Working with Salesforce, the bank launched the new tools in six months from the start of discovery, including the integrations with its legacy systems.
With advisors having a single source of truth, entering data into Salesforce also updates 90% of their systems for huge time savings. Onboarding clients and
opening new accounts used to take days or weeks but now is accomplished in hours (or less).
The company was also able to sunset a number of its systems to get the total down to single digits.
With access from their desktops, advisors like the ability to create their own reports. The desktops are populated with some basic templates to start with, and advisors can customize and sort the data to present it how they like. The integration pulls the data for them, and they can seamlessly move between applications.
Adding Tableau CRM (formerly Einstein Analytics) to Financial Services Cloud changed advisors’ view of the CRM as a tool to input data to a tool from which they can retrieve data. Based on the integrated client info, Tableau CRM uses artificial intelligence (AI) to recommend personalized offers for clients. Advisors now spend time on higher value-added opportunities with better chances of success.
Advisors can focus on servicing clients and building out business. No more scrambling to pull in client information on the fly. They can create and print out high-quality client information that focuses on important data for specific meetings, allowing advisors to put their energy into building better relationships with their clients instead of mundane administrative work. A key result is that the company is currently at a 90% adoption rate, which shows the value the advisors see in the digital capabilities. Beltzer summed it up by saying,
“When you make things easy, it’s amazing what that does to adoption.”
One of the biggest successes in the company’s transformation is the success it is now having with recruitment. Along with the best recruiting success the company has ever experienced, retention is also remarkably high. Even as the industry as a whole is seeing turnover, advisors are gladly staying with the bank. Once viewed as being near the bottom for technology in the industry, the Wealth Management company is now considered a leading firm.