationships?

Salesforce enhances client relationships by providing a 360-degree view of client data, allowing for personalized service delivery and improved client management. This leads to more efficient and tailored client interactions.

How does Salesforce boost productivity in wealth management?

Salesforce boosts productivity in wealth management by providing smart tools for workflow automation, mobile functionality, and an advisor console for efficiency, while also integrating various platforms for streamlined operations. These features help wealth management professionals work more effectively and efficiently.

What are the benefits of implementing Salesforce?

Implementing Salesforce can boost efficiency, productivity, and client relationships while accelerating business growth. Additionally, with an expert partner, it can lead to a faster return on investment.

How to choose a Salesforce implementation partner?

Consider the cultural and language compatibility, industry expertise, solution expertise, certifications, and technical skills of a Salesforce implementation partner to make the right choice.


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