Salesforce for Wealth Management: Key Features and Benefits

As a financial advisor or relationship manager, balancing multiple responsibilities—from managing your book of business to understanding each client’s financial needs—can be challenging. Efficient wealth management CRM is crucial to sustaining and scaling these responsibilities.

Salesforce, the unmatched leader in the CRM market, hits the mark. With Salesforce for wealth management, you get unified working experience through solutions like Sales and Service Clouds, Financial Services Cloud, and CRM Analytics (formerly Tableau CRM). Designed to simplify workflows and enhance investment management, they also offer customer service features.

No wonder over 150,000 active customers trust Salesforce, including 83% of Fortune 500 companies and leading firms like Ellevest, Morgan Stanley, and RBC Wealth Management.

Discover the transformative impact of Salesforce on wealth management firms and how its products enable advisors to engage deeply with clients, focusing on their values and priorities, allowing for meaningful and convenient communication.

What is Wealth Management CRM Software?

Wealth Management CRM (Customer Relationship Management) is a specialized software tailored for wealth managers to elevate client interactions, efficiently manage portfolios, and deliver superior service.

By centralizing client data, it provides deep insights into client needs and preferences, enabling wealth managers to craft personalized communication strategies that boost client satisfaction and loyalty.

The CRM also aids in maintaining regulatory compliance by automating essential tasks and meticulously tracking client interactions. For wealth managers, this translates into heightened efficiency, refined decision-making, and a competitive edge, empowering them to offer customized advisory services in the dynamic financial sector.

Why Companies Choose Salesforce for Wealth Management

Salesforce is the go-to choice for wealth management firms looking to boost productivity, improve client journeys, and unveil key insights on accounts and portfolios.

Here, we delve into some of the standout features of Salesforce for wealth management that make it a game-changer for the investment management industry.

 

1. Centralized Management of Financial Data

Salesforce Sales Cloud offers a cohesive view of your business data, providing reliable and immediate access to critical information.

This CRM for wealth management eliminates the need to duplicate client data across multiple systems, viewing investment decisions through the customer’s lens.

By harmonizing business processes, wealth managers can personalize their offerings, and monitor and track client households as they evolve, providing consolidated visibility into a unified data source.

This enables clear and organized insights to better serve your clients’ needs.

 

2. Enhanced Client Relationships

Fostering robust client relationships is pivotal to your business’s success. Sales Cloud enables your advisory team to prioritize what matters most—addressing clients’ needs and nurturing relationships.

As relationships remain crucial, this CRM for wealth managers allows you to map client relationship networks across your business, equipping your advisors with an extensive network of growth opportunities.

 

 

3. Accurate Financial Predictions

Financial planning firms often struggle with renewals forecasting, sales prediction, and accurate reporting. Salesforce CRM addresses these challenges by providing timely access to the right client data, enabling informed financial decisions and budget forecasts.

This capability empowers financial executives to predict future income, identify potential risks and opportunities, and take corrective actions as needed.

4. Improved Team Coordination

Effective coordination between finance and sales teams can significantly improve forecasting and maximize revenue growth.

Salesforce excels in maintaining millions of records while serving financial agents, marketers, and support teams across distributed locations.

This comprehensive connection of data sources enriches customer experience profiles, allowing for a holistic view of client needs and more effective service delivery.

 

5. Boosted Productivity

Salesforce CRM system for wealth managers provides advanced capabilities to efficiently manage multiple clients, ensuring the meticulous tracking of their financial goals and significant life events.

This enables you to offer personalized insights and advice, promoting business continuity and growth through sustained client loyalty.

6. Personalization Based on Events and Milestones

Salesforce CRM for wealth management simplifies tracking client milestones and events, allowing advisors to pivot conversations toward what matters most.

Whether it’s purchasing a home, planning retirement, or expecting a baby, wealth managers can automate tasks and triggers based on these events.

Instead of generic financial advice, event-based triggers enable wealth managers to offer personalized recommendations.

