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How Salesforce Helps Wealth Management Firms Maximize AUM?

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Phani Madhav Chegu,

July 5, 2023


How Salesforce Helps Wealth Management Firms Maximize AUM?

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The wealth management sector is undergoing a sea change. The customer of the 21st century wants managers of his wealth to be available anytime, all time; he demands the perfect, consistent, fully- personalized experience no matter when and how he contacts the wealth management business.

Against this backdrop, how can wealth management organizations provide delightful services to their new-age customers? What does it take to establish solid relationships with millennial clients and grow their business rapidly? They need to use a robust Customer Relationship Management (CRM) system.

A good CRM system enables companies in the wealth management (or for that matter, any) industry to make the best use of marketing and client data to come up with solutions fully tailored to the unique needs of each customer.

One of the most widely used CRM systems in the wealth management industry is Salesforce Financial Services Cloud (Salesforce FSC). The novel solution is specially designed to cater to the needs of wealth managers and other providers of financial services. Today, we’ll see how Salesforce FSC enables wealth management firms to provide excellent services and increase Assets Under Management (AUM) significantly.

Salesforce FSC – Enabling the Success of Wealth Management Firms

Salesforce FSC paves the way for considerable growth in the revenues of your wealth management organization by enabling it to:

Ensure Seamless Management of Leads

You can harness the novel capabilities of Salesforce FSC for identifying and engaging more qualified leads with high levels of efficacy. The innovative solution allows you to automate the management of leads throughout the buying journey in an effective, repeatable and scalable manner.

Salesforce FSC enables you to prioritize and segment leads using various criteria and facilitate better team work to reduce the length of sales cycles and convert more leads successfully. You can utilize the data of your clients very efficiently to have meaningful conversations with the latter. Your sales reps can access the required product information instantly to answer the queries of your customers in real time. Needless to say, you’ll be able to win more business.

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Harness the Immense Potential of Referrals Fully

Wealth management is primarily a referral-driven business. It is important you establish good relationships with members of your clients’ families and professional networks to grow your business. One of our customers, a leading provider of boutique wealth management services leveraged its Salesforce FSC system to connect with the households of its clients to assist them in various key events such as admission to a leading business school, buying a villa and transfer of wealth across generations.

Another well-known provider of wealth management services went even further transforming the professional networks of their customers into ‘revenue cows’, achieving tremendous growth in AUM. The wealth management organization used Salesforce FSC to track and engage people who influence their clients – investment bankers, legal experts and accounting professionals – with the sole objective of growing their business through referrals.

Develop Strong Customer Relationships

We all know forging robust relationships with clients plays a key role in increasing revenues. Salesforce FSC enables you to deepen relationships with your customers and capture a bigger share of their wallet. You can position your firm to deliver a comprehensive array of services for the customer’s entire portfolio; you can get the insights necessary to suggest investment avenues across a wide range of asset classes that perfectly meet the specific requirements of each of your clients.

Salesforce FSC helps you create and utilize 360-degree customer profiles – complete views of your clientele seamlessly provided using a simple-to-use user interface that enables you to get the big picture of the financial life of your customers; this will go a long way in empowering you to deliver the right advice at the right time.

Collaborate Effectively with Various Stakeholders

You can use a novel capability of Salesforce FSC called Private Client Communities to collaborate smoothly with your customers and various stakeholders within the households of the clientele. The Salesforce application also enables you to connect with other advisors of the client such as auditors and attorneys and work together with them to provide the right, holistic advices.

Salesforce FSC allows you to enable hassle-free, universal customer engagements; you can utilize triggers, documentation-management software, quick actions and contextually-sensitive customer profiles to share knowledge instantly with the stakeholders to facilitate customer-centered collaboration in real time.

Make Your Wealth Management Practice Sustainable

It is estimated the average age of a financial advisor is 55, and this calls for effective succession planning to make your wealth management business sustainable and avoid obvious customer concerns about the ability of your firm to manage their money in the long run. Salesforce FSC can help you transition the management of your firm to the next generation of advisors by providing instant, complete access to business information whenever and wherever they require. Consider the following scenario.

A well-known family-based wealth management business is led by the family’s patriarch who is 75 years old. The head of the firm fell sick and had to be hospitalized for more than a couple of months. On learning about his hospitalization, the firm received a flurry of calls from anxious clients worried about their investments. The two sons of the patriarch, who were assisting their father, answered the customers’ calls and clarified all their queries with high efficacy, thanks to the smooth access to customer and business data enabled by the organization’s Salesforce FSC system. This helped alleviate the concerns of the clientele and went a long way in maintaining their trust and confidence in the firm.

As you can see, Salesforce FSC enables your wealth management business to provide excellent services to clients and earn their trust and goodwill, thereby empowering you to grow your business considerably. At Solunus, we work with you to unleash the immense power of Salesforce FSC to delight your customers and develop solid, winning relationships. Our rich expertise gained serving financial firms of all sizes coupled with our proven ‘business-needs-first’ approach helps us deliver the best ROI on the Salesforce solution.

Hope you liked this post. How do you build excellent relationships with your clients? We’d love to know.

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About Solunus

Solunus is a leading Salesforce consulting company, based in Dallas, TX, USA. Our proven ‘needs-first’ approach coupled with our unrivaled expertise of the Salesforce platform enables us to provide the perfect solution to help you deliver delightful services to customers and achieve rapid growth.