What does a robust custodian integration project look like for a wealth management firm?

ApostleTech was recently tasked with developing a custom Financial Service Cloud (FSC) using the Salesforce platform for a wealth management client. The client was using a competing platform and they wanted a more robust custodian integration to better its operations and create more efficiencies.

Our customer was at a point where they needed to automate client intake forms and execute a powerful outbound marketing platform with automated action plans.

What steps are involved in making an integration project like this work?

First off, the steps involved for this particular project where specific to our client’s needs but there would be some overlap in conducting a similar type of integration for others in the wealth management industry and beyond.

This particular ApostleTech wealth management client needed access to detailed reports and dashboards to analyze data for decision-making and strategy purposes. Previously, they managed transactions offline, and the company lacked historical tracking and data.

Once ApostleTech began identifying the project goals in the discovery phase and what the overall outcome should look like, we started detailing the process and outlining each step along the way in order to make the project a realization.

7 steps for alignment of project goals

1. Inclusion of transaction tracking and historical reporting capabilities – this capability should be a priority for any wealth or financial services organization for multiple factors.
2. Integration of Pardot with website lead capture – Pardot is Salesforce’s marketing automation platform and offers everything a good marketing platform should, including email automation, targeted campaigns, and lead management for B2B organizations. It has the ability to automate common marketing tasks such as tracking customer behaviors too.
3. Creation of a custom integration with a leading electronic trading platform for the trade of financial assets etc. – Salesforce has more than 2,500 integrations and apps so that you can personalize and build upon the existing functionality and unearth crucial insights to enhance your performance. However, this type of integration is best left to a specialist to ensure the correct communication and exchange of information between the applications.
4. Completion of a full data migration and clean-up – when we move data from one system to another, we’re technically transferring it, but data migration involves conversions or adjustments of the data before entering it into a new system. Data clean-up is paramount to ensure the database is working in your favor with the most accurate and up-to-date information. Creating that single source of truth is crucial.
5. Establishing advanced reports and dashboards – this was a key step in the process for ApostleTech’s client. Setting up the proper dashboards and reporting is what makes the system robust in its ability to deliver.
6. Conducting full end-user training – successful implementations and integration projects are achieved with ongoing support, promoting long-term value and buy-in. Investing time and money in training allows all businesses, not just wealth management providers, to realize business objectives today and in the future.
7. Delivery of AppExchange packages – for this specific project the packages included: ConnectLeader, Mailparser and Leading.

What does a successful integration project look like?

A successful integration project should create an excellent working relationship between you and your customer, and the overarching outcome should be apparent at this point. The work the partner completed sets the stage for future phases and upgrades. With any CRM upgrade undertaking or implementation, all client and prospect information should be located in a single source. The customer should be able to report an increase in user efficiencies and accountability, and its staff should have received full user training with adoption being evident.

If your business or wealth management firm is at a crossroads and finds itself in a position where its current systems are no longer serving the needs of the organization and its customers, get in touch. ApostleTech would love the opportunity to discuss its full list of services alongside your objectives to help your business successfully fire on all cylinders.