Savvy advisors understand the importance of building a robust tech stack featuring a comprehensive customer relationship management (CRM) system. But which one should you choose? If you’re interested in a cloud-based, AI-powered tool you can use to attract new prospects, drive engagement and manage client data more efficiently, Salesforce is one option you might want to consider. And those are just some of the benefits of using Salesforce for financial advisors.
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What Is Salesforce?
Salesforce is a cloud-based CRM software that’s been around since 1999. At a glance, Salesforce equips businesses with the tools necessary to:
- Connect with new prospects
- Close more sales
- Engage with current clients
- Create strategic marketing campaigns
- Automate tasks for increased efficiency
- Analyze data to glean helpful insights for scaling
Businesses from a range of industries rely on Salesforce for their CRM needs. In the financial services space, Salesforce is a popular choice among financial advisors, broker-dealers, wealth managers and bankers. An estimated 1.4 billion accounts globally are powered by the Salesforce Financial Services Cloud.
Benefits of Salesforce for Financial Advisors
What makes Salesforce a good CRM for advisors? Here are some of the reasons financial advisors and wealth managers choose this CRM solution over its competitors:
- Salesforce enables you to develop multi-layered client profiles, enhancing your ability to offer timely, personalized and actionable advice.
- Built-in productivity tools allow you to increase productivity and efficiency while offering a seamless digital experience for your clients.
- Mobile functionality means you can access client information from anywhere and respond to client inquiries promptly.
- Salesforce allows for collaboration and information-sharing across all members of your team. When paired with automated workflows, this can save time while minimizing room for error.
- Personalized portals and AI-driven support tools empower clients to seek (and find) answers when they need them.
- Salesforce is built with compliance in mind, helping to ensure that you’re consistent in meeting federal and state regulatory guidelines.
Whether Salesforce is the best CRM for you can depend on your firm’s needs and what problems you’re attempting to solve as you scale. You might find it helpful to compare Salesforce to other CRMs for financial advisors to see how they measure up in terms of the features, benefits and cost.
Using Salesforce to Grow Your Advisory Business
When evaluating a CRM for your advisory firm, it’s important to consider what the software brings to the table. Salesforce offers a comprehensive suite of solutions that can help advisors run and grow their businesses through the Financial Services Cloud.
The Financial Services Cloud features extensive AI capabilities spanning every stage of the client relationship.
Here are some of the ways you can use Salesforce to grow your advisory business:
Simplify Client Onboarding
A smooth client onboarding experience can set the tone for a solid relationship going forward. Salesforce streamlines onboarding by integrating data analysis and AI, allowing you to:
- Collect client data using pre-configured templates
- Share disclosures, consent forms and other onboarding documentation digitally
- Verify client information following Know Your Client (KYC) rules
- Establish secure client portals to amplify the customer experience
- Develop workflows that allow everyone on your team to monitor the client’s progress through the onboarding process
Salesforce is customizable so you can choose which products or services to add, based on the type of onboarding experience you’d like to offer your clients.
Build Trust and Boost Revenues
Trust is critical for converting prospects to clients, as well as retaining clients you already have. Salesforce provides a comprehensive view of client data and built-in communication tools designed to help you build trust and close more sales.
Here are some of the things you can do with Salesforce to fuel growth:
- Filter contact lists to identify high-net-worth or highest-priority prospects and clients
- Deploy real-time analytics to better understand a prospect or client’s current and future needs
- View client data in one place to pinpoint areas of opportunity and develop actionable plans for meeting those needs
You can also use Salesforce to improve customer service and satisfaction using AI-powered add-on services that coordinate with the Financial Services Cloud. Einstein, for example, uses generative AI to respond to customer service inquiries and analyzes client data to provide you with next-step actions to move the relationship forward.
Increase Engagement
Engaged clients are more likely to remain your clients for the long term. Driving engagement is all about getting to know your clients and tailoring your approach to meet their individual needs.
You can use Salesforce to stay engaged by:
- Creating unified financial profiles of your client’s assets and liabilities
- Using visualizer tools to gain a deeper understanding of a client’s cash flow and net worth
- Leveraging those insights to develop actionable financial plans
The Salesforce Data Cloud pulls it all together for you, giving you a real-time view of a client’s financial data. The Data Cloud enables you to segment your prospect and client lists, and mold engagement to fit where they are in their financial journeys and where they’d like to go next.
Frequently Asked Questions (FAQs)
Do Financial Advisors Use Salesforce?
While Salesforce is not exclusively designed for the financial services industry, many advisors choose it as their preferred CRM. The Salesforce Financial Services Cloud was created with financial advisors, wealth managers, bankers and other financial professionals in mind, and includes a range of tools to help them meet client needs.
How Is Salesforce Used in Financial Services?
Salesforce is a versatile CRM that financial services professionals can use to:
- Increase engagement with prospects and existing clients
- Develop targeted marketing campaigns to close more sales
- Create customized financial plans that are suited to individual client needs
- Manage customer support
Salesforce is also designed to ensure compliance with federal and state regulations, while promoting efficiency and increased productivity for advisors.
Why Do Financial Advisors Need a CRM?
CRM software meets a variety of needs for advisors. With the right CRM, it becomes easier to identify and connect with prospects, nurture client relationships, provide customized solutions and observe compliance rules, all while saving time and increasing your productivity. A good CRM can act as the hub around which the other spokes of your tech stack revolve.
Bottom Line
Salesforce can offer significant value to financial advisors who are interested in harnessing the power of AI through a CRM solution. Exploring the range of possibilities of Salesforce for financial advisors can help you decide if it makes sense for your business. And if you’re interested in learning more, consider signing up for a free trial of the Financial Services Cloud.
Tips for Growing Your Advisory Business
- An effective marketing plan can help you attract new clients and increase sales, but developing one can be a time-consuming effort. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
- As your business grows, it’s possible that your CRM needs may shift. You may consider switching to a new CRM if you need more integration capabilities or a broader range of integration tools, or if you’re dissatisfied with the value you’re getting in exchange for what you’re paying. If you’re shopping around for a new CRM, look for platforms that allow you to schedule a demo or free trial so you can test the features before committing.
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