That next client recommendation may come from an "Einstein."
San Francisco-based Salesforce announced an AI addition to its Financial Services Cloud platform for wealth managers: Einstein Opportunity Insights, which is designed to help advisors better manage client relationships.
“Data is telling us that if advisors don’t focus on the client relationship, there’s going to be big [client] attrition,” says Rohit Mahna, Salesforce senior vice president and general manager of financial services.
Einstein will recommend opportunities to advisors based on client sentiment and engagement, as well as track business, familial and other personal relationships.
The Einstein functionality searches through client communications to find mentions of competitors, a drop-off in engagement or positive and negative sentiment to suggest strategies for advisors to reconnect with their clients.
“Einstein brings issues to an advisor’s attention and predicts actions that they might take to address those issues,” says Mahna.
If a client cancels an appointment with an advisor, for example, Einstein will recommend the advisor reach out to stay in touch with the client, even readying a new email with auto-filled language based on previous communications with the client that the advisor can then edit.
Salesforce also allows advisors to track and map clients’ relationships by advisor, center of influence and household, and to link multiple households and businesses.
“Advisors are trying to rethink their relationships,” says Mahna. “With a tremendous transfer of wealth up for grabs, the entire industry is moving away from traditional engagement towards something more relationship driven.”
Financial Services Cloud is now being used at nine of the 10 largest U.S. and European wealth management firms, five of the top 7 U.S. and European insurance firms, and nine of the top 10 U.S. and European banks, Mahna says.