Client Overview
The client specializes in providing personalized financial advisory services to individuals and families. The firm prides itself on delivering tailored financial plans, but its legacy systems were holding it back from scaling its operations and delivering a truly modern client experience. The firm’s reliance on outdated tools and manual processes created inefficiencies and limited its ability to innovate.
Challenges
They faced several unique challenges that required a robust Salesforce development solution:
1. Opportunity for Enhanced Client Goal Tracking:
The wealth firm recognized the potential to improve its client goal tracking by transitioning from traditional methods to a centralized system. Advisors were using spreadsheets and manual notes, which presented an opportunity to streamline processes and enhance the monitoring of client financial goals.
2. Streamlining the Risk Profiling Process:
The existing risk profiling process, while effective, was primarily manual and time-intensive. This presented an opportunity to innovate and expedite the process, allowing advisors to deliver personalized investment strategies more efficiently.
3. Enhancing Collaboration Between Advisors and Analysts:
While advisors and investment analysts were dedicated to their roles, the lack of a shared platform for collaboration highlighted an opportunity to foster better communication and teamwork. This would enable more consistent recommendations and quicker responses to client inquiries.
4. Providing Real-Time Performance Monitoring:
Clients expressed a desire for more immediate updates on their portfolio performance. The firm saw this as an opportunity to enhance its reporting capabilities, moving from end-of-day reports to real-time insights that would better meet client expectations.
5. Supporting Scalable Growth:
As the client’s organization continued to grow, the firm identified the need for a more robust system to manage increasing volumes of client data and transactions. This presented an opportunity to implement scalable solutions that would ensure seamless service delivery during peak times.
Solution
Our team of experts at Cyntexa designed and developed a custom Salesforce application tailored to the client’s specific needs. The solution focused on addressing the firm’s unique challenges while enhancing operational efficiency and client satisfaction.
1. Custom Client Goal Tracking Application:
We developed a custom Salesforce app to centralize and automate client goal tracking. This app enables advisors to set, monitor, and update financial goals in real-time. It features custom objects such as Financial Goal, Milestone, and Progress Update, which capture essential data like goal details, target dates, and progress metrics. Along with that, our team used Einstein AI for Predictive analysis and future projection.
Interactive dashboards, built with Lightning Web Components (LWC), visualize goal progress using charts and progress bars, highlighting critical milestones. Additionally, the app integrates with the firm’s portfolio management system through a REST API, ensuring alignment between client goals and portfolio performance.
2. Automated Risk Profiling Tool:
To address the risk profiling challenge our team developed a custom risk profiling tool within Salesforce to streamline the risk assessment process.
- Created a custom object to store risk assessment questions and scoring logic. The object included fields for question text, response options, and scoring weights.
- Developed Apex classes to calculate risk scores based on client responses and automatically generate risk profiles. The classes included logic to handle conditional scoring and dynamic weighting based on client demographics.
- Built a Lightning Flow to guide clients through the risk profiling questionnaire, with dynamic branching based on responses. The flow included screen components for question display, input validation, and progress tracking.
- We used Apex Triggers to update client risk profiles in real-time and recommend suitable investment strategies. The triggers were designed to trigger workflows for portfolio rebalancing based on risk profile changes.
3. Collaboration Platform for Advisors and Analysts:
Our Salesforce developers created a custom collaboration platform on Salesforce to improve communication between advisors and analysts. This platform features custom objects for task assignment and tracking, which ensures accountability through fields for task description, due date, priority, and status.
Additionally, we implemented a document management system using Salesforce Files, enabling secure sharing of research reports and recommendations, complete with version control and access permissions. To further enhance communication, we introduced Apex-based notifications that alert team members about updates or pending tasks. These notifications are integrated with Salesforce Mobile to facilitate timely communication.
4. Scalable Data Management System and Real-Time Performance Dashboard:
Our team designed a scalable data management system to efficiently handle the growing volume of client data and transactions. This included a robust data model and asynchronous processing to ensure smooth performance during peak times.
Additionally, a real-time portfolio performance dashboard was developed, integrating market data APIs to provide clients and advisors with up-to-date insights on portfolio performance. This combination of solutions not only supported the firm’s growth but also enhanced client satisfaction by delivering timely information.
We know that getting the most out of custom solutions means having the right training and support. We offer a complete training program with hands-on workshops, user guides, and resources tailored to your team’s needs. Plus, our dedicated helpdesk is always available to answer your questions and help you overcome any challenges.
Benefits:
The custom Salesforce development solutions delivered by our seasoned Salesforce developers transformed the client’s operations and client experience and resulted:
- Advisors could now track and update client goals in real-time, leading to an increase in goal achievement rates.
- The risk profiling process was significantly reduced enabling advisors to provide personalized recommendations faster.
- The collaboration platform improved communication between advisors and analysts eventually reducing response timing.
- Clients and advisors gained access to real-time portfolio performance data, increasing client satisfaction.
