How Salesforce Financial Services Cloud is Transforming Wealth Management

3 reasons why you should read to the end:

1. Wealth management firms that use cloud technology have lower operational costs, with a 10-20% reduction in overall IT costs, and a 50% reduction in hardware costs. (Cognizant)

2. 86% of high net worth individuals expect their wealth management firms to provide digital services, and 64% expect their firms to use cloud-based technology. (Capgemini)

3. Wealth management firms that use cloud technology have higher client satisfaction rates, with 80% of clients rating their experience as excellent or very good, compared to 67% for firms that do not use cloud technology. (Accenture)

💡Bonus reason: Get to choose which type of advisor you want to be: the one who embraces cloud technology and leverages it to improve their service offering or the one that is resisting change.

With CRM solutions, you can manage everything about your customer relationships and make sense of all the data you collect from them.

But, here’s where it gets exciting: Salesforce Financial Services Cloud takes it to the next level!

Main features of Salesforce Financial Services Cloud include:

– Capture, retrieve, and analyze client and investment data in real-time

– Customize the platform to fit your unique wealth management team’s workflow

– Scale the platform to meet your changing business needs

– Seamlessly integrate the platform with your existing processes and platforms

– Access your data securely from any location and any device, thanks to the cloud-based architecture

That’s cool… but how does it benefit wealth management firms?

1. Ensures Regulatory Compliance

Compliance is automated, eliminating the risk of costly fines and giving you peace of mind.

💡63% of wealth management firms believe that regulatory change is the biggest compliance challenge they face. (Thomson Reuters)

2. Enhances productivity for everyone

You can optimize your productivity by automating tasks that were previously done manually. This allows for a smoother workflow, minimizing the risk of errors. This increases the focus on building and strengthening relationships with clients.

💡Financial Services Cloud can help reduce time spent on administrative tasks by up to 50%. (Forrester)

3. Provides insights for the future

Identify trends that can provide valuable insights for future decision-making though technologies like artificial intelligence and business analytics.

💡Predictive analytics can improve financial performance by up to 20% for wealth management firms. (Deloitte)

4. Provides a personalized experience

Salesforce Financial Services Cloud enables advisors to offer their clients a personalized experience that caters to their individual preferences, goals, and significant life events.

With proactive tracking, team members can maintain regular personal contact with clients, and event alerts ensure advisors stay on top of important activities and events that may impact their clients.

💡80% of customers are more likely to do business with a company that offers personalized experiences. (Epsilon)

How to make change happen at your firm

Having an owner mentality means treating your work like it’s your own business. It’s about going above and beyond to deliver results and adding value to everything you do.”

Simon Sinek

Naturally, if you made this far, you know more about digital transformation than the majority of people in your industry.

But how do you convince other people you work with to jump on the bandwagon?

To better understand your options, schedule a Q&A call with a digital transformation expert.

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