Wealth Management: How to nail onboarding using Salesforce

Zennify Team

You don't get a second chance at a first impression.

That’s true in the real world and the wealth management space. It’s imperative that the first interaction between a wealth management firm and their customer is seamless, starting the moment you begin onboarding them. If you want to improve your customer's digital experience, then this adaptable wealth management onboarding solution is for you. Internally, your employees will save time, manual effort will be reduced, and your profit will increase. Externally, customer satisfaction will significantly improve as customers can see real-time results, manage the progress of their plans, and submit documents at their leisure. What’s not to love?

Why does it matter?

Wealth management firms are responsible for compliantly onboarding plans and partners. Deadlines and documentation needs must be clearly communicated so as not to impact the effective date of the plan. Oddly, many organizations still handle this process manually through email, pen and paper, phone calls, and spreadsheets rather than leveraging collaborative technology. Without line of sight into the individual actions, it is difficult for all parties to understand the status of the plans that are onboarding and all of the activities that happen during this process.

The Wealth Management onboarding solution

Utilizing a Digital Experience on top of Salesforce Financial Services Cloud, we created a collaborative online portal for the Plan Sponsors, Advisors, and Onboarding Team. The information presented in the portal clearly lays out the timeline, data, and documents needed for the Plan Sponsors. As information is provided, the Onboarding Team receives notifications for the next steps to keep the process moving forward. All parties have a clear line-of-sight into the onboarding progress as well as outstanding items, leading to a successful and simplified experience

Clients are set up with an online portal login to access the information/documentation needed to hit their effective date.
- They import and update all data and documents in the system
- All due dates and estimated activity dates for their plan are detailed
- Contact information of their account manager and onboard specialist are listed
- They have the easy ability to “Request a Meeting”
Advisors have online access to view the status of all plans they are associated with and can assist the client with providing the information and documentation.
All information is reportable and visible to internal stakeholders.
- This includes the ability to track the time spent in onboarding to collect the data and documentation, as well as bottlenecks.
There is an automation of the approval process.
There are automated notifications for steps in the process.
Clients and advisors can view weekly updates on their activity.

Why should you care?

We’ve already seen success with this wealth management solution, implementing it for a leading provider of financial retirement planning, fiduciary outsourcing, and financial planning services to clients nationwide. In each instance that we’ve deployed it, we have seen improved overall customer experience and increased efficiency.While the specifics of this solution may focus on this onboarding process, there are many different applications. The principles apply to any situation where your customers need to access data, provide documents, request a meeting with someone, or simply check a status.Are you ready to learn more? Get in touch.