Earlier this month, Salesforce unveiled Wave for Financial Services Cloud.
Because clients have wealth spread across multiple banks, firms and accounts, financial advisors struggle to pull together critical data needed to provide the best service. According to Salesforce’s press release, research shows only 7 percent of wealth managers use technology to segment clients by age, while segment by gender.
Embedded directly into Financial Services Cloud, the application allows advisors to take a “multidimensional approach” to analyzing client data, uncovering opportunities and maximizing their time.
As a sales leader, you don’t have a lot of spare time. So, we made a brief summary of the important points for you.
Sales Leader Highlights of Wave for Financial Services Cloud
- Advisors may view which clients are affected by specific market shifts or aren’t making good progress toward financial goals with a new segmentation feature. Advisors can sort by age group, activity type, investment area and more.
- The 80/20 Dashboard – named after the theory that 80 percent of future revenue comes from 20 percent of your current business – enables advisors to spot high-value clients and prioritize their time.
- Advisors can view Wave analytics and then create follow-up tasks or flag opportunities without leaving Salesforce because Wave is embedded directly into Financial Services Cloud.
Salesforce also noted some independent software vendors (ISVs) that complement the Financial Services Cloud:
- Skience: A cloud-based, books and record solution that aggregates critical account data from over 200 sources.
- Quovo: A financial account aggregation platform that automatically syncs with thousands of client- and advisor-facing institutions.
- Addepar: A wealth management platform that provides a comprehensive view of and powerful analytics for any type of portfolio.
- Social SafeGuard: A risk management tool for companies using social media and internal collaboration tools.
The Wave application will be available this fall for Financial Services Cloud users. There’s additional cost for those with Enterprise Edition and above.