Salesforce have debuted Wave for Financial Services Cloud, a new application baked into it’s Financial Services Cloud product, putting insights at advisors’ fingertips.
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 Financial advisors struggle to stitch together this disjointed data, and other critical client information, across outdated, siloed systems.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. The new platform means advisors will be able to leverage analytics to uncover client opportunities, maximize their time and take action at the point of insight.
“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.”
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.
Building on the momentum Financial Services Cloud has seen since it’s launch in March 2016, with leading financial services firms using the product to deepen and grow their client relationships, leading independent software vendors continue to extend the capabilities of Financial Services Cloud by building applications for all aspects of the advisor experience.
Take Athene’s Skience, an automated client 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.
Or 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. Addepar’s data platform provides advisors with a comprehensive view across client relationships and complex portfolios, allowing advisors to access data from siloed systems in one place.
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FinancialForce Wave for PSA
To coincide with the news, Salesforce venture FinancialForce debuted FinancialForce Wave for PSA, delivering business intelligence services to empower professionals to need to run a successful Professional Services Organization . With unmatched visibility into every dollar recognized and dollar planned, FinancialForce Wave for PSA allow PSOs to make critical decisions in an informed and predictable manner.
The app enables personalized dashboards in multiple perspectives by customer, regions, practices, and groups, from a single project to the entire portfolio, making it seamless to view, analyze and take smarter actions using business insight.
Using FinancialForce Wave for PSA, services professionals will gain a comprehensive view across their business including:
● Business Optics: Know what every facet of the business is delivering from the project to the organizational level.
● Backlog Visibility: See every dollar of the backlog and have the optics to understand how to turn it into revenue faster.
● Billing Forecast: View forecasts at any point throughout the quarter and know that decision makers have the most up to date actuals and assignments going into that forecast.
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.