Redtail or Salesforce For Wealth Management Firms?

Salesforce or Redtail – which one is the best CRM for wealth management firms? WhySalesforce?

Choosing the right technology platform can significantly impact your ability to deliver exceptional client experiences and drive business growth. Two leading solutions in the industry are Redtail and Salesforce, each offering unique features and capabilities. However, when it comes to scalability, customization, and integration with other business processes, Salesforce emerges as the clear choice for wealth management firms looking to elevate their operations and stay ahead of the competition. 

  • Customization and Flexibility. One of the key advantages of Salesforce over Redtail is its unparalleled customization capabilities. Salesforce offers a highly flexible and configurable platform that allows wealth management firms to tailor the system to their specific needs and workflows. Whether it’s customizing client profiles, creating personalized reports, or integrating third-party applications, Salesforce provides the flexibility and scalability needed to adapt to changing business requirements and deliver tailored solutions for clients.
  • Scalability and Growth Potential. As wealth management firms expand their client base and service offerings, scalability becomes a critical consideration. Salesforce’s cloud-based architecture and modular design make it inherently scalable, allowing firms to easily scale up or down based on their needs. Whether you’re a small advisory firm or a large wealth management enterprise, Salesforce can accommodate your growth trajectory and support your business objectives without compromising performance or efficiency.
  • Integration with Business Processes. Integrating your CRM platform with other business processes and applications is essential for streamlining operations and maximizing productivity. Salesforce excels in this regard, offering seamless integration capabilities with a wide range of third-party applications and systems. Whether it’s integrating with portfolio management software, financial planning tools, or marketing automation platforms, Salesforce provides robust APIs and integration tools to ensure seamless data flow and collaboration across your organization.
  • Advanced Analytics and Insights. Data-driven insights are crucial for making informed decisions and driving business outcomes. Salesforce’s advanced analytics capabilities empower wealth management firms to gain actionable insights from client data, market trends, and business performance metrics. With features such as customizable dashboards, predictive analytics, and AI-driven recommendations, Salesforce enables firms to uncover hidden opportunities, mitigate risks, and deliver superior client outcomes.

While both Redtail and Salesforce offer valuable features for wealth management firms, Salesforce stands out as the preferred choice for firms looking to scale their operations, customize their workflows, and integrate with other business processes seamlessly. 

We’re here to help you harness the full potential of Salesforce and elevate your wealth management practice to new heights. Contact us to learn more about how Salesforce can transform your business and drive long-term success.

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What is Canadian Open Banking?

Canadian Open Banking

Defition: Canadian Open Banking is a financial industry initiative that aims to enhance competition, innovation, and consumer choice within the Canadian financial services sector. It revolves around the idea of allowing consumers to securely share their financial data with third-party providers through standardized APIs. These APIs enable authorized third parties, such as fintech firms or other financial institutions, to access consumers’ banking data, with their consent, in order to develop new financial products, services, and applications.

Understanding:

The concept of Canadian Open Banking is rooted in the belief that consumers should have greater control over their financial data and should be able to leverage it to their advantage. By enabling secure data sharing between banks and third-party providers, Canadian Open Banking fosters the creation of innovative solutions that cater to the diverse needs and preferences of consumers. This could include everything from personalized budgeting tools and investment platforms to more efficient payment solutions and lending services.

Regulatory Landscape:

In Canada, the movement towards Open Banking is driven both by industry initiatives and regulatory developments. While there is currently no specific Open Banking regulation in Canada, the federal government and regulatory bodies such as the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) have been actively exploring the potential benefits and risks of Open Banking. Several consultations and studies have been conducted to assess consumer protection, privacy, security, and competition considerations.

Key Benefits:

  • Enhanced Financial Management: Canadian Open Banking provides consumers with access to a wider range of financial management tools and services, empowering them to make more informed financial decisions and improve their overall financial well-being.
  • Increased Competition: By promoting innovation and competition within the financial services industry, Canadian Open Banking encourages the development of new and improved products and services, leading to better outcomes for consumers.
  • Consumer Choice: Canadian Open Banking gives consumers more options when it comes to managing their finances, allowing them to choose the products and services that best meet their needs and preferences.
  • Innovation: By facilitating collaboration between banks and third-party providers, Canadian Open Banking stimulates innovation and encourages the development of cutting-edge solutions that address emerging consumer needs and trends.

Challenges and Risks:

  • Privacy Concerns: One of the primary concerns surrounding Canadian Open Banking is the potential impact on consumer privacy. Sharing sensitive financial data with third-party providers raises questions about how that data will be used, stored, and protected.
  • Security Risks: There is also the risk of security breaches or unauthorized access to consumers’ financial information, which could lead to identity theft, fraud, or other forms of financial harm.
  • Regulatory Complexity: Implementing Open Banking in Canada requires navigating complex regulatory frameworks and addressing various legal and compliance challenges, including data protection, consent, liability, and accountability.
  • Technological Challenges: Building the infrastructure necessary to support Open Banking in Canada presents technical challenges related to data standardization, interoperability, cybersecurity, and scalability.

