Salesforce 2016 World Tour Melbourne - Financial Services Cloud summary

One of the big news items during the Salesforce World Tour 2016 in Melbourne on Tuesday was the APAC introduction of the new Salesforce Financial Services Cloud. We sent our crack team to the Financial Services track and asked them to provide a quick summary of what the new Financial Services Cloud offer. 

What is the Financial Services Cloud?

Besides the big smiles, here is their rapid fire summary of the new Financial Services Cloud.

A: Financial Services Cloud is the first industry product built by Salesforce, tailored to Wealth Managers. It serves Financial Advisors, their teams and their clients. Built on the salesforce platform, Salesforce Financial Services Cloud is designed to transform the client-advisor relationship for the digital age.

Who is the Financial Services Cloud for?

A: Financial Services Cloud provides an advice platform that is tailored to any Financial Services professional with a high touch relationship model. First cab of the rank is Wealth Management Advisors and Advisor teams.

Financial Services Cloud can extend to Insurance advisors selling wealth management products and to high end retail banks.

What are the primary value propositions for the Financial Services Cloud?

1. Speed and lower TCO:

As the industry prepares itself for the enormous opportunity offered by secure cloud services, it is looking to technology partners to not only offer more, but to reduce time to market and simpify ownership. That means Salesforce needs to work [off the shelf] with less implementation effort (cost and time).

2. Continuous Wealth Management innovation:

Salesforce is putting its whole weight behind this industry, condensing everything it has learned about wealth management over the last 15 years and combining it with a modern clean interface. Many of the leading wealth managers have used Salesforce to create great experiences (paperless offices, gamification, leading edge goals based engagement, etc). This knowledge has now been productised. The result is a platform built to take advisors to the next stage of their journey, delivering new features 3 times per year.

3. Advice not admin

The end result is lower cost:income ratios. Your high cost/high value advisors spend less time doing admin and more time in front of clients. You need less back office support, your clients feel loved like never before and reduced attrition rates will follow. You'll have more time to spend with new prospects and can focus on growing the top line.

4. Baked right into the Salesforce Platform

For the first time ever we are speaking the language of the industry natively in Salesforce.

Native dashboards focused on helping advisors manage their books, deepen client relationships and grow their portfolio will simplify reporting and improve your productivity.  The ability to look at Clients and Households and see the engagements across both will help you slice and dice your portfolio by top clients based on AUM.

Life will never be the same.

Venkat Lavu is a Consultant with System Partners. He currently spends 8 hours a day with financial services clients. You can contact him directly: