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10 Ways Mobile Technology Revolutionized Wealth Management

By rmitchell 06.19.14

FinancialPlanning.com recently shared a top 10 list focusing on the how mobile technology has transformed the wealth management industry. The wealth management industry has been a late adopter to mobile technology, though this isn’t surprising given the stringent regulatory environment and privacy issues that govern the industry.

So what made the wealth management industry embrace mobile? Let’s take FinancialPlanning.com’s list a step further and dive into the technology behind it; here is my version of the 10 ways Salesforce and mobile technology has transformed the wealth management industry:

1. Cloud Storage
The Salesforce1 Platform securely stores documents and reports that you can retrieve from your mobile device. You can share these reports with your clients during meetings and, should your device be lost or stolen, you can rest easy knowing that you have not compromised your client’s most sensitive information.

2. Make Adjustments on the Fly
Salesforce enables you aggregate, allocate, optimize and monitor client goals, portfolios and accounts. During client meetings you can adjust client goals, spending priorities, assets or other information and show them the results in real time.

3. Review Literature and Plans Together
When meeting with clients, you can easily open their statements, confirmations, scanned images of documents or financial plans using your mobile device and answer their questions without ever needing to print hard copies.

4. Note Taking
Take notes before, during or after meetings with clients, directly in the Salesforce1 mobile platform saving time when you get back to the office, and allowing for immediate follow-up. Wealth managers often have supporting resources within their branch or home office, and using Chatter on the Salesforce1 app increases the speed at which employees can collaborate.

5. Taking Pictures
If you have email encryption or can easily upload to a secured location, use your mobile device to take pictures of clients, assets, important documents or notes that you can immediate upload to your client’s account.

6. Conduct Business
Salesforce offers full mobile access to your advisor workstation, so you can drive new levels of efficiency in the way you create, deliver and update communications – from account opening to client reporting – by collaborating in real-time and eliminating manual processes.

7. Human Interaction
Salesforce lets you easily empowering your firm’s marketers to generate meaningful content, and track its effectiveness. Your clients will appreciate the attention to detail and personalized touches, making them feel like the valued client they are, and not a number.

8. Be Prepared for “Small Talk”
If you’re not utilizing your CRM system to keep track of your clients’ and prospects’ hobbies or interests, you can be sure your competitors are. Salesforce.com consolidates all of your client information into a single, organized data source including notes, documents and activities, allowing you to show your client that you remember and care about their interests.

9. Enhance Your Image
A recent study conducted by Gartner suggests that the number of tablets purchased by businesses will more than quadruple to 53 million units by 2016. It’s no surprise, mobile platforms make connecting all your customer data so easy.

10. Retain Clients
Interact with clients how they want, when they want and in the way they want. Provide richer interaction around investment decisions – with highly tailored client reporting to improve service and strengthen relationships.

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