For example, anticipating childbirth might trigger automated follow-up actions related to college savings plans or home purchases.

 

 

7. Platform Flexibility

Salesforce stands out for its exceptional flexibility, allowing wealth management organizations to tailor CRM functionality to their unique needs.

Customize features like commission calculators or event reminders without involving developers, thanks to the platform’s click-not-code nature.

This low-code environment enables the creation of custom workflows that mirror real-life processes, simplifying future scaling without risking existing configurations.

 

8. Security & Regulatory Compliance

Security is integral to Salesforce, addressing security risks and ensuring regulatory compliance.

Features like security health checks and multi-factor authentication protect both corporate and client data.

Salesforce uses robust encryption, access controls, and regular security audits to ensure data security.

This robust security framework allows your team to perform tasks confidently and efficiently, maintaining trust and compliance.

 

9. In-Depth Data Analysis and Visualization

Salesforce’s real-time analytics enable financial advisors to accurately budget and forecast expenditures, taking instant corrective action when necessary.

These tools offer unparalleled insights into the customer journey, revenue, retention, and churn.

Customizable reports and dashboards within Salesforce for wealth management allow advisors to visualize data in an easily digestible format, tracking essential metrics on demand.

 

10. AI-Powered Conversations

AI shifts financial services from reactive to proactive. AI-driven audience segmentation based on factors such as investment portfolios, and interests helps focus on high-net-worth individuals.

By automating routine tasks like paperwork and CRM data entry, AI enables advisors to spend more time fostering client relationships.

Moreover, Salesforce Agentforce (formerly Copilot) can recommend the most relevant responses based on a comprehensive understanding of the client’s financial landscape and monitoring conversations to ensure no detail is overlooked.

11. Seamless Integration with Third-Party Solutions

Salesforce’s AppExchange offers over 7,000 add-on products, allowing for easy integration of additional functionalities without extra custom coding.

Whether it’s a virtual document signing, multi-criteria search for financial records, or PDF portfolio generator, these compatible solutions enhance the platform’s capabilities, facilitating smoother financial operations.

More Salesforce Products That Can Benefit Wealth Management Organizations

Pardot (Marketing Cloud Account Engagement)

Pardot along with Salesforce Marketing Cloud empowers financial advisors and relationship managers with real-time insights on high-priority leads, client life events, and upsell opportunities, backed by Einstein Insights for predictive lead scoring.

It enables sales and marketing teams to efficiently nurture relationships through pre-approved, targeted email campaigns, with real-time alerts for timely client engagement.

Key features include Engagement Studio for designing personalized email campaigns, Email Builder for creating effective emails without coding, and Multi-Touch Attribution Reports for a comprehensive view of campaign performance and ROI.

Salesforce Experience Cloud

Experience (formerly Community) Cloud offers wealth management organizations a robust Digital Experience Platform (DXP) that integrates personalization, service, and privacy to enhance digital interactions.

It allows firms to build customizable portals such as help centers, customer account portals, partner platforms, and employee communities, accelerating secure document management and investor relations.

The platform’s high level of customization, click-not-code nature, and pre-built templates enable the creation of personalized layouts with minimal coding.

Salesforce Service Cloud

Service Cloud is designed to elevate customer service across various sectors, including wealth management, by providing a comprehensive toolkit for delivering customized services efficiently.

It combines case management, omnichannel support, automation, and AI-driven insights to help firms maintain operational efficiency and ensure compliance.

Its case management tools involve resolving client issues communicated through various channels (email, chat, phone, and messaging apps).

Omnichannel support features facilitate communication through clients’ preferred channels, while automated tools send personalized messages and updates, enhancing client experience, building trust, and improving retention.

Personalization plays a crucial role here. For instance, if a client inquires about a potential property inheritance, the wealth manager can provide guidance tailored to the size of the inheritance, the client’s goals, and any tax implications.

