Harness the Power of Salesforce Service Cloud for Personalized Wealth Management

The wealth management industry has undergone a radical digital transformation. Gone are the days of physical forms, in-person meetings, and bank visits for every financial transaction. Today, everything is digital and personal. There is no one-size-fits-all approach to serving customers. Customers expect services to be tailored to their lifestyles, circumstances, risk tolerance levels, and aspirations.

According to a Salesforce report, 51 percent of consumers expect companies to anticipate their needs and offer relevant suggestions, even before first contact.

This shift demands that wealth managers go beyond number crunching and truly understand their customers, building meaningful relationships and tailoring their services to meet their needs.

Technology is essential to understanding customers on a deeper level and serving them in the best way possible. Salesforce Financial Services Cloud helps wealth managers tailor their communication with their clients.

Let’s understand different ways in which wealth managers can leverage Salesforce for wealth management.

Providing Omnichannel Experience

Omnichannel platforms allow wealth managers to access comprehensive client information instantly. This includes the client’s investment portfolio, past conversations across various channels (phone, email, chat), and risk tolerance profile.

With this contextual understanding, the wealth manager can craft a personalized response. If a client is concerned about their stock investment and asks about it in an email, the wealth manager can address the specific stock in question, explain the market fluctuation relative to the client’s overall investment strategy, and highlight any long-term plans in place to manage risk — all by having information scattered across channels consolidated and available at their fingertips.

LevelShift has rich experience helping wealth managers personalize their conversations across various touchpoints by leveraging the power of Salesforce Financial Services Cloud. With a single source of truth, you get a 360-degree view of the client’s account information, past interactions, and financial holdings. This unified view allows for personalized service and targeted recommendations. 

AI-powered Conversations

AI is shifting financial services from reactive to proactive. With predictive analytics, wealth managers can anticipate market shifts and fluctuations, helping them recommend the next best step for their clients. AI also supports audience segmentation based on factors like risk appetite, investment portfolio, and personal interests, allowing advisors to focus more effectively on high-net-worth individuals.

It also helps automate routine tasks such as paperwork and CRM data entry, freeing advisors to spend more time building client relationships. For personalized advice, AI can analyze a client’s financial profile and ongoing conversations to suggest more relevant and timely recommendations, ensuring no critical detail is missed.

With AI-driven tools like Einstein GPT on Salesforce, wealth managers can enhance client onboarding, improve KYC compliance, strengthen risk assessment, and deliver more tailored communication. This enables deeper relationship nurturing and a clearer view of each client’s financial ecosystem.

For a deeper dive into the next generation of generative AI, explore How Salesforce Service Cloud and GPT-4 Revolutionize Wealth Management.

Personalization Based on Events and Milestones

With Salesforce Financial Services Cloud, it is easier to track the milestones and events in the client’s life so that conversations can be pivoted toward what matters the most.

Whether the client is purchasing a home, planning to retire, or expecting a baby, the wealth manager can track these events and automate tasks and triggers based on this.

Instead of sharing generic financial advice, the wealth manager can personalize it with event-based triggers. For example, in the case of an anticipated childbirth, these event-based triggers help initiate automated follow-up actions that can be tailored to a college savings plan or a home purchase, such as mortgage planning and potential property tax considerations.

The advisors can also stay proactive with workflow automation that notifies them about events like upcoming client birthdays, anniversaries, or financial review dates.

Creating and tracking client’s life events and business milestones helps wealth managers:

• Build trust with your customers by equipping yourself with a comprehensive understanding of the clients.
• Make recommendations relevant to customer needs, plans, and market trends.
• Strengthen client relationships by making them feel valued and supported throughout life’s significant events.
• Be a proactive advisor by helping your clients adjust financial plans that lead to better long-term results.
• Strategize client interaction with client profile management, which gives you a complete repository of client milestones such as life events, financial goals, and major transactions.

 

“Providing a 360-degree view of your customer view to the advisors is essential to be successful in the world of robo-advisors. Salesforce Financial Services cloud equips advisors with a holistic view of their clients with all relevant information, AI-powered insights and enable them to provide personalized service.” – Selva Pandian, VP, Cloud Practice, LevelShift

 

Salesforce Customer 360 helps you to create a single source of truth for all your customer information and streamline your personalization efforts with LevelShift.

Effective Case Management

Typically, case management involves a streamlined process of helping the client with an issue communicated through email, chat, phone, or messaging apps.

How does personalization come into this equation? Let’s, for instance, imagine that a client has emailed about a potential property inheritance. The email would be tracked to understand the context: the size of the inheritance, the client’s goals for the money (e.g., invest, pay off debt, support a family member), and any tax implications.

This information is then shared with the advisor, who can guide the client through the process, potentially creating a personalized financial plan.

LevelShift helps transform a query or issue into an opportunity by proactively monitoring client needs, concerns, and conversations across channels and devising a solution before it becomes an issue. With case data, you can segment your customers and tailor your emails, newsletters, and other resources to best resonate with them.

See how a streamlined, contextual service platform drives results by reading our Success Story on Elevating Customer Service with Salesforce Service Cloud.

Tech-driven and Customer-focused: The Winning Formula for Wealth Managers

Customers respond to contextual, in-depth, and well-researched conversations over vague and generic ones. The wealth management industry demands exceptional effort to understand customers and strike a chord with them personally so that they can trust you with their finances.

Salesforce for wealth management is instrumental in helping you understand your customers and personalize their experiences. Here are some basic questions you must have answers to (with Salesforce, you will) to personalize customer experiences:

• Beyond financial security, what are your client’s aspirations and dreams for the future?
• What is the client’s risk tolerance today, and how might it evolve?
• How does your client prefer to receive information and updates on your investments?
• Are there any upcoming life events (marriage, children, retirement) that should be factored into the financial plan?
• Does your client have any specific interests or values they’d like to consider when making investment decisions?

Salesforce Financial Services Cloud empowers wealth management organizations with critical tools and technologies required for their wealth managers to provide a personalized customer experience and stay ahead of the competition.

LevelShift is a trusted Salesforce Summit Partner specializing in personalization in wealth management. Schedule a meeting to discuss your needs with our experts and we can help you implement a comprehensive strategy using Salesforce Financial Services Cloud to unlock deeper client insights, build stronger relationships, and achieve superior client satisfaction.