Future Outlook:

While Canadian Open Banking is still in its early stages, there is significant momentum behind the movement, with growing support from industry stakeholders, policymakers, and consumer advocates. As regulatory frameworks continue to evolve and technological capabilities improve, Canadian consumers can expect to see a wider range of innovative financial products and services that leverage the power of Open Banking to deliver more personalized, efficient, and convenient experiences. However, addressing the challenges and risks associated with Open Banking will be essential to ensuring that consumers can trust and benefit from these emerging innovations.

At Navirum, our consultants are ready to help you embark on this new transformative journey! Book a 30 minutes appointment with one of our specialists at no charge, and discover how to stay ahead of the curve!

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How Open Banking and Salesforce Bring Value to Your Business?

open banking and salesforce

The combination of Canadian Open Banking and Salesforce could offer unparalleled opportunities for financial services businesses to innovate, differentiate, and thrive in today’s competitive landscape. By leveraging the power of Salesforce’s CRM platform and integrating Canadian Open Banking data, businesses could unlock new insights, personalize interactions, streamline operations, and ensure compliance and security.

Bringing Value to Your Financial Services Business:

  • Enhanced Customer Insights: By integrating Canadian Open Banking data with Salesforce, financial services businesses can gain a comprehensive view of their customers’ financial profiles, preferences, and behaviors. This deeper understanding enables businesses to tailor their products and services to meet the unique needs and preferences of individual customers, driving greater customer satisfaction and loyalty.
  • Personalized Financial Advice: Salesforce empowers financial advisors to deliver more personalized and informed advice to their clients by leveraging Canadian Open Banking data. With access to real-time financial information, advisors can provide tailored recommendations and strategies that align with their clients’ financial goals and objectives, ultimately driving better outcomes for clients and strengthening advisor-client relationships.
  • Streamlined Operations: Salesforce’s powerful automation capabilities can help financial services businesses streamline their operations and improve efficiency. By automating routine tasks, such as data entry, lead management, and client communications, businesses can free up time for their employees to focus on more value-added activities, such as client engagement and strategic planning.
  • Compliance and Security: Salesforce provides robust security features and compliance controls that help financial services businesses maintain regulatory compliance and protect customer data. With built-in encryption, access controls, and audit trails, Salesforce enables businesses to safeguard sensitive information and demonstrate compliance with regulatory requirements.

Looking ahead, Canadian Open Banking holds promise for delivering more personalized, efficient, and convenient financial experiences for consumers. As regulatory frameworks evolve and technological capabilities improve, Canadians can expect to see a wider range of innovative financial products and services. However, addressing the challenges and risks associated with Open Banking will be crucial to ensure consumer trust and benefit from these emerging innovations.

At Navirum, we’re committed to helping financial services businesses harness the full potential of this transformative synergy to drive growth, enhance customer experiences, and achieve their business objectives. Contact us today to realize the possibilities of what Salesforce can do for your business!

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Expert tips for Salesforce implementation

5 Common Pitfalls in Salesforce Implementation: Expert Tips to Ensure Success

Implementing Salesforce cloud is a significant step toward enhancing your business processes and customer relationship management. To ensure a smooth implementation and maximize the value of your Salesforce investment, our Salesforce consultants have compiled this list of five things for you to consider:

Inadequate Planning and Requirements Gathering. One of the most common reasons for Salesforce implementations failures is a lack of thorough planning and requirements gathering. Rushing into implementation without a clear understanding of business objectives, user needs, and system requirements can lead to misalignment and dissatisfaction among stakeholders.

  • How to Avoid It: Take the time to conduct comprehensive stakeholder interviews, workshops, and requirements gathering sessions. Define clear project objectives, establish a detailed project plan, and involve key stakeholders throughout the process to ensure alignment and buy-in.

Poor Data Quality and Integration. Data is the lifeblood of any Salesforce implementation, especially in financial services where accuracy and compliance are paramount. Insufficient data quality, incomplete data migration, and inadequate integration with existing systems can lead to inefficiencies, errors, and compliance risks.

  • How to Avoid It: Prioritize data quality assessment and cleansing activities early in the project lifecycle. Develop a robust data migration strategy, validate data accuracy, and ensure seamless integration with legacy systems through thorough testing and validation processes.

Lack of User Adoption and Training. Even the most advanced technology is only effective if users embrace it and utilize it to its full potential. Poor user adoption and inadequate training are common reasons for Salesforce implementations to fall short of expectations, resulting in underutilized systems and diminished ROI.

