New application will empower advisors to better manage their books of business by uncovering new client opportunities and maximizing their time
Leading financial services firms, including Advisor Group, Cobblestone Capital Advisors and Trilogy Financial, leverage Financial Services Cloud to deepen and grow their client relationships
ISV ecosystem partners Addepar, Athene, Quovo and Social SafeGuard extend the functionality of Financial Services Cloud with onboarding, social media compliance and more
SAN FRANCISCO–Sept. 1, 2016– Salesforce [NYSE: CRM], the Customer Success Platform and world’s #1 CRM company, today announced Wave for Financial Services Cloud, putting insights at advisors’ fingertips. With this new application, embedded in the Financial Services Cloud product, advisors will be able to leverage analytics to uncover client opportunities, maximize their time and take action at the point of insight.
Today’s clients have their wealth scattered across multiple banks, wealth management firms and 401k custodians, causing a proliferation of disjointed financial data. Financial advisors struggle to stitch together this disjointed data, and other critical client information, across outdated, siloed systems. In fact, just 7% of wealth managers use technology to segment their clients by age, and none do so by gender. To succeed, advisors need the ability to pull this disparate data together, segment their clients more effectively, and then act on these insights to achieve success for their clients — ultimately building stronger relationships.
Introducing Salesforce Wave for Financial Services Cloud — Putting Insights at Advisors’ Fingertips
Salesforce Wave for Financial Services Cloud is embedded directly into the product and will enable advisors to take a multidimensional approach to analyzing and managing their books of business — all from a single pane of glass. It empowers advisors to:
Uncover client opportunities: Wave for Financial Services Cloud enables advisors to segment their clients by age group, activity type, investment area, financial goal progress and more. With one click, advisors can identify which clients were affected by a recent shift in the market or have made a significant deposit and now require extra guidance on their holdings.
Maximize their time: Advisors can prioritize every hour of their day by comparing client revenue against advising activities. With the new 80/20 Dashboard — based on the theory that 80% of advisors’ revenues comes from 20% of their books of business — advisors can quickly identify high-value clients, and prioritize activities and time accordingly.
Take action at the point of insight: Because Wave is embedded directly into Financial Services Cloud, advisors can create tasks or flag opportunities based on client insights without leaving Salesforce. For example, advisors can now view their clients’ progress toward saving for life goals, such as buying a new home or planning a summer vacation, and then proactively reach out with personalized advice and recommendations to those who are not on track — all within Financial Services Cloud.
Salesforce Expands Financial Services Cloud Customer and ISV Ecosystem
Financial Services Cloud has seen tremendous momentum since its general availability in March 2016, with leading financial services firms, including Advisor Group, Cobblestone Capital Advisors and Trilogy Financial using the product to deepen and grow their client relationships. In addition, leading independent software vendors (ISVs) continue to extend the capabilities of Financial Services Cloud by building applications for all aspects of the advisor experience, including:
Client onboarding: With Athene’s Skience, an automated onboarding solution that integrates with Financial Services Cloud, financial services firms can drive consistency and accuracy across a client’s many different financial accounts to onboard clients faster than ever before.
Account aggregation: Quovo’s account aggregation platform directly integrates with tens of thousands of financial institutions, allowing advisors to sync all of their client’s accounts in one central location in order to view their entire book of business.
Data aggregation and analysis: Addepar’s data platform, and data analysis and reporting applications provide advisors with a comprehensive view across client relationships and complex portfolios, allowing advisors to access data from siloed systems in one place.
Security and compliance: Social SafeGuard monitors Salesforce Chatter posts, Communities, free text and call notes against a library of policies to identify potential compliance risks.
Comments on the News
“The advisor-client relationship is no longer just about helping a client to build wealth. It’s about helping the client to achieve life goals,” said Rohit Mahna, GM of Financial Services, Salesforce. “Wave for Financial Services Cloud gives advisors the ability to visualize personal and market data in the context of their client’s goals, helping guide conversations about their investments. It’s all about valuable insights that lead to action.”
“Before turning to Salesforce, our advisors were toggling between multiple different systems just to pull client reports and data,” said Julie Bazan, COO, Cobblestone Capital Advisors. “With Wave for Financial Services Cloud, advisors will have all the information they need in one place, allowing them to spend less time navigating separate systems and more time building 1-to-1 relationships with their clients.”
“Leading wealth advisors understand the importance of embracing new technology to stay ahead in an increasingly complex financial landscape," said Will Armenta, Head of Market Development, Addepar. “Our integration with Financial Services Cloud gives advisors access to the power of Addepar’s platform, which allows them to provide the highest level of client service and grow their businesses more efficiently.”
“Analytics are helping companies across industries create more meaningful interactions with their customers,” said Thomas Zink, Associate Research Director for IDC Financial Insights. “Financial advisors are no different and solutions that provide actionable insights to deepen client engagement are just what they need. Funneling and embedding the myriad of information that influence investment decisions in the daily workflow will drive adviser productivity through the roof.”
Pricing and Availability
Wave for Financial Services Cloud will be generally available in fall 2016 and is at no additional charge for Financial Services Cloud users in Enterprise Edition and above.
Connect with Salesforce
Like Salesforce on Facebook: http://www.facebook.com/salesforce
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Visit the Salesforce Financial Services Cloud Website: http://www.salesforce.com/financialservicescloud
Join us for the financial services track at Dreamforce: http://bit.ly/DF16FinServKeynotePage
Start exploring wave analytics and take the Wave Analytics Basics trail: https://trailhead.salesforce.com/wave_analytics_basics/wave_start_surfing_the_wave
Salesforce, the Customer Success Platform and world’s #1 CRM, empowers companies to connect with their customers in a whole new way. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.
Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol “CRM.” For more information please visit http://www.salesforce.com, or call 1-800-NO-SOFTWARE.
Salesforce, the global CRM leader, empowers companies of every size and industry to digitally transform and create a 360° view of their customers. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.
Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol "CRM." For more information please visit https://www.salesforce.com, or call 1-800-NO-SOFTWARE.