Automated workflows and AI-driven suggestions expedite case resolution.

For example, if a client queries recent transactions, the system can automatically retrieve relevant information and provide instant responses, reducing time spent on manual searches.

Salesforce Financial Services Cloud (FSC)

Financial Services Cloud is an advanced financial management CRM system designed to unify operations, provide transparency, and sustain financial accounts within a single platform.

FSC empowers financial advisors to deliver personalized customer experiences, thereby strengthening relationships with clients.

Salesforce Financial Services Cloud offers a comprehensive suite of features designed to enhance client engagement, deliver personalized experiences, and drive business growth.

The platform automates compliance processes to mitigate regulatory risks and speeds up workflows to boost advisor productivity, allowing them to focus more on client relationships.

CRM Analytics (formerly Tableau CRM)

CRM Analytics empowers wealth management organizations by providing advanced data visualization and analytics capabilities that transform raw data into actionable insights.

It allows advisors to comprehensively analyze client portfolios, track performance metrics, and identify market trends through interactive dashboards.

By leveraging AI-driven insights, advisors can better predict client needs, personalize service offerings, and optimize financial strategies.

CRM Analytics also facilitates compliance reporting, enhances client communication through data-driven storytelling, and enables real-time decision-making, ultimately boosting client satisfaction and operational efficiency within wealth management firms.

The wealth management industry has experienced a profound digital transformation, moving away from physical forms, in-person meetings, and routine bank visits.

Today’s environment is digital and personal, requiring services tailored to each client’s lifestyle, circumstances, risk tolerance, and aspirations.

Integrating Salesforce CRM into your wealth management processes lets you stand out in a competitive industry.

Salesforce Experience Services Cloud, Pardot (Account Engagement), and other solutions enhance your ability to convert opportunities into sales and streamline communications effectively.

However, proper implementation by expert partners is crucial, ensuring smooth investment processes, proactive relationship-building, and successful digital transformation.

While Salesforce is a robust CRM system for wealth management, financial advisory firms may require additional customization to align perfectly with their unique business processes.

If your current setup doesn’t fully reflect your operational needs, the expert touch of Salesforce consultants can make all the difference.

However, not all consultancies are created equal. Ascendix has an impressive track record of guiding capital markets, venture capital, and private equity firms through digital transformation.

Our unique blend of Salesforce expertise and deep understanding of financial markets allows us to make your CRM solution the cornerstone of your fintech evolution.

Contact us to discover how we can help you with CRM implementation, revitalization, and optimization ensuring the platform’s functionality meets your specific requirements.

Best Integrations for Salesforce CRM for Wealth Management

1. Orion Advisor Tech

Orion Advisor Tech is a comprehensive technology platform designed to enhance the operations of wealth management firms that can integrate with Salesforce.

It offers a robust suite of tools that integrate portfolio management, financial planning, trading, reporting, and compliance into one cohesive system.

Orion Advisor Tech aims to simplify complex processes for financial advisors, enabling them to deliver personalized client experiences and make informed investment decisions.

Its key features include advanced data aggregation, real-time performance tracking, customizable client portals, and sophisticated analytics.

 

2. Envestnet

• Starting Price: $345 /user/year

The Envestnet | Yodlee Platform offers businesses a comprehensive tool for managing client relationships by integrating held-away financial data with CRM systems.

It aggregates user-permissions data from approximately 20,000 sources, including bank accounts and 401ks, providing a holistic view of clients’ financial lives.

This 360-degree view enables businesses to deliver smarter, more personalized engagements, which can lead to increased assets under management and improved regulatory compliance.

The platform creates a centralized data hub for held-away accounts, enhancing productivity, data insights, and meeting client requirements.

 

3. DocuSign

• Starting Price: $30/user/month

DocuSign integrates seamlessly with Salesforce to automate the e-signature process, transforming multiple steps into a single action to enhance efficiency and reduce turnaround times.

