5 Reasons Wealth Management Firms Should Move from Proprietary CRM to Salesforce

According to various buyer reports, business have more confidence in Salesforce software opposed to the fierce competition in the CRM marketplace today. But, even considering their worldwide popularity, why should wealth management firms trust Salesforce over custom or proprietary CRM solutions?

Simply put, Salesforce offers what other CRM solutions just can’t. This alone gives wealth management firms the power to obtain reliable CRM technology that’s affordable and customizable. Yet, there’s still more testimony. Here are the 5 most compelling reasons to choose Salesforce for your wealth management firm’s CRM system.


CRM is only as good as the benefits it provides its users. The best part about Salesforce is how it can turn routine manual tasks into automated workflows, giving advisors much needed flexibility and freedom to spend with clients instead. In addition, there are many other workflow efficiency features such as calendar and appointment management which allow wealth advisors to stay on top of tasks and document their activity histories with each client.

Salesforce also has an excellent collaboration tool called “Chatter” allowing advisors to communicate with each other in real-time. It also helps keep their clients in the loop on necessary activities and information, including the ability to share records and documents.

From a mobile standpoint, Salesforce truly has the best capabilities of all CRM marketplace offerings. They’ve evolved their data accessibility options so users can access client information from any browser, tablet, desktop, smartphone, or other device. In fact, more wealth management firms are looking towards mobile technology to improve their communications with clients. Some firms even believe it to be one of the most important aspects when choosing a CRM solution.

Customizations and AppExchange

The ease of customization is one of the best compliments we hear from wealth management clients after transitioning to Salesforce. It’s ability to accommodate a wide range of customization possibilities is what makes it good as, if not better than, a custom-developed solution. In fact, we’ve also developed an application on the AppExchange specifically designed for wealth management firms. Our solution is built on the standard Salesforce platform and helps firms save money on upfront configuration costs.

If a firm has specific customization needs, the Salesforce AppExchange will more than likely have the solution. While other CRM competitors offer similar apps for customization, none are as powerful as those found on the AppExchange. There are literally thousands of options that are all tested to Salesforce.com’s standards which means the safety and reliability are credible. These apps can expand the CRM’s core functionality, such as LinkedIn or Microsoft Outlook integration. For another example, there are apps that can further enhance Salesforce’s Chatter feature. It can really help wealth management firms identify goals, praise advisors for their achievements or even establish quarterly goals for the firm. The vast selection of apps in the AppExchange is what makes Salesforce so flexible and more affordable than proprietary software.

Reports and Dashboards

Because each firm’s requirements are different, Salesforce also allows for the tailoring of reports and analytics to the specific needs of its users. The different report formats can include formulas, bucketing and advanced data filtering. Needless to say, customizing Salesforce reports is extremely easy and can be incredibly beneficial to both your advisors and their clients.

Furthermore, the Salesforce dashboard is very user friendly. The best part about the simplicity of the dashboard interface is that it does not sacrifice CRM functionality at all. In fact, it really makes the CRM more powerful, and advisors can get more out of the tool. It’s because of this simplicity that Salesforce has become the most widely used CRM application today.
Training and Adoption

When it comes to training advisors, Salesforce is incredibly easy to adopt. There is little difficulty navigating the interface and everything is presented in an easy to understand format. From functionality to customized report features, not even proprietary solutions can meet or exceed the usability benefits that Salesforce can bring to the table.

Salesforce even offers a wide range of educational tools, including blog articles, webinars, videos and user-guides. Even still, we always recommend working with a CRM expert who can help your firm create an effective training program to meet the firm’s educational needs.
Security and Reliability

Salesforce understands the importance of online protection. Because of their access to resources and developers, they offer better data security with state-of-the-art firewall protection. They also deploy detection systems and other proprietary security products to ensure that sensitive information isn’t compromised. Plus, Salesforce’s customer support is readily available if and when problems arise. Their service team is knowledgeable and dedicated to resolving any customer issues.

Salesforce is also very consistent with updates and new releases of their software. This reliability makes it much more secure and easier to justify the cost. By comparison, any ongoing maintenance with custom or proprietary software is left to the responsibility of the firm’s technical team.

Without question Salesforce dominates the CRM marketplace. Their dedication to helping businesses improve their client relationships is on par with their commitment to producing top-shelf CRM software. If your wealth management firm is on the fence about which route to go, check out our latest video blog, “The CRM Selection Process” with guest Steve Chipman, president of CRM Switch. Or, read our latest blog in our CRM for Wealth Management series, “Pros/Cons of Proprietary CRM Software.”

Launching a CRM implementation? Be sure to read this to learn the do's and don'ts to ensure it runs smoothly.

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