In the evolving landscape of financial management, Registered Investment Advisors (RIAs) constantly seek solutions to enhance client engagement, streamline operations, and ensure compliance. This is where Salesforce’s Financial Services Cloud (FSC) steps into the spotlight, providing a plethora of features specifically designed to cater to these needs. Below, we explore some of the key features that every RIA should leverage to improve efficiency and elevate client relationships.
One of the standout features of FSC is its Client 360 view. This functionality aggregates all pertinent client information—personal details, financial accounts, assets, goals, interactions, and more—into one unified interface. For RIAs, this is particularly beneficial, as it eliminates the need to gather information from multiple distinct systems.
Additionally, FSC offers relationship modeling through households and relationship groups. This enables advisors to visualize family structures, including spouses, children, trustees, and even business connections. The relationship map tools allow for easy visualization of how clients are connected, ensuring that advisors always have the essential context during interactions.
RIAs often face numerous repeatable processes, such as client onboarding, annual reviews, Know Your Customer (KYC) evaluations, and compliance checks. FSC allows the creation of action plans, which build a standardized set of tasks for these processes. This guarantees that nothing gets overlooked, processes remain repeatable, and the client experience is consistently high across the firm.
Salesforce FSC comes equipped with prebuilt analytics and dashboards tailored for wealth and asset management right out of the box. Areas covered include client segmentation, pipeline tracking, and referral conversions. This feature enables RIAs to bypass the difficulties of manually building every report, instead starting with industry-standard dashboards that offer immediate insights.
Leveraging the robust capabilities of Salesforce’s Einstein AI, FSC provides valuable insights into client behavior. Advisors can identify which clients may be at risk of leaving or which prospects are more inclined to convert. By harnessing these data-driven insights, RIAs can concentrate efforts on the most promising opportunities while making informed decisions that enhance their advisory practice.
RIAs typically operate across multiple custodians and portfolio management platforms. FSC is designed for seamless integration with these systems, allowing advisors to access custodial and portfolio data within Salesforce. This setup creates a single source of truth, reducing the manual effort involved and ensuring advisors have a comprehensive financial picture when interacting with clients.
Being built on the Salesforce platform, FSC enables firms to utilize Salesforce Flow for automating pivotal processes. For example, it can automate task assignments during onboarding, send reminders for client reviews, or flag accounts for compliance follow-ups. Coupled with document generation capabilities, RIAs can simplify the creation of client-related documents such as account opening packages and compliance documents, ultimately saving time and reducing risks.
In an age where data security is paramount, RIAs need assurance that their client data is well protected. FSC benefits from Salesforce’s enterprise-grade security model, which includes encryption, field-level access control, and comprehensive audit tracking. This robust security framework helps firms maintain client trust while meeting regulatory requirements.
In summary, the key features of Salesforce’s Financial Services Cloud—Client 360 and relationship modeling, action plans for standardized workflows, prebuilt analytics and dashboards, Einstein insights for predictive engagement, integration with custodians and portfolio systems, automation and document management, alongside enterprise-grade security—can significantly enhance the efficiency of RIAs.
By focusing on these essential areas, RIAs can scale their operations and provide an improved client experience. For any further questions regarding FSC or implementation guidance, feel free to reach out and engage with us.
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