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Financial Services

Empowering Your Financial Advisors With Salesforce

B2B Commerce Strategy

Across industries, so much of marketing effectively comes down to timing — appealing to the right person, at the right place, at the right time. Timing for marketing financial services and products as a financial advisor is especially crucial, as many financial needs follow the timeline of milestones in an individual’s life.

But financial advisors that work for larger wealth managers and are looking to be more targeted and personalized with client outreach are often burdened by the hoops put in place by corporate infrastructures that they must jump through in order to get new marketing content made or sales campaigns underway. Some advisors simply want the ability to reach out to a handful of clients about a very specific product or initiative, but corporate marketing teams often lack the bandwidth to make small advisory campaigns a priority. Efforts are often so delayed by corporate infrastructure and regulatory review that the perfect moment to target passes and opportunities go unseized.

Having seen how personalized, smaller-scale marketing tactics can be extremely effective (have you heard of #FinTok?) many firms have become increasingly more interested in giving their advisors more autonomy to market themselves.

However, wealth management firms must walk a fine line between granting their advisors more marketing freedom and ensuring all marketing and outreach meet regulatory standards.

How can firms give their advisors more liberty to be personalized and tailored in communicating with their clients and prospects while still ensuring utmost regulatory compliance?

Through Salesforce, of course!

Here is an example scenario in which a financial advisor equipped with Salesforce was able to better target a client while maintaining regulatory compliance.

Tax season was approaching, and Jane, a Financial Advisor employed by Faux Advisors Group, wanted to target clients and prospects that would benefit from using tax-aware asset allocation (moving high-yield assets to a tax-deferred or exempt account to help decrease taxable income). She had a list of eligible prospects from community events she had recently attended, as well as current clients in mind that would benefit from tax-aware asset location. The list of “perfect” targets for her campaign was just 35 individuals.

Faux Advisors Group’s marketing and sales development teams were consumed with carrying out broader-scale campaigns, so they did not have the bandwidth to help Jane. But Jane was able to execute a tax-aware asset allocation campaign all on her own because Faux Advisors Group worked with consultants to stand up Salesforce’s Financial Services Cloud and Marketing Cloud. Salesforce’s Financial Services Cloud, which is built on the Salesforce CRM platform, is intuitive and customizable, making it the go-to tool for anyone in retail banking, commercial banking, corporate and investment banking, mortgage and lending, insurance, and wealth and asset management. With Salesforce, Jane was able to easily filter client data based on specific criteria (and, Salesforce visualizes this data in a digestible way for easier comprehension) and select the individuals she wanted to target.

After pinning down whom to target, Jane used the templates stored in Salesforce that were created for this purpose by Faux Advisor Group’s legal team. Supplying their advisors with these templates ensures that all necessary regulatory language and disclosures are included in their campaign copy while also allowing advisors to tailor their messaging to serve the purposes of their campaigns.

Jane sent her compliant and timely email, informing relevant clients and prospects about how and why they could benefit from tax-aware asset allocation. Because Jane reached out to the right people at the right time, she had several clients and prospects respond to her, indicating their interest.

Empowering your financial advisors with the Salesforce CRM solution markets them as savvy and in the know and enables them to get information and services to their clients when and where they need it. All of this contributes to higher ROI and elevated customer experiences, which work in tandem to boost brand reputation and loyalty.

Interested in discussing how you can implement Salesforce for your financial advisors? Contact our Financial Services and Salesforce experts today.

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Madeline McDermott

Madeline McDermott is an industry marketing coordinator at Perficient, based out of St. Louis.

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