Top 9 Salesforce FSC Trends Revolutionizing Wealth Management

In the fast-paced world of wealth management, Salesforce Financial Services Cloud is reshaping the sales, marketing, and services functions.  Imagine predictive analytics forecasting investment trends, wealth advisors using AI to adjust client portfolios to capitalize on market shifts, and compliance checks running smoother than ever—this is the new reality with Salesforce Financial Services Cloud.

At Frontline 1st, we are actively helping wealth managers harness these groundbreaking technologies.  Whether you need Sales Cloud help, are looking to revolutionize operations with a Salesforce Financial Services Cloud consultant, or seek to optimize your current implementation, understanding these trends is crucial.  Explore the top 9 Salesforce trends transforming wealth management in 2024:

1. Comprehensive Client Profiles
   Wealth managers are leveraging Salesforce to create a 360-degree view of investors.  Tools such as Salesforce Data Cloud are being utilized to unify, analyze, and make sense of large data models.   Plauti is being leveraged to validate, de-duplicate, and manage data.  These clean, well orchestrated, data sources are building the foundation for AI model training and will enable cutting-edge wealth advisors to lap lagging competitors.
2. Advanced Data Analytics
   Tableau Analytics is being used to go beyond insights and make real-time recommendations.  This is giving wealth advisors the ability to cater portfolios more closely to investor goals, adjust for risk preferences, and circumvent systemic risks.  Tableau is also helping wealth advisory practices visualize data more holistically to grow in specific investor segments and geographies.
3. Scalable Solutions
   Salesforce’s scalable architecture supports firms of all sizes, allowing for seamless growth and adaptation while managing increasingly complex datasets effectively.  The low-code/no-code revolution is allowing wealth advisory partners, sellers, and marketers to build applications that meet their needs without developer help.
4. Enhanced Marketing Integration
   Salesforce’s Marketing Cloud Engagement Studio and Email Builder are revolutionizing marketing strategies with highly personalized and targeted campaigns, improving client engagement and acquisition.
5. Broker Integration
   Many wealth advisors are integrating Salesforce with LPL’s ClientWorks or a similar broker platform.  This has enabled wealth advisors to manage all investor account types, data, and processes from Salesforce.  In addition, investor onboarding, investor management, and trading have all been streamlined.
6. Customization and Flexibility
   The customizable nature of Salesforce allows wealth management firms to tailor the platform to their specific needs and operational models, ensuring optimal alignment with their business processes.  For example, Sales Dialer has been implemented across many wealth advisor orgs.  This simple, yet effective Salesforce tool enables wealth advisors to maximize the number of dials during prospecting and add call notes with minimal effort.
7. Automated Document Management
   Any wealth advisor who has switched brokers, knows how difficult paperwork can be.  Leading advisors are implementing Docusign to streamline document approvals, execution, and management.  This is freeing wealth advisors to focus on their current book of business and acquiring new investors.
8. Enhanced Compliance and Risk Management
   Salesforce Financial Services Cloud’s compliance and risk management features help navigate complex regulations with centralized data management, automated workflows, audit trails, and robust security measures, boosting client confidence and trust.  With recent SEC rules on cyber-incident reporting and the ongoing focus on proper recordkeeping, these capabilities are essential for ensuring compliance and enhancing data security.
9. Improved Client Experience
   In 2024, improving the client experience is a top priority for wealth managers, driven by the Great Wealth Transfer.  This demographic shift is expected to see $72.6 trillion in assets move from baby boomers to millennials by 2045.  The next generation of investors has different expectations, with 80% of millennial heirs likely to seek new advisors who offer digital and mobile convenience.  Salesforce Financial Services Cloud helps wealth managers meet these evolving demands by providing tools to deliver seamless, personalized digital experiences.  Simplifying the onboarding process and maintaining a streamlined approach throughout the client lifecycle are crucial for capturing this new wave of investors.

At Frontline 1st, we are excited about these trends and their impact on the wealth management industry.  As Salesforce Financial Services Cloud continues to evolve, its role in empowering wealth managers to deliver exceptional client service and operational efficiency will grow.

Looking for guidance to expand your wealth advisory practice with Salesforce?  Contact Frontline 1st today to start a Salesforce discussion.

Key Takeaways

1. Comprehensive Client Profiles: Salesforce Data Cloud and Plauti create detailed investor profiles by unifying and managing large data models.
2. Advanced Data Analytics: Tableau Analytics provides real-time recommendations and visualizations for strategic growth.
3. Scalable Solutions: Salesforce supports seamless growth and complex data management for firms of all sizes.
4. Enhanced Marketing Integration: Marketing Cloud Engagement Studio and Email Builder enable personalized and targeted campaigns.
5. Broker Integration: Integration with broker platforms like LPL ClientWorks streamlines account management, onboarding, and trading.
6. Customization and Flexibility: Salesforce’s customizable tools, like Sales Dialer, enhance operational efficiency tailored to firm needs.
7. Automated Document Management: Docusign simplifies document approvals and management, allowing advisors to focus on client relationships.
8. Enhanced Compliance and Risk Management: Financial Services Cloud ensures compliance with centralized data, automated workflows, and strong security measures.
9. Improved Client Experience: Salesforce delivers personalized digital experiences, meeting the demands of the next generation of investors amidst the Great Wealth Transfer.