Salesforce adds CRM features to help advisers grow businesses

Salesforce is unrolling new tools for financial advisers who use its cloud-based client relationship management system to help planners draw out new business opportunities with clients.

Several new upgrades to its Financial Services Cloud, which was introduced about a year ago, enhance the advisers’ view of their clients and all their accounts, businesses and financial relationships.

Advisers will have to pay extra for one new tool it’s dubbed Einstein, which uses artificial intelligence to alert planners to possible new sales opportunities based on clients’ mentions of competitors and overall pace of interactions with the adviser.

For instance, the adviser may receive an alert that an opportunity is slowing because the client hasn’t responded in a certain number of days, which is unusual for communications with that client. Alternatively, Einstein may tell the adviser that the client responded overnight and action is needed to pursue the business.

“We’re taking the power of artificial intelligence and bringing it into the fabric of what the adviser does,” said Rohit Mahna, general manager of financial services at Salesforce. “Einstein is like the ultimate employee for the adviser, working overnight and all the time.”

Fintech consultant Tim Welsh, president of Nexus Strategy, said CRMs to date have not integrated real artificial intelligence capabilities, but some like Junxure use rules-based calculations to point out business opportunities for advisers, such as a client’s need for more insurance or a mortgage.

“I don’t know that this is really artificial intelligence,” he said.

Salesforce has been known to push the envelope in the past when it describes how cutting edge its new features really are, Mr. Welsh said.

For instance, he said, when the firm described its Salesforce Shield as a solution for advisers to meet the Labor Department’s rule requiring all retirement advice be provided in a client’s best interest. While documentation is going to be key to meet the needs of the fiduciary rule, essentially Salesforce just added a notes field, he said.

Mat Johnson, chief strategy officer at Perigon, a client of Salesforce’s Financial Services Cloud, said advisers need to build and nurture strong relationships with clients and praised Salesforce’s new capabilities.

“It is crucial for our advisers to have a panoramic view not only of individual clients, but also of their households and extended networks,” he said. “Einstein helps augment our advisers with AI, giving them the visibility and intelligence to provide clients with the best guidance based on all relevant factors.”