Advisors are taking their practices into the digital cloud—but what do they do when they get there?
After launching cloud-based client relationship management software for advisors earlier this year, San Francisco-based Salesforce announced updates on Thursday that will allow advisors to hone in on analytics and insights about their books of business.
The update to the Salesforce Financial Services Cloud, called Wave, aims to place client and account data in a behavioral finance contex, company officials say. The new features are exected to launch in the fall.
“We’re seeing a new frontier in wealth management,” says Rohit Mahna, Salesforce’s vice president and general manager of financial services. “There’s a massive opportunity coming from the wealth of data that’s available to allow advisors to get deeper in understanding their clients and overall business.”
Salesforce hopes the new features will allow advisors to uncover new client opportunities, more efficiently manage their time and more effectively take action with clients by stitching together data across accounts and institutions into an easy-to-read, easy-to-organize dashboard.
Wave lets advisors segment their clients by age, wealth, gender, market segment and other customizable traits.
“It can be difficult for advisors to get a complete view of one client or a client segment, let alone their entire book of business,” Mahna says. “Advisors have so much data being thrown at them that it becomes a jungle.”
Perhaps most impactful is Wave’s ability to organize and view clients by financial goals and financial goal progress. Salesforce believes the new view will enable advisors to identify which clients are falling behind on their goals or are experiencing life events that impact their progress, allowing them to provide guidance when it is most needed.
“[Clients] want to have discussions focused on [their] goals, but advisors don’t have analytics to report on them,” Mahna says. “Most software isn’t designed to remind and refresh advisors about client goals.”
Wave also allows advisors to determine how much of their work hours are allotted to marketing, outreach, advising activities and other tasks. The tool also enables advisors to compare client revenue against time spent on advising activities to identify whether they’re prioritizing their high-value clients.