Wealth management is at a crossroads. An estimated $2 trillion is expected to transfer between Baby Boomers and Millennials in the next five years, and advisors are woefully underprepared to serve this Snapchat generation. Saddled with home-grown, on-premise technology systems, advisors just aren’t ready to deliver advice in real-time, at scale, and through the mobile and social channels that today’s modern investors expect.
Unfortunately, financial advisors’ lives are about to get even more challenging. The U.S. Department of Labor’s (DOL) fiduciary rule, which goes into effect next year, requires fiduciaries, such as financial advisors and insurance agents, to make investment recommendations in the best interests of their clients. This requires a whole new level of scrutiny around the communications between advisors and the clients they serve.
But isn’t it possible that the two challenges -- serving today’s modern investor and adhering to the DOL rule -- are actually two sides of the same coin? Couldn’t technology both empower advisors to collaborate with their clients and assist firms in complying with these new regulations?
Introducing Salesforce Shield for Financial Services Cloud, a solution that can assist financial advisors, retirement plan providers and insurance agents in complying with industry regulations such as the DOL fiduciary rule, while also helping them collaborate with clients in modern ways. Combined with capabilities of the Financial Services Cloud, Salesforce Shield gives firms the ability to gain 360-degree views of clients, stay on top of due-diligence reviews, create and record communications, protect records and supervise fiduciary activity.
For more information on the DOL rule, and Salesforce’s solutions for wealth management, be sure to check out these resources: