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7 Ways Salesforce DPA Streamlines Wealth Management

7 Ways Salesforce DPA Streamlines Wealth Management

Wealth management professionals constantly battle against the clock to complete a multitude of tasks with laser-like accuracy, all while providing their clients exceptional service. With the rise of robo-advisors and the upcoming 50+ trillion dollar transfer of assets to a new generation, it’s crucial in this industry to make things as efficient and client-centric as possible and avoid mistakes that cause additional work and delays — leading to poor client experiences. 

Digital Process Automation (DPA) with Salesforce is a tool suite that allows users to automate their business processes on the Salesforce platform. It includes features such as Workflow, OmniScript, Process Builder, Flow, and Flexcards that can be used in various ways to improve efficiency, streamline workflows and enhance the client experience. Together, these powerful tools allow you to take a scalable, flexible, and efficient approach to automation to reduce manual labor, increase efficiency, and take financial advisors to the next level with superior client-centric service.

Here are seven ways Salesforce DPA can help wealth management professionals streamline their operations.

#1: Efficient client information management

Automating the capture and storage of client information (such as contact details, portfolios, and risk tolerance) can make it easier for financial advisors to answer client questions quickly and offer personalized investment advice aligned with their financial goals and preferences. Streamlining administrative tasks like data entry and organization enables financial advisors to provide better services and ensures accuracy and consistency.

#2: Organized document management

When managing a client’s financial situation, an advisor often has to keep track of an overwhelming amount of documentation. This can include bank statements, tax returns, investment statements, and other financial documents. Having a comprehensive system in place that allows you to easily receive, store, manage and retrieve information and documentation allows for more accuracy and efficiency

#3: Automate client communication

Regular and timely communication is essential to stay in touch with clients, keep them up to date with important information, and build stronger relationships that lead to loyalty and increased satisfaction. Sending newsletters, market updates, and other important info to clients based on their personalized data can be done with ease, eliminating manual email drafting and sending while also ensuring consistent communication.

#4: Streamline performance reporting

Performance reports provide valuable insights for decision-making and are crucial for communicating results and progress toward goals and objectives. Generating custom reports can be a significant drain on resources, both in terms of time and effort. By automatically generating and delivering custom performance reports that include the metrics that matter the most, financial advisors can focus on other areas of their business without compromising communication. 

#5: Effective task management

To keep the quality of service provided to clients high, creating tasks for follow-ups needs to be consistent and accurate. This is especially true if tasks have legal or regulatory implications, such as annual reviews or compliance audit items. This also improves tracking, collaboration and communication between team members. Through analyzing and monitoring this task data, financial advisors can also identify areas for process improvements. 

#6: Compliance monitoring

Financial advisors need to comply with an entire host of regulations, laws, and standards within the industry. Failing to comply can lead to legal, financial, and reputational issues. Advisors can set up Salesforce DPA to automatically monitor client accounts for compliance and generate alerts for potential violations on a proactive basis. Better yet, monitoring and alerts can be highly personalized to meet specific compliance needs and unique requirements. 

#7: Data analysis

Understanding your client’s unique situation and identifying areas of improvement or risk is essential to providing value and helping clients meet their specific needs and goals. It is also time-consuming, especially if done in real time or manually. By automating the process of analyzing client data in real time to identify areas for improvement (e.g., underperforming portfolios and tax-efficient investment opportunities), you can provide better outcomes for your clients, help them achieve their financial goals more efficiently, and quickly identify trends and patterns that inform their investment strategies.

Salesforce DPA frees up financial advisors and portfolio managers for higher-value activities and better client outcomes

With Salesforce DPA, a wealth management professional could choose one area to maximize or they could streamline their entire process from start to finish — including document organization, performance reporting, and data collection and analysis. By creating automations like the ones mentioned above, wealth management professionals can significantly reduce the amount of time and effort spent on low-value tasks and focus on other areas of their business. As a result, financial advisors and portfolio managers can free up time for higher-value activities like building client relationships and providing personalized financial advice.

In today’s fiercely competitive wealth management industry, time is of the essence, and anything a wealth management practice can do to eliminate or reduce manual, repetitive tasks that consume valuable time and resources needs to be explored. Firms and financial advisors that embrace this type of automation will remain competitive and better connect with the next generation of tech-savvy investors and will be able to focus on activities that drive the highest value and make the most significant impact.

Reach out to learn more about how Atrium can help you unlock the full potential of Salesforce DPA for your wealth management business.