Health emergencies like the COVID-19 pandemic, associated economic and cultural disruptions, wage and labor trend dynamics, are all creating the need for better wealth management strategies for the average individual.
Studies estimate that the global wealth management market will be worth over USD 3.43 trillion by the year 2030. However, even though the industry as a whole is seeing a rosy growth picture, traditional incumbents in the sector such as banks, financial institutions, and wealth managers are witnessing a decline in the flow of interest from customers. The rise of self-service fintech platforms powered by AI is creating a paradigm shift in the way people perceive and manage their wealth. It is almost as if customers have more trust in an AI algorithm to manage their wealth than decisions taken by reputed wealth managers.
So, does this mean that wealth managers will have to seek alternate careers? The answer is “No”. The expertise of wealth managers cannot be replaced any time soon, but they can certainly be augmented with digital tools. One of the top candidates in the list of such wealth management tools that bolster the potential of wealth managers is the Salesforce Financial Services Cloud (FSC). Salesforce FSC offers a comprehensive 360-degree view of a customer’s financial profile and helps wealth managers build a customer-centric engagement and nurture a sustainable relationship with the customer for a longer term.
The brief overview we gave earlier about what Salesforce FSC alone may not justify the value that the platform brings for wealth managers. FSC enables a far-reaching impact on decisions made by wealth managers. FSC allows wealth managers to quickly understand opportunities, make the right product or service pitch, collect potential data, and then proceed with offering strategic financial advisory that helps customers safeguard and grow their wealth risk-free.
Let us examine why Salesforce FSC can help wealth managers drive more valuable returns and engagement with their customers:
Salesforce FSC offers a centralized digital platform that helps wealth managers collate data, collaborate on deriving insights through analytics, and drive better relationships with their clients. By delivering the right information at the right time to the right person, FSC can shorten sales cycles, improve advisory effectiveness, and enable better and more prudent financial and wealth management services to customers.