Wealth Management in Financial Service Cloud

Salesforce Financial Services Cloud is focused on wealth management systems based on the all-powerful Salesforce CRM that allows advisors to connect with clients in a whole new way. Financial Services Cloud ushers in a new era of wealth management software, with advisors collaborating with clients from any device.
The Digital Future
Wealth management is on the cusp of a digital overhaul. Fast moving competition from tech savvy challengers is driving wholesale change, leading the financial services industry to the brink of the largest digital evolution yet. All wealth managers view digital capabilities as key for future competitiveness, supplementing face-to-face relationships, and boosting overall efficiency. Across the sector, most are planning a major investment in order to prepare themselves for a digital shift. Even so, they have a lot to do. The survey results show that there is a chasm between wealth managers’ current digital capabilities and their ambitions. Even some of the larger firms in the sector admit they have a lot to do before they will be ready.
The Digital Interference
Digital technology appears poised to disrupt the entire financial services industry. From blockchains, to digital payments, to online marketplaces, fintech innovation is growing quickly. In wealth management, the threat comes from robo-advising, an online wealth management service that provides automated, algorithm-based portfolio management advice without the use of human advisors. For wealth managers to prosper, they need to prepare for how these technology-driven challenges will affect customer expectations and engagement. The simple automation of robo-advising is resonating strongly with the tech-savvy millennial generation. This generation’s preference for digital communication is closely aligned with the technology disruption taking place across the wealth management industry. Providing financial advice through mediums that resonate with millennials is essential for future growth, especially given that this generation will inherit more than any other generation in the coming years. As they age, millennials may come to value personal contact with relationship managers. So it’s unlikely robo advisors will take over client management completely. Those wealth managers that can seamlessly link digital and in-person advising experiences throughout the client lifecycle will be in the best position for long-term success.
Stimulating Change
Some observers see technology and the advent of new online competitors as the biggest development in this era of banking. Many firms recognise that they will have to go through significant transformations in order to remain competitive. The wealth managers in the survey consistently emphasised the need for more digital capabilities, seeking wholesale change to make their platforms, systems, and processes more efficient. As part of this drive, they reported developing a range of technology tools to support relationship managers. These include: client
calculation engines, modeling and simulation, automation of financial advice plans, and analytics. All of these tools will improve efficiency and client service. All of the wealth managers’ plans showed a constant emphasis on digital throughout. Social media networking and collaboration is a particular highlight, with almost three quarters (74%) believing this will be an important way of attracting and supporting clients over the next two years.
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