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      Salesforce Financial Services Cloud: The Future of Wealth Management is Here

      Jan 20, 2023

      4 minute read

      In recent years, the financial service arena has witnessed a massive transformation. As customer experience is becoming a new battleground, it has become crucial for businesses and service providers to offer personalized services and foster meaningful relationships with customers.

      So, how do you go about fostering meaningful relationships while delivering personalized experiences in the financial arena?

      Enter – Salesforce Financial Services Cloud.

      Salesforce Financial Services Cloud (FSC) is a Lightning-ready integrated platform designed for a concierge level of service with personalized and proactive advisory. FSC is beneficial to three important financial services verticals. These are:

      • Wealth and Asset Management
      • Banking
      • Insurance

      In this blog post, we’ll discuss the components of FSC, its benefits, and how it bridges various financial positions to serve each one’s demands. So, let’s dive in!

      Components of Financial Services Cloud

      FSC offers a number of standard objects and components that enable the tracking of private wealth management and collaboration with external consultants. The cloud comprises the following components:

      • Financial Account
      • Asset and Liability
      • Financial Goals
      • Financial Holdings
      • Securities
      • Financial Transactions
      • Wallet Share Evaluation
      • Tracking of Life Events (like home purchase, marriage, the birth of a child)
      • Reports and Dashboards

      Benefits of Implementing Financial Services Cloud

      Salesforce Financial Services Cloud empowers financial professionals to create personalized experiences that build customer loyalty and trust. Here are the benefits that FSC offers to financial institutions and capital markets.


      1. Schedule Appointments With Lightning Scheduler

      It allows relationship managers and customers to book appointments smoothly that are installed in the Salesforce workflow.

      For instance, a consumer can plan an appointment with a Salesforce FSC insurance broker using a mobile app or website, and a sales representative can schedule a meeting with a prospect for a colleague. Also, the customer relationship administrator can have a look at the appointment catalogs to promote a superior banking experience.

      2. Create Personalized Surveys

      Salesforce surveys for FSC enables you to create personalized and branded surveys that can be inspected in the profile of a client. Also, they can be organized as dashboards and reports that can be shared privately as client feedback through FSC.

      For example, a relationship supervisor can transfer a customized survey post and get benefitted from the response details to revamp services that foster loyal client relationships.

      3. Automate Tasks with Action Plans

      By using action plans in FSC, you may automate some repetitive operations and make sure that deadlines are met by following predetermined steps. You can auto-assign tasks to different team members while ensuring compliance at every step of the process.

      For instance, several stages are included in onboarding a new client such as scheduling a new meeting, discussing financial goals, and signing documents. You can identify all of these steps in an action plan template and later use them in the action plan to monitor progress.

      4. Make Informed Decisions with Advisor Analytics

      FSC’s feature Analytics Reports and Dashboards empowers financial advisors to make informed decisions and serve their clients better. Also, banks can customize several predefined reports and dashboards as needed.

      5. Get a Centralized View With Commercial Banking Application

      This feature in FSC enables agents to get a centralized view of their customers’ financial and business reports. Also, it allows them to focus on a high-net-worth perspective and smoothly associate with new clients.

      Commercial and business bankers get an exclusive view of their records, accounts, and opportunities on their new index page. In addition, features like Treasury Administration and Smart Business Referrals in FSC enables relationship managers to have a look at the specific interest of their clients to provide an omnichannel customer experience.

      How is FSC Serving the Needs Across Various Roles?

      Salesforce FSC is the unanimous leader in the new era of wealth management, banking, and insurance-related software that can be tailored to a high-touch relationship model. It empowers financial advisors and consultants to build meaningful relationships with clients for key investment decisions based on goals.

      Here’s how FSC serves the needs across multiple roles.

      • Wealth Advisor

        The cloud solution reduces administrative work and empowers advisors to manage complex investment portfolios and provides smarter and more personalized advice.

      • Bankers

        It enables bankers to seamlessly connect all communication channels and creates exceptional experiences that improve customer satisfaction along with ROI.

      • Insurance Agents

        FSC allows insurance agents to connect with customers on a 1:1 basis, guiding, and proactively engaging with policyholders during significant life events.

      • Server Operations

        FSC makes service operations seamless by ensuring easy access to information and addressing customers’ challenges across a range of channels and devices.

      • Business Executives

        With FSC, you get visibility into core analytics and the ability to quantify business goals, which enable marketing, sales, and service teams to take action and enhance their growth strategies.

      • IT Executives

        IT team is responsible for enhancing customer data and providing auditable interaction across multiple channels. Therefore, you can create enterprise-secure apps to empower financial advisors to engage with clients.

      The Bottom Line

      Predictive analytics, real-time internal and external cooperation, and more tailored experiences are all part of the ongoing transformation of the financial services industry. When compared to personalizing the Sales and Service Cloud, the Financial Services Cloud is a potent solution that can help you gain all these advantages and save time and money.

      Ready to Maximize Your Asset Management Efforts? Talk to Us!

      Our Salesforce experts have all the knowledge and expertise to maximize your wealth management efforts using Salesforce Financial Services Cloud. Just drop us a line at [email protected] and we’ll take it from there!

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