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Fintech and Digital Finance Services: Overcoming challenges of wealth management with Salesforce app development

Overcome Challenges of Wealth Management Faced in Fintech Firms with Salesforce
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The financial services industry is definitely one of those sectors where the players have been facing a lot of difficulties in maintaining pace with the growing customer demands and expectations. Especially when it comes to wealth management, traditional strategies are continuously going in vain, thus making digitization essential. The existing challenges of wealth management faced by financial services organizations can now be overcome with Salesforce. 

It is the Salesforce app development that has made it easier for organizations working on financial operations to get a customized Salesforce application that could make it easier for the employees to handle the work. Firms working on wealth management can now use Salesforce not only to maintain track of empirical data like financial records and performance but also allow teams to track customer behavior and interest.                  

In this blog, we’ll try to understand the challenges of wealth management that are possibly being faced by different financial services firms and how Salesforce development can be a way to overcome those challenges, enabling fintech firms to grow exponentially. 

Overcoming Challenges of Wealth Management with Salesforce

It’s a hard truth that the financial sector is one of the most complex industries and also requires a lot of work to bring in transformation while maintaining the sensitivity of the data. So, let’s take the first step towards bringing wealth management transformation by identifying the area’s challenges. 

Challenge #1: Lack of Understanding of Customer Needs

It can be a complicated task to efficiently maintain relationships with customers while you focus on reaching out to new prospects too. To maintain relationships, financial organizations always need to keep track of data points related to customers and serve them accordingly. Salesforce emerges as a flexible platform here to help organizations track complex data points and always have a link attacked with the customers served previously.      


Salesforce enables financial representatives to access individual or group data models that help to view relationships with customers at the organizational, professional, or individual level. Salesforce for financial services also enables businesses to maintain a continuous track of customer life events and manage recommendations and suggestions accordingly. Instead of manually saving or recalling events or important information, Salesforce enables agents to maintain customer journeys by logging all the important details. 

By storing customer information in life events and interest tags, advisors can create fuller client profiles in Salesforce. This enables better organization and segmentation of clients for targeted marketing and product recommendations, resulting in more personalized experiences and increased client satisfaction. Furthermore, the transfer of clients between advisors is made more seamless with complete and organized client information.    

Challenge #2 Low Productivity of Advisors

If we talk about wealth advisors working for financial services firms, they spend most of their time meeting with customers and trying to build and maintain effective relationships. Their major responsibilities include reaching out to new customers, planning meetings, and preparing financial plans for customers, not to mention excessive administrative tasks. It can be challenging for advisors to manage all the work while ensuring closing customers on time. 


There are different ways Salesforce application development can help advisors to improve productivity in wealth management while ensuring none of the tasks are missed out. 

1. Action Plans: Action plans in Salesforce are intelligent checklists consisting of tasks for your team, providing a template and framework for any repetitive process. For instance, if a set of five tasks is required for each client’s annual review, you can create an action plan that specifies those tasks and automatically generates them, assigning the relevant tasks to the appropriate individuals or departments.

2. Next Best Action: Another Salesforce feature that could help advisors work efficiently is Next Best Action. This feature helps to provide suitable recommendations to customers with the help of Einstein’s predictions and business logic. The feature enables advisors to send out emails on some specific life triggers or send out a personalized offer to a customer. 

3. Prioritization: There can be times when advisors have a lot of confusion regarding which customer they should reach out to first. The question is how they can prioritize their customers. Salesforce has got an answer for it too. Salesforce empowers advisors with features like Einstein Opportunity Insights, which help in the prioritization of customers based on criticality or urgency.

Challenge #3: Limited Digitization

With ongoing digitization, customers are now used to getting in-demand quick services and are thus reluctant to stick with any service that makes them wait. Due to this, customers expect the same promptness from financial services too. But lack of digitization in this sector can be a reason customers become frustrated and look for a better service to move on to.


With Salesforce custom app development, financial services firms can provide customers with numerous self-service features that could make it easier for customers to get quick answers to their queries. Here are some aspects where the Salesforce self-service features can be useful. 

1. Completing customer onboarding with guided prompts

2. Process to submit KYC documentation

3. Submit referrals

4. Scheduling appointments with resources

5. Engage with chatbots for general queries

Salesforce to Get Over Challenges of Wealth Management

Wealth advisors today encounter numerous challenges of wealth management, which can be daunting if they lack an effective CRM platform to help them engage digitally with clients, simplify workflows, and gather comprehensive client information. Wealth firms that cannot offer self-service options and personalized services at scale must assess the risks of relying on outdated legacy technology, which may be better off phased out. 

Leveraging Salesforce is a great way to get started on transforming financial services and operations digitally and improving customer satisfaction. Contact us to learn more about the power of Salesforce and how our services can be a game-changer for your financial services firm.

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