This post Mobile Wealth Management: How to Keep Advisors Productive On the Go was originally published on the Silverline blog.
Long before COVID made working from home normal for the rest of us, working away from the office — in places like coffee shops & client homes — was business as usual for financial advisors. Enabling your financial advisors to work effectively when out of the office yields significant benefits to both the advisor and the firm they are working for.
Out of office, not off the clock
The cost of office space can be one of the highest for many firms. Providing advisors with the right tools to be effective when out of the office reduces the demand for office space, which can help save real estate costs. Research suggests that giving advisors the flexibility to work remotely can boost their engagement and job satisfaction. In addition to cost savings and improving morale, effective mobile wealth management capabilities increase advisor productivity.
For financial advisors, the idea of mobile work goes well beyond simply working from home. With the right tools, your financial advisors can perform client work that otherwise would have been done back at an office. Imagine how much more an advisor can get done in a day when they aren’t trucking back to the office after every client meeting.
Enable your Advisors with Salesforce Financial Services Cloud
Salesforce Financial Services Cloud accessed through the Salesforce Mobile App gives your advisors a single, unified view of each of their clients that they can carry around in their pocket. This allows folks to be productive wherever they are.
With a tailored wealth manager mobile app, you can power your advisors to prepare for client meetings in the field by giving them visibility to their client’s accounts, holdings, goals, and recent life events. And, with the inclusion of Einstein you can highlight client whitespace and where you should focus your next client conversation.
Optimize time in the field
How often do your advisors have an afternoon of client visits planned, only to have something come up with with one of the mid-afternoon meetings? Help your advisors take advantage of unexpected downtime by making additional client calls or visits.
Advisors can pull up a map of the area they are in and overlay a list of clients or prospects. The view can be filtered down to focus on high-potential targets such as clients with recent life events, or prospects with a high propensity to convert based on Einstein scoring.
Even a five-minute wait at the coffee shop can be productive. With Salesforce Mobile, your advisor can bring up a list of clients with money due or who are up for an annual review and they can use the time to make calls to spur client action.
Digitize account processes
Another important way to leverage mobile wealth management is to ease the account opening process. Instead of having advisors carry around a library of clunky paper forms, or complete forms on their laptop and send them back to the client for signature, you can digitize the end-to-end account opening process leveraging Salesforce.
Your team can begin by capturing key demographic information by taking a photo of your client’s ID. Then, they can transition to completing the full account opening process, complete with electronic signature capture, right on their mobile devices. This saves time and enables advisors to serve clients no matter where they may be.