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Salesforce Releases Cloud CRM for Wealth Managers

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Salesforce has announced a new wealth management-focused, cloud-based customer relationship management system.

This is the company’s first industry-specific product.

The Salesforce Financial Services Cloud is only available for previews now, but general availability is slated for February 2016. Pricing will be announced at the time of general release.

The new Salesforce Financial Services Cloud aims to help advisors offer more personalized client experiences and increase productivity.

“Today’s investors want a much different relationship with their advisors than their parents had,” said Simon Mulcahy, senior vice president and eneral manager of financial services at Salesforce, in a statement. “They want someone who understands them and engages them on their terms. Salesforce Financial Services Cloud sets advisors free from administrative tasks and gives them the modern tools they need to supercharge their relationships.”

Through the Salesforce Financial Services Cloud’s client profile, advisors will be able to see all of their clients’ information in one place – including instant access to tear sheets, financial accounts and goals.

A component of the client profile can also help advisors gain a more complete picture of everyone in the client’s family. This “relationship” section will let advisors map and build 1-to-1 relationships with each member of their clients’ households, using relevant information to manage their individual goals, such as budgeting for college, buying a new home or planning a summer vacation.

Advisors will also be able to access the Salesforce Financial Services Cloud app from any device, allowing them to “give ongoing advice in micro-moments to their clients,” Salesforce says.

The system promises to help eliminate some of advisors’ time-consuming manual and paper-based tasks through automation.

Through the platform’s Advisor Today homepage, advisors can check information on client accounts, such as gains and losses, and review relevant market insights.

In addition, the Salesforce Financial Services Cloud Assistant aggregates information from multiple systems and creates comprehensive advisor to-do lists, including proactive alerts for leads and tasks.

To design the platform, Salesforce worked with wealth management firms, like AIG Advisor Group, Northern Trust and United Capital.

Mike Capelle, chief strategy officer at United Capital, said that a holistic view like Salesforce’s new offering provides is important for a client’s well-being.

“With Salesforce Financial Services Cloud, advisors now have the technology to build deeper, 1-to-1 relationships with their clients, helping them make the right financial decisions to achieve their life goals,” Capelle said in a statement.

Salesforce systems integrators Accenture, Deloitte Digital, PwC and Silverline have already announced they will provide technical integration assistance with leading wealth management firms.

“We believe this product can fundamentally change the way wealth managers engage with their clients by providing a complete customer eco-system perspective,” Michael Spellacy, a principal and global wealth leader at PwC, said in a statement. “It transforms the experience of the wealth manager and gives them a more integrated perspective on their client interactions.”

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