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How Can Wealth Management Organizations Optimize AI Using Salesforce Financial Services Cloud?

Sikich

Aug 17 2023

3 min read

In 2023, there’s no getting away from the topic of artificial intelligence (AI) technologies. Our clients from wealth management organizations and other types of financial services firms often ask us if AI can benefit their firms.

The answer is a resounding yes. Wealth management companies have traditionally focused more on client relationship building than on technologies, but as new and improved AI tools hit the market, there are plenty of ways they can benefit. The proper AI tools can improve a firm’s data analysis, client insights, and ability to make predictions. They can also help wealth management firms become more efficient and increase productivity by automating repetitive tasks, reducing errors and allowing managers to focus more on high-level tasks and relationship building.

What can AI tools from Salesforce Financial Services Cloud offer wealth management firms?

The term AI might sound like a buzzword, but one look at Salesforce’s AI engine, Einstein Analytics will convince you otherwise. A core Salesforce is giving agents and managers a unified access point to all of a client’s information and various data points. AI takes that to the next level. It’s a powerful tool and solution that goes beyond the idea of being reactive to clients requests and needs to allow you to be more proactive. For example, using AI tools might give you a better sense of which client can potentially bring more assets to your Book of Business, or which clients are at risk of leaving your practice for another wealth management firm or advisor.

What are some of the most powerful AI tools Salesforce Financial Cloud has to offer wealth management firms?

Einstein Analytics

Salesforce created Einstein Analytics as a tool to help wealth-management firms gain insight into client data and trends, while spotting inconsistencies and anomalies. Along with giving firms a more well-rounded look into their client base, it helps firms identify areas of operations or service that could be improved.

Einstein Next Best Action

This powerful out-of-the-box Salesforce platform uses big picture data and predictive analysis to provide recommendations for wealth managers on the next best actions to take with their clients.

Einstein Discovery

Discovery integrates with your system and uses statistical modeling and machine learning to present data in easy-to-follow stories, providing agents to get deeper insights and predictions without learning to code or build complex data models.

Einstein Language

This Salesforce AI tool analyzes client communications such as emails, call transcripts, text logs, and social media posts and classifies them into categories by sentiment: positive, negative, and neutral. This helps agents better understand their client’s overall level of satisfaction, pinpoint areas that need improvement, and take action to improve relationships.

Harness the power of AI at your firm

The world of AI is fascinating and complex. Contact Sikich today and let our Salesforce experts help you pinpoint the best AI solutions to improve your firm’s workflows and improve clients service with cutting-edge insights, predictions, and more.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

About the Author

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 