Sales teams can generate documents directly from Salesforce records, send them for e-signature with one click, and automatically store signed documents in the associated Salesforce record.

This integration supports multiple signers, allowing for predefined signing orders and specified signing locations on contracts.

 

4. Formstack

• Starting Price: $92 user/month

Formstack integrates with Salesforce to allow seamless merging of Salesforce records into templated Word, PDF, PowerPoint, or Excel documents, which can be generated and sent directly from the CRM.

It facilitates external communication by transforming vast amounts of Salesforce-stored data into professional-looking documents, such as contracts, invoices, proposals, reports, quotes, and receipts.

Key Features:

• Document Generation: Merge Salesforce data into various document types directly from the CRM.
• Templates and Forms: Create new documents or import existing ones, with customization support from Formstack partners like Ascendix.
• Accessibility: Supports Salesforce1 Mobile for document generation and access on mobile devices.

By integrating Formstack, wealth management firms can efficiently generate and deliver critical documents, enhancing communication and operational efficiency. If you have any difficulties with the integration and setup of Formstack, Ascendix, as a Formstack partner, can assist you with it.

 

5. RingCentral

• Pricing: Starts at $19.99 /user/month

Wealth managers dedicate a substantial portion of their day to client interactions, conducting calls to discuss investment strategies and financial planning. Maintaining an accurate log of these calls in a CRM system is vital for managing each client’s communication history and ensuring personalized service.

However, manual call logging can significantly hinder productivity and lead to incomplete or inaccurate records.

The RingCentral app for Salesforce provides wealth managers with a comprehensive, 360° view of their clients during calls.

This promotes effective, targeted communication and seamlessly tracks call history within Salesforce, ensuring all interactions are meticulously logged.

Key Features:

• Click-to-Call: This app allows wealth managers to initiate calls directly from Salesforce with a simple click. Managers can conduct calls while staying within the Salesforce interface, quickly adding notes and actions during each interaction.
• Enhanced Client Interaction: RingCentral enables incoming calls to automatically trigger the opening of matched client records based on their phone numbers, allowing wealth managers to access pertinent client information instantly.

Ascendix: Your Partner in Salesforce Customization for Wealth Management

Salesforce empowers wealth managers with the necessary tools for delivering personalized client experiences that set them apart from the competition. As a trusted Salesforce Crest Consulting and AppExchange Partner, Ascendix specializes in enabling wealth managers to personalize client interactions across multiple touchpoints seamlessly.

Our extensive experience helps clients thrive well beyond the initial implementation. We offer a suite of tailored services designed to maximize the impact of your Salesforce instance. Here’s how we can add value:

• Conduct comprehensive process, technical, and security assessments of your Salesforce instance to ensure it’s bug-free and compliant with Salesforce security standards.
• Provide scalable solutions to expand your Salesforce functionalities with our Salesforce customization services.
• Offer a wide range of data management services, including data import/export, enrichment, and automated cleansing, to optimize your system’s performance.
• Tailor financial reports and dashboards to your specific needs for insightful, data-driven decision-making.
• Build a secure self-service portal for financial planners, clients, investors, and partners with carefully calibrated user role hierarchy, sharing rules, permission sets, and access levels.
• Combine the advanced technical knowledge of Pardot (Marketing Cloud Account Engagement) with our collaborative approach to maximize the value of your marketing efforts.
• Integrate the tools to fill functional gaps in financial planning, portfolio management, or financial data aggregation, featuring bi-directional synchronization for seamless operations.

While many Salesforce customers and consultants concentrate on the initial platform configuration, long-term strategies for sustained success often go overlooked. The real work begins post-go-live, and as business needs evolve, continuous effort is essential.

We provide ongoing administration and support services for easier management of new features and upgrades to keep your system up-to-date and offer user and admin training to ensure a smooth learning curve.

If you have more questions about how Salesforce can revolutionize your wealth management operations, book a free CRM consulting call and we’ll help you create a truly personalized solution powered by Salesforce.