Financial Services Cloud For Wealth Management: What you need to look out for?
Here are a few key advantages of using the Financial Services Cloud:
- First and foremost, by allowing users to manage client engagements, household relationships, and financial life objectives from a single integrated platform, the service helps users boost productivity.
- One can also keep track of critical projects on any device and stay on top of responsibilities with an automatically produced list.
- Organizations may use Financial Services Cloud to transform their customer base into an active referral network by tracking recommendations from within the company.
- Financial Services Cloud reduces administrative labor, allowing advisors to provide customers with more sophisticated and individualized advice.
- By using a complete set of productivity and engagement capabilities the solution enables advisers to provide premium service to their customers.
Some important features of Salesforce Financial Services Cloud:
- Financial Services Cloud components such as Financial Account, Financial Account Role, and Assets and Liabilities can store up to 70 million data in the cloud.
- Up to 5 million records can be loaded and handled by Data Loader. A load volume of 5 million Financial Account data is supported using roll-up summary computations.
- It is recommended that you deal with a Salesforce partner if you need to support or load records that exceed these restrictions. For this purpose, you can search AppExchange for an appropriate data load partner product.
- The quantity of records imported is determined by permissions as well as the sort of data being imported. As many records can be imported, as you like, as long as you don’t exceed your organization’s total data storage restrictions. For which again, you might need to consult a Cloud expert of third-party assistance.
With Financial Services Cloud, wealth managers can now have an automated workflow, get proper data migration and data visibility, have a hand-holding relationship and mapping with the customer, and have new features every few months that gets automatically updated.