When it comes to technology, the most important things wealth management advisors consider is asset allocation, rebalancing, reporting analytics, and record retention. So, in our conversations with wealth management executives, we are frequently asked how Salesforce Financial Service Cloud stacks up in those areas.
A Critical Solution for Wealth Management
Salesforce is a vital tool that enables firms to enhance their reporting capabilities and record retention, while making it easy to create custom reports. Its strong out-of-the-box capabilities give wealth managers lots of real-time insight into various areas of their practice while aggregating a lot of information.
Salesforce Unites Multiple Technologies
While Salesforce Financial Services Cloud has much to offer wealth management firms, it wasn’t designed to be a substitute for certain technologies specific to wealth management planning. Orion and Tamarac offer superb tools for asset allocation and rebalancing, Tableau and Excel templates can be customized and utilized for reporting and analytics, and document management software like Docuspace and Laserfiche provide high-quality record retention capabilities.
Where FSC shines is in its ability to cross the lines and connect the dots between these technological solutions. As a fully cloud-based solution, it allows wealth managers to integrate data points from outside platforms, which in turn helps firms streamline workflows, enhance organization, and strengthen communication between team members. For example, if you use Tamarac to rebalance client portfolios, FSC will allow you to integrate data points from the platform so that wealth managers, client service representatives, and other team members can all easily access them through unified means. As such, you will benefit from an array of industry focused functionalities offered by a mix of solutions, and then utilize Salesforce to create more comprehensive reports and deliver deeper insights.
Want to learn more?
Contact Sikich today to connect with our highly skilled Salesforce Financial Cloud Services experts and find out how you can integrate your current technologies into FSC and transform your wealth management business.