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Salesforce Wealth Management Basecamp: AI is Mission-Critical for Business Growth

April 10, 2018

Those of us who’ve been in the financial services industry for years are well aware that our business is extremely unique – but the broader tech world is just beginning to take notice.

Tech titan Salesforce recently hosted an event in Chicago specifically for wealth managers who advise high net-worth clients, and invited Hearsay to join as a finserv specialist partner. More than 200 attendees gathered to learn and exchange ideas with Salesforce executives and the company’s ecosystem of partners, with a particular focus on how advisors can effectively leverage technology to drive business.

The event kicked off with a keynote from Ilan Davidovici, Salesforce’s Global Head of Wealth and Asset Management and an expert in harnessing the power of technology to drive smarter customer engagement.

Davidovici’s talk focused on building client trust with “relationship intelligence” – essentially, technology designed to generate actionable insights based on data from relationship-building activities like email, phone calls, meetings and other sources.

How can this approach apply to the everyday financial advisor? Here are three takeaways I thought were key for advisors to know.

1. AI can help advisors personalize, automate client relationship-building and grow AUM at scale

A successful advisor prioritizes building strong relationships not just with one primary client, but with the client’s entire household and broader personal sphere – including aging parents, dependent children, business partners and more.

For busy advisors, this is much easier said than done. According to Davidovici, today’s artificial intelligence (AI)-driven technologies – particularly those that are purpose-built for the wealth management industry – can automate and optimize many of the tasks required to deepen those relationships. Platforms like Hearsay can sync data from multiple digital communication channels and then leverage this data to help advisors be more personal and productive, like automating common actions such as requests for annual reviews or referrals, sending birthday wishes and more.

2. Advisors who leverage the right technology generate 78% larger books of business and 46% greater revenue/production

Technology is a foundational element of the modern equation for growing client relationships, so it was no surprise to learn that, according to an Aite Group industry survey cited at the event, advisors with integrated technology generate around 50 percent more financial plans and investment proposals, which translates into 78 percent larger books of business and 46 percent greater revenue/production. According to recent research by T3, 43 percent of surveyed advisors see their CRM program as the all-important software hub of their businesses.

However, the key to making these statistics real for wealth management companies is to ensure advisors have a platform to use that is easy for them. Many companies roll out technologies that get very little adoption from advisors because they are not built for the way advisor’s actually work.

Davidovici highlighted Salesforce partners, including Hearsay, that work together to automatically sync all client interaction data across social, mobile and the web directly into Salesforce, removing the need for advisors to spend time on tedious data entry. Eliminating manual data entry has been shown to free up an hour a day of an advisor’s time, so he or she can focus on more high-value client interactions.

3. AI can boost client satisfaction a whopping 200 percent

Relationship intelligence can be activated at each phase of the advisor-client relationship to create a lasting experience that consistently exceed expectations, said Davidovici. According to Salesforce, advisors can expect a 200 percent increase in client satisfaction by using AI.

In the early relationship-building stages, AI can help capture complex client relationships and roles. As the relationship continues and more data is collected, AI-powered technology can suggest personalized, next-best actions for advisors – for example, a reminder to send a happy anniversary note to a client, queued up to be sent via a text message because this particular client prefers texting – to create an effortless client journey and improve satisfaction.

Compliance driven advisor-engagement platforms are uniquely positioned to gather this relationship intelligence because they capture all digital client interactions across social, mobile, email and more for regulatory purposes.

Given the increasing need for advisors to connect with today’s digitally savvy clients and exceed their changing expectations, advisor-client technology that feeds relationship intelligence is really what it’s all about. As Hearsay’s CEO, Clara Shih, recently stated, “the future of financial advice is high-tech and high-touch at scale.”

Learn more about Hearsay’s Advisor Cloud and CRM integration capabilities, and check out the Hearsay Connector listing on the Salesforce AppExchange.

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Brad Stoub

Head of Sales, West & Canada

Brad Stoub leads Hearsay's enterprise sales team covering the company's West and Canadian regions.

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