Salesforce Success Story: Stratos Wealth Partners Case Study

We recently implemented Salesforce Financial Services Cloud (FSC) for Stratos Wealth Partners and rolled it out to its affiliated advisors across the country. Now its executives, managers, and advisors benefit from increased transparency, decision-making abilities, and efficiency in managing client relationships, sales, compliance, and operations.

About Stratos Wealth Partners

Stratos Wealth Partners started in 2009 with the goal of enabling sophisticated, highly experienced advisors to prioritize and serve the needs of their clients more effectively than they could in traditional brokerages. The firm currently manages approximately 412 billion in assets. With 87 offices and close to 300 affiliates, Stratos supports advisors and their clients across the United States.

The company decided to modernize its business software to make it easier for both company teams and independent advisors to collaborate and manage client accounts. The business managers wanted it to be simple for everyone across the board to interact with one another. They also wanted to support their advisors’ financial services with a cloud-based system.

The Salesforce Solution

Stratos initially implemented another CRM system, but it didn’t fully meet the company’s needs. When they approached Sikich, they presented the following requirements for what they wanted from a new system:

  • cloud-based
  • a self-service community portal for advisors
  • integration with current software
  • an advisor dashboard

Sikich implemented Salesforce FSC along with the Sikich Financial Services Cloud Accelerator, which extends Salesforce’s functionality without adding license fees. After working closely with the business managers, their groups, and independent advisors, we were able to smoothly transition everyone to adopt the new system. Within a few months of implementation, 65% of users adopted the new system. In addition, Stratos managers noticed that activities increased by 82% in the FSC once the company started to work with real-time business data.

Salesforce Cloud Benefits

Thanks to the cloud, Salesforce has eliminated many of the manual activities, such as information retrieval and collation. For example, the finance team can now easily assess the pricing structures and production levels of advisors and manage their payout structures.

And these are just some examples with how Salesforce FSC has improved Stratos’ CRM atmosphere. Maintaining and documenting compliance is now easier and far more efficient. With the Salesforce mobile app, advisors can easily make notes for clients during a meeting or access real-time data without having to contact other individuals for answers.

Advisors love the idea of being able to pull up the CRM app as they’re walking into or leaving a client meeting, and entering notes on the fly. I can look at production across the firm and see what advisors are exposed to various positions, which advisors are growing with us and which are not, and what’s going on in the sales pipeline. These are steps forward in efficiency that really transformed the way our advisors interact with us and their clients. This is also a major differentiator between us and our competitors.

Watch Stratos’ complete success story below:

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This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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