Salesforce for Wealth Management Overview

Salesforce for wealth management refers to an industry solution which is specifically designed and accustomed for the wealth management industry. It is intended for professionals who are in the wealth management industry who give professional advice top high net worth clients or customers. Salesforce for wealth management allows you to build a deeper relationship with the customers, integrate key systems that drive user adoption and to effectively support and facilitate compliance processes.

How to Obtain Salesforce for Wealth Management

Salesforce for wealth management comes at an additional fee with Enterprise, Performance Edition and Unlimited. The salesforce for wealth management is includes all the features that are in Enterprise, Unlimited and Performance like Outlook integration as well as Workflow. The API is also integrated into it. In order to get this package, one requires a person’s account that is designed for the purpose of business to customer industries usage.

What Salesforce for Wealth Management Includes Apart from the basic standard salesforce functionalities, the Salesforce for wealth management contains components that include easy to use tabs containing client oriented fields, relationship groups and comprehensive client information. The comprehensive client information includes financial accounts, addresses, personal interests and investment preferences.
In addition to these features, this Salesforce product has a report and dashboards specifics to wealth management process and a comprehensive know your client capability containing automated approval process.

The Contents of Salesforce for Wealth Management Used in Book of Business This application has almost everything that is required to develop and manage a business book. Salesforce for wealth management uses power Chatter to make sure that nothing falls through the cracks thus ensuring team collaboration. Client acquisition and management is facilitated through an all angles view of clients complete with a robust client profile to be used by financial advisors. The salesforce for wealth management also facilitates easy creation of marketing lists using its point and click functionality. Getting insights into key performance measures is an important consideration in developing and managing books of business. This package ensures this is possible through its easy analytics that have reports dashboards.

It also has a know your client capture that expedite compliance procedures .All these are contained in the Sales for wealth management to facilitate development and management of book of business.

Features of Salesforce for Wealth Management

In the world of financial planning, it is important to have someone who knows their work in asset management. Financial planners need to maintain proper record for customers’ portfolios in order to make the best decisions on their behalf. Salesforce for wealth management is a system that handles all relevant data for use by financial advisors.

The program is designed to consolidate information about client accounts. The user uploads relevant data about the client and their portfolio, their contacts and investment options. The program has various features that allow the client to assist in the process.

Some features allow the user to track the all the relevant financial information of the client. This includes the net worth of the individual, the spending habits of the individual and their cash flow. All this information is pooled and tabulated in the program to be analyzed. Other trackers include those that monitor the investment portfolio of the individual. It takes note of any changes made and their effects.

This allows the advisor to have the most accurate picture of the financial status of the investor at that time. This means that advisor can make accurate recommendations to the client on the best way to invest and increase the net worth.

Another feature of this program is the possibility of maintaining a chronological history of the client’s records. The user is allowed to log in information on any changes to the current financial position if the client and these are maintained over a period of time. It allows the planner to have a snapshot of the clients’ history from which to base decisions and thus advise accordingly.

Records can be maintained as individual accounts, small business or corporate, each with its own parameters set to suit each situation. It is also possible to link accounts together to create a pool of unified data. For instance, the records of a married coupled can be entered separately and viewed as individual accounts or linked to form a single picture as one entity. The same is true of an individual client’s account and that of their business.

Stock Exchange For heavy stock investors, the program has real time stock exchange data accessibility. This allows an advisor to track the fluctuations in the stock market and make correct projections. This is highly beneficial in that it can show the stock holder the optimum times to sell their stock or when they stand to make the best profits if they decide to hold on to their shares.

Report Generation Salesforce for wealth management has unique report generation capabilities. The advisor can specify a set of parameters and request for reports. For instance, an advisor may wish to see the distribution of various investment areas and their percentages amongst his clients. The system will compile the data and the results displayed in the desired format. This could be in the form of bar graphs, pie charts or tabulated reports.

It is also capable of creating contact lists drawn from various demographic groups. For instance, those above retirement age who may wish to create trust funds in their dependents’ names. This is in addition to its capability that allows the user to change the various variables associated with the clients whose information have been stored on the Salesforce for wealth management application. All these features have been designed by Salesforce for the enhancement of wealth management services.

Conclusion Several companies across the globe are resorting to the use of salesforce in various financial procedures. Major financial companies that have discovered the capabilities and benefits of the Salesforce for wealth management are quickly abandoning their old procedures and incorporating this product in their processes. The use of salesforce for wealth management has so far proved to be of great benefit to various companies and organizations
Amanda is the Lead Author & Editor of Rainforce Blog. Amanda established the Rainforce blog to create a source for news and discussion about some of the issues, challenges, news, and ideas relating to Salesforce usage.