Wealth and asset management firms operate in an environment of evolving client expectations and increasing regulatory demands, making operational efficiency crucial to staying competitive.
But for many firms in the small and midsize wealth management segment, legacy CRM systems create inefficiencies and hinder growth. Their inability to integrate portfolio management tools, automate compliance processes, and streamline client communication and engagement tracking forces wealth managers to rely on multiple systems, resulting in excessive “chair swiveling.”
Moreover, the lack of built-in, industry-specific automations forces financial professionals to perform manual, time-intensive compliance tasks such as tracking Required Minimum Distributions (RMDs) and Know Your Customer (KYC) requirements. Legacy systems also tend to have inefficient processes for generating documents, statements, letters and marketing materials.
Salesforce Financial Services Cloud implementation
Many firms are implementing Salesforce Financial Services Cloud (FSC) to replace their outdated CRMs. And while Salesforce offers a strong foundation, achieving full operational efficiency requires industry-specific customizations. That’s where SolomonEdwards comes in.
We specialize in helping wealth and asset management firms leverage Salesforce Financial Services Cloud (FSC) to streamline and automate processes, improve compliance tracking and free advisors to focus on high-value client interactions. With our deep expertise in financial services technology, we can go beyond out-of-the-box implementations to provide customized Salesforce solutions tailored to the unique needs and requirements of the wealth and asset management industry.
Our approach
Our implementation approach focuses not just on the usual tactical aspects but on optimizing FSC to fit your unique workflows. We take the time to understand every interaction your clients initiate, from routine money movements to more complex portfolio changes. By identifying these workflows, we can build tailored capabilities that simplify and automate them. This approach replaces outdated manual processes and email threads with a robust, seamless workflow engine that keeps everything moving efficiently.
A case in point
We worked with a privately held investment advisory firm to migrate from its legacy CRM solution (Junxure) to Salesforce FSC.
Their legacy CRM was inefficient, disconnected from their portfolio management system and unable to support their growth goals. Our team worked closely with their advisors to customize FSC to their needs with the following tailored solutions:
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Custom RMD tracking to automate client notifications and required distribution calculations, eliminating manual processes. |  |
Document automation to allow batch-generated compliance and marketing materials, reducing administrative time and costs. |
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Advanced KYC workflow to streamline compliance checks with automated task generation and real-time dashboards. |  |
Portfolio integration to ensure seamless access to client financial data within Salesforce. |
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Householding and relationship management enhancements to reduce duplicate data entry and improve data integrity. |
Results
The result? A dramatically improved operational workflow, enhanced compliance processes and a scalable system that supports the client’s long-term growth strategy. With fewer mundane tasks to worry about, advisors can spend more time building existing and new client relationships. Another significant benefit: No more “chair swiveling.”
Looking ahead: scaling for the future
As small and midsize wealth and asset management firms ramp up their digital transformation efforts, they have a growing need for a modern, scalable and intelligent CRM system. If your firm is looking to modernize its CRM strategy and streamline operations, let’s connect to discuss how we can tailor Salesforce Financial Services Cloud to your needs.