  • How to Avoid It: Invest in comprehensive user training and change management initiatives to ensure that users understand the benefits of Salesforce and feel confident using the system. Provide ongoing support, resources, and incentives to encourage user adoption and empower users to leverage Salesforce effectively in their daily workflows.

Scope Creep and Over Customization. While customization is a powerful feature of Salesforce, excessive customization and scope creep can lead to complexity, maintenance challenges, and increased costs. Striking the right balance between customization and out-of-the-box functionality is crucial to the success of the implementation.

  • How to Avoid It: Define clear project scope and objectives upfront, and resist the temptation to over customize the system. Prioritize essential features and functionalities, and carefully evaluate the impact of proposed customizations on long-term maintenance and scalability.

Insufficient Testing and Quality Assurance. Inadequate testing and quality assurance can result in system defects, performance issues, and user dissatisfaction. Skipping or rushing through testing phases can jeopardize the stability and reliability of the Salesforce implementation, leading to costly rework and delays.

  • How to Avoid It: Allocate sufficient time and resources for thorough testing and quality assurance activities throughout the project lifecycle. Develop comprehensive test plans, conduct user acceptance testing (UAT), and engage end users in identifying and addressing issues before the system goes live.

While Salesforce implementations in financial services offer tremendous potential for driving business growth and innovation, they also present inherent challenges that must be addressed to ensure success. By proactively identifying and mitigating risks, involving key stakeholders, prioritizing user adoption and training, and adhering to best practices throughout the implementation process, financial services organizations can maximize the value of their Salesforce investments and achieve sustainable success.

As your trusted Salesforce consulting and advisory partner, we’re here to help you navigate the complexities of Salesforce implementations and unlock the full potential of your investment. Contact us today to learn more about how we can support your organization’s journey to Salesforce success.

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Decoding Success: The Key to An Effective Salesforce Implementation

Discover the secret to implementing Salesforce successfully

Are you considering implementing Salesforce within your organization? Perhaps you’ve already embarked on this journey but are encountering roadblocks along the way. Fear not! Implementing Salesforce successfully is not just a dream; it’s an achievable reality. 

Our experts unveil the secret behind a successful Salesforce implementation in five simple, yet powerful steps:

  • Start Simple. One of the most common mistakes organizations make when implementing Salesforce is trying to do too much, too soon. Complexity breeds confusion, which can lead to resistance from your team and ultimately derail the entire implementation process. Instead, start simple. Begin by identifying your core business needs and the specific problems you aim to solve with Salesforce. Focus on the essential functionalities that will provide immediate value to your organization. By starting small, you can minimize disruptions, gain quick wins, and build momentum for future enhancements.
  • Educate Your Staff on Salesforce. Successful Salesforce implementation goes beyond just installing the software; it requires buy-in and adoption from your entire team. Education is key to ensuring that your staff understands the benefits of Salesforce and how it can streamline their workflows and improve productivity. Invest in comprehensive training programs tailored to the needs of different user groups within your organization. Provide hands-on workshops, online tutorials, and ongoing support to empower your staff to leverage Salesforce effectively. Remember, a well-trained team is more likely to embrace change and maximize the potential of the platform.
  • Customize for Your Unique Needs. While Salesforce offers a plethora of out-of-the-box features, every organization has its own unique requirements and processes. To truly harness the power of Salesforce, customization is crucial. Work closely with experienced Salesforce consultants to tailor the platform to suit your specific business needs. From customizing fields and workflows to integrating with third-party applications, ensure that Salesforce aligns seamlessly with your existing systems and processes. This personalized approach will maximize efficiency and drive long-term success.
  • Plan for an Ambitious Future. Successful Salesforce implementation is not just about meeting your current needs; it’s about laying the foundation for future growth and innovation. As your business evolves, so too should your Salesforce implementation. Take a proactive approach to planning for scalability and flexibility. Anticipate future challenges and opportunities, and design your Salesforce solution with growth in mind. Leverage Salesforce’s extensibility and scalability features to adapt to changing business requirements and stay ahead of the curve.
  • Continuously Monitor and Improve. The journey to Salesforce success doesn’t end with implementation; it’s an ongoing process of optimization and improvement. Regularly monitor key metrics and performance indicators to identify areas for enhancement.  Encourage feedback from your users and stakeholders to gain insights into their experiences with Salesforce. Use this feedback to drive continuous improvement initiatives, whether it’s refining processes, introducing new features, or providing additional training.

A successful implementation requires careful planning, strategic execution, and ongoing commitment. By following these five steps—starting simple, educating your staff, customizing for your unique needs, planning for an ambitious future, and continuously monitoring and improving—you can unlock the full potential of Salesforce and drive transformative results for your organization.

