When wealth management firms evaluate their technology needs, their top consideration is productivity, followed by improving the client experience and increasing the profitability of their firms. To a certain extent, these three themes are linked: The more productive employees are, the better they serve customer needs. And a better customer experience is the key to attracting and retaining customers, increasing profitability.
“We recognize that wealth management firms are accelerating efforts to innovate and deliver a refined and unified multi-channel user experience via a common platform,” says Michelle Feinstein, general manager and vice president in Salesforce’s Global Wealth and Asset Management Solutions and Strategy – Industries division.
Well-integrated, easily implemented solutions are critical because technology already plays a key role in supporting several aspects of wealth management practice. More than three quarters (78%) of firms report that digital tools are useful for managing risk. Most also rely on existing technology solutions for client attraction and retention (72%) as well as digital workflow automation (71%). Poorly integrated solutions can put pressure on those existing systems. “Firms need a partner that offers compelling solutions and speed to market when it comes to integration and innovation,” says Feinstein.