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How To Retain Assets After The Wealth Has Been Transferred To Younger Generations

  • colm_barry

Digital technology, Fintech’s and open banking has made it extremely easy for many professions to accelerate their business function and has proven to be financially advantageous in the longer run. However, this does not come without consequences and wealth management is one profession at risk. 

Nowadays, the younger ‘tech-savvy’ generation is spoilt for choice when it comes to financial products and applications. It gives them access to money, investments, or advice within a matter of minutes of opening an account from their phone. Baby boomers who invested their money to a wealth manager over the past few decades will be reaching a point whereby they want to either withdraw their capital or pass it down to their children. This could cause a potential risk for wealth managers, but also, more importantly, an opportunity to grow Assets Under Management (AUM) and digitally compete with other IFA’s in the 21st Century.

Many wealth managers in this process fail to retain their assets when the wealth gets transferred to the next of kin as they were potentially unaware of their client’s household and wider needs. Often times, communicating and engaging with these young individuals can be a potentially daunting task if advisers don’t have the technological tool kit to support them. It can take a long time until everyone and everything (Technology speaking) is comfortable with the new digital change. 

Here, we will talk about a method to make this transition simple and profitable, with cross-household engagement underpinning a wealth transfer months or years in advance.

Salesforce Financial Services Cloud

The Salesforce Financial Service Cloud is a modern solution to wealth management that initially grew as a concept of the client controlling all of his/her businesses. Salesforce Financial Service Cloud is a platform that collects and manages data from multiple systems and sources that assists in making the right investment decisions for the client, all the while being a mobile-first solution.

Financial Services Cloud allows business users, teams, and departments to share and work on the data collected from almost any device with an internet connection or API enabled product. On this platform, information is collected, analysed, and then actioned upon. Any authorized user can update any new data in real-time whenever and wherever. 

Here, information such as the client’s financial records, accounts, households, and various networks, goals and other interactions is collected. Having full visibility of your client on one page makes wealth management easy and swift. Having the ability to holistically look throughout a client’s household can assist advisers in building relationships with the younger generation before wealth is potentially transferred. Targeted messaging, social updates, key lifetime prompts, are all made possible by Salesforce.

Leveraging Salesforce’s native artificial intelligence (Einstein) solution, advisers will be able to utilise data to provide actionable business insights, assess a client’s risk of attrition, identify key prompts which might consequently mean a loss in managed assets, scan emails to assess lead profiling and deeper understand money flow to provide a better service to customers. Utilising Salesforce Einstein, the ability to engage with a client at the right time, possibly before a crippling withdrawal, has never been easier.

“Artificial intelligence is the modern-day gold rush of the financial services industry”
Rohit Mahna – SVP and GM, Salesforce Financial Services

Why Choose Salesforce Financial Services Cloud? 

Salesforce Financial Services Cloud has a plethora of beneficial features for wealth managers, some of which are:

  1. Strong Partner-Based Ecosystem 
    Here, the advisors have an advantage as all the data, including the held away data, can be accessible to them. They can work on this shared data as the platform is one single entity that allows the sharing of data amongst different firms and places of investment. 

  2. Collaboration 
    The platform allows access to the same data by multiple users at the same time. The platform also allows real-time data processing, which helps wealth managers to work on the most recently updated client information. 

  3. Flexibility 
    The client’s needs can change at a very drastic rate. To keep up with this volatility, the platform is designed in such a way that it satisfies all the altered and new needs of the clients in a matter of seconds. 


Financial Services Cloud has proven to be a very effective method for advisors and wealth managers to communicate with the younger generations, as technology is basically their language. 

With everything happening in the fintech, cloud, open banking era, wealth managers can simply identify and guide younger generations through the advancement of the whole industry, communicating in way’s they are familiar, with the speed and agility of the latest technological advancements. 

Growing AUM can be difficult, our advice is to explore investing in Salesforce Financial Services Cloud to realise the returns of investment can be a game-changer for wealth managers.

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Today's post is by our UK Sales Director, Lee Clark.

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