FINTECH VIEWS: Salesforce Integration – Harnessing the Power of Wealthtech

Exploring the power of technology to bridge the estate planning gap


Relationships are central to a successful wealth management experience. That reality extends beyond the advisor/client relationship to how technologies interact with each other within an enterprise. In fact, the latter – done well – can be an integral component in driving productive and personalized interactions among investors and the professionals who serve them.

In the 25 years since its founding, Salesforce has emerged as the wealthtech solution of choice for RIAs and other independent wealth management businesses. It has moved beyond CRM to deliver the access, analytical capabilities and customization to meet the specialized needs of its 150,000-plus clients. What’s the allure… and how important is integration among Salesforce-based wealthtech solutions in elevating client engagement and enhancing the scalability and growth potential of users?

For answers, we spoke to three industry experts – two wealthtech providers and an independent consultant within the financial services industry – whose day-to-day responsibilities give them a ringside seat to the role these integrated wealthtech solutions have in building scale and driving ongoing success for wealth management firms and their advisors:

  • Mike Overdorf, President and Founder, The Sycamore Company, which delivers data and functionality to retail and institutional advisory firms for commission processing, digitally-enabled compliance supervision surveillance and highly configurable data analytics – all within the Salesforce ecosystem
  • Paul DeMaio, CEO and Managing Partner, AdvizorStack, a fintech technology platform offering RIAs turnkey access to a curated assortment of third-party solutions providers
  • Carolyn Armitage, Founder, Carolyn Armitage Consulting, which provides RIA Advisors and CEOs with unbiased guidance on strategic and succession planning, valuation, M&A, compensation and equity design
Mike Overdorf, The Sycamore Company

Mike Overdorf – Salesforce-based wealthtech solutions offer firms the opportunity to engage clients more effectively. Processes that would historically require sending documents or making multiple phone calls can now be managed in Salesforce. Clients can be given access to their account information online and leverage a secure method of attaching documents, requesting information or changing basic information, streamlining what had been clunky administrative tasks.

Salesforce provides the perfect platform to aggregate data from clearing firms, product sponsors, third-party custodians, et cetera. Such centralization provides independent wealth managers with a clear picture of their business, revenue sources – and more – giving them the ability to accurately focus on areas of profitability and correctly identify and categorize clients, advisors and vendors.

On the client side, integrating third-party financial applications with a Salesforce-based solution gives clients the freedom to customize the platform to precisely what they need when they need it. Many Salesforce integrations with third-party financial applications already exist, and clients can choose to add whatever integrations they need – when they want to – without having to wait for a developer to create them.

Importantly, Salesforce is highly scalable, so there is no concern about upgrading systems or hardware or maxing out the solution’s capacity.

Paul DeMaio, AdvizorStack

Paul DeMaio – Integrating Salesforce-based wealthtech solutions can revolutionize client engagement and satisfaction by offering a unified data experience and consolidating various data points from multiple vendors into a single, cohesive relationship or report, enabling the creation of holistic client plans. Also, Salesforce-based wealthtech solutions streamline operations across Salesforce and other integrated vendors to create standardized, repeatable processes. For example, AdvizorStack offers fully developed workflow launchers within the Salesforce ecosystem, promoting efficiency and consistency. By “owning their data,” firms can seamlessly link client relationships across multiple vendors, ensuring a smooth client journey regardless of the application. This integrated approach not only simplifies operations but also supports scalable growth and improved client outcomes.

By integrating data from various vendors, Salesforce-based wealthtech solutions support the creation of alert mechanisms that enhance proactivity. When optimized to harness data, Salesforce transforms into a powerful operational platform that digitally scales your business. This proactive approach ensures wealth managers can make informed, timely decisions, ultimately improving client outcomes and driving business growth.

Integrating third-party financial applications with Salesforce-based solutions reduces data duplication and streamlines workflows across vendors. This approach tailors the experience to fit each firm’s specific needs, avoiding the limitations of one-size-fits-all solutions.

By partnering with a Managed Solutions Provider like AdvizorStack, firms can leverage the Salesforce Financial Services Cloud (FSC) to achieve a seamless, integrated experience. AdvizorStack emphasizes empowering firms to “own their data” by capturing valuable information from any willing vendors. This comprehensive approach fosters better client relationships and elevates the overall client experience, driving higher satisfaction and loyalty.

Carolyn Armitage, Carolyn Armitage Consulting

Carolyn Armitage – Exceeding expectations is the foundation of client satisfaction. Today’s sophisticated clients expect more than comprehensive planning and wealth management guidance. They have made it clear that communication is central to their experience working with a financial professional. As wealth management businesses grow, keeping track of how clients interact with the firm – and how often – is imperative. When working with founders and CEOs, I stress the importance of getting this right. Why?

  • Consistency is the key to brand reputation.
  • For firms wanting to scale, having systemic workflows and measuring key performance indicators (KPIs) are crucial for consistent client experiences.
  • Thus, having a central hub or CRM tool, such as Salesforce, is the essential “central nervous system” that firms need to operate efficiently, track key metrics and build a scalable experience.

The Salesforce Financial Services Cloud (FSC) is designed specifically to address the needs of financial services firms and professionals. Building an integrated tech stack upon a solid foundation like FSC can elevate a firm’s capabilities and deliver a stellar client experience that is a real differentiator.