If you’ve seen a commercial for the new iPhone X, you have probably been exposed to the technology known as “augmented reality.” While Augmented Reality (AR for short) is not necessarily “new,” it has recently become accessible to the general public through new models of smartphones. The tech allows objects to appear as if they are present in front of the user when viewed through the smartphone’s camera, like a desk in a room or a dinosaur on a basketball court.

Technology trends tend to take a few years to trickle into the advisory industry from other areas of focus. Don’t worry; you won’t have to incorporate AR into your financial practice any time soon from our point of view. However, there are other technologies taking hold you should pay attention to.

One of the trends taking hold over the last five years has been an increased focus and reliance on a CRM (Customer Relationship Management) in the advisor office.

While there are several CRMs out there, the most flexible and expansive option by far is Salesforce. This post will help you understand why so many advisors love it, and what it can do to help your firm.

Keeping your business digital

As offices continue the transition to paperless workflows, other forms of physical media are also beginning to see decreased importance.

Business cards may still be passed out at conferences, but if the information you have is not in the cloud, it might as well not exist. After all, what is the first step many people take after they receive a business card? More often than not, it is to transcribe the information into the Contacts app on their phone, or scan the card with a special app to digitize its contents.

Salesforce helps you keep everything in your business digital. From workflows about how to handle a new client, to a client’s birthday and home address, Salesforce acts as a single point of record for all the critical data you need to remember.

Keeping the information in a digital format ensures you can access it anywhere you have an internet connection. You will never have a moment where you can’t connect with someone because you forgot their contact information in your desk at the office.

Salesforce is customizable

With every technology choice you make, it is important to start from this foundation: If you went independent with your business, why not use technology that enables you that same freedom? Salesforce is most advisors’ preferred CRM because it gives them the personalization and customization they want.

One important customization element is Salesforce’s AppExchange. It’s like the App Store on your iPhone, but for Salesforce. You can use it to bulk up your Salesforce, or to build your own tools and integrations.

While the AppExchange can help anyone build their own customized version of Salesforce, it can sometimes be daunting for a smaller firm (that is already strapped for resources) to build out their CRM experience to do what they need it to do. The time required to find the right apps and then implement them can be extensive. When you partner with Sawtooth, we will set you up with a Salesforce experience tailored for financial advisory firms from the start, with recommendations on how to build out your experience to fit your firm.

Salesforce supports your entire business

From the first time you contact a new potential client, a CRM allows you to keep record of all your interactions. You can track prospects and manage clients in a single place when you move to Salesforce. The benefits for anyone working in a team structure – especially collaborative sales teams – are clear.

More than a CRM, Salesforce is designed to be a sales tool that empowers your business through the full life cycle of a client, from first contact to the time they’ve been working with you for a decade.

Salesforce has a lot of great communication tools for prospecting, but they are not necessarily ready to use for advisors right out of the box. Many advisors are turning to third-party solutions like Sawtooth, where, once a prospect  decides to become a client, our system has “straight through processing” tailored to advisors to turn that contact record into a client, preserving the full history you have with them.

Salesforce is now the third largest tech company in the world, and that growth is no mistake.

Advisors who want to create a modern office with all the customization options they expect from their software need to take a long look at implementing Salesforce for the benefits mentioned above.

The Sawtooth technology stack is powered with Salesforce as the foundation because we believe in providing a custom experience to the advisors we support. We make sure that all the fintech we offer to advisors who work with us is integrated and friendly with the Salesforce CRM as the centerpiece of the entire experience. With an integrated and comprehensive tech stack from day one, we do the heavy lifting for you so you can get up and running fast.

Contact us today for your own personal demo and consultation.

 

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