Are you ready to unleash the power of Salesforce? Contact us today to learn how our experienced Salesforce consultants can help you achieve your goals.

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Lavinia PicuDecoding Success: The Key to An Effective Salesforce Implementation

4 Tips for Migrating from Maximizer to Salesforce

At Navirum, we are specialists in migrating Maximizer to Salesforce. Here are 4 times to guide your transition to Salesforce.

  1. Understand your business goals: The Salesforce CRM offers a huge amount of functionality. It’s really important to understand what your business goals are so these can be aligned with specific functionality in Salesforce. For example, a business goal might be to grow your business by 30%. This can be aligned with growth functionality in Lead and Opportunity Management in Salesforce. Another goal could be to increase customer satisfaction by 20%, which can be aligned with customer service functionality in Salesforce Case and Account Management. 
  2. Get stakeholder involvement: Be sure to get a range of people across your company involved in the project. Maximiser has been around for a while. For many of the Maximizer migrations we have helped with, customers have had the system in a business for 10-15 years. Bringing multiple stakeholders e.g. from sales, customer service, management, etc, is a great way to get a broader understanding of your requirements and will help improve user adoption through a wider company-wide contribution. 
  3. Get ready for a different data model: Although there are similarities between the Maximizer and the Salesforce data model, there are differences. It’s important to map the data model and fields from Maximizer to Salesforce at the start of the project as part of the design phase. This will allow you to bring over some of the key fields you want to retain from Maximizer as well as ensure your data is imported as efficiently as possible.
  4. Prioritize training and adoption: Moving from Maximizer to Salesforce is not just a technology project, it’s an exercise in change management. Many habits, behaviors, and informal processes more than likely surround Maximizer in your business. It’s really important to invest in training your staff on Salesforce using classroom-based training, as well as using other channels like Trailhead, which is an amazing free online learning platform that can be customized around each users learning need. This will help create a healthy system adoption and ensure you get off to possible start using Salesforce!

To find out how Navirum can help you migrate to Salesforce successfully, please contact us for a free consultation.

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5 Ways Pardot Can Help Financial Services Companies Grow

At Navirum, we are specialists in helping Financial Services scale and grow using Marketing Automation tools like Pardot. Here are 5 ways Pardot can supercharge your business:

  1. Lead Generation: Pardot can help financial services companies generate leads by creating targeted marketing campaigns that reach the right people at the right time. By tracking user behavior, Pardot can help companies understand which marketing channels and tactics are most effective at generating leads.
  2. Lead Nurturing: Once leads are generated, Pardot can help companies nurture those leads by sending targeted emails and other communications that are personalized based on the lead’s behavior and interests. This can help companies to build relationships with potential clients and move them closer to making a purchase.
  3. Sales Enablement: Pardot can help financial services companies enable their sales teams by providing them with tools and resources that make it easier to close deals. For example, Pardot can provide sales reps with insights into a lead’s behavior and interests, making it easier to personalize sales pitches and close deals more effectively.
  4. Analytics and Reporting: Pardot provides financial services companies with powerful analytics and reporting capabilities, allowing them to track their marketing efforts’ effectiveness and identify improvement areas. This can help companies to make data-driven decisions and optimize their marketing campaigns for maximum ROI.
  5. Compliance Management: Financial services companies are subject to strict regulatory requirements, and Pardot can help ensure that they stay in compliance by providing tools for managing opt-ins and opt-outs, as well as other compliance-related activities.

To find out how Navirum can help you implement Pardot successfully, please contact us for a free consultation.

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Kristina5 Ways Pardot Can Help Financial Services Companies Grow

4 Tips for Migrating from Salesforce CRM to Financial Services Cloud

For existing Salesforce customers, migrating to the Financial Services Cloud (FSC) is a natural next step for Financial Services companies. Existing Salesforce Clients opting to migrate are using Sales Cloud, Services Cloud, or both. They may be using Salesforce Classic or Lightning. From banks, to wealth managers, to mortgage brokers and beyond, this is the next step to getting the most out of our Salesforce investment. The Financial Services Cloud gives you 3 automatic upgrades per year – specific to your industry. Its also gives companies the option to scale and grow their business through Pardot, Experience Cloud, and Revenue Cloud. At Navirum, we do migrations to the Financial Services Cloud all the time. Here are our top tips to prepare for your migration to FSC!

  • Upgrade or Migrate: If you have your Salesforce org doesn’t have a lot of customizations, it maybe be possible to just upgrade to Financial Services Cloud. However, for highly customized Salesforce orgs with many AppExchange apps and integration, it will be better to migrate to a new org completely. 
  • Train your team: Get your team ready for the migration. We recommend training your team at the start of the process on FSC, so they know the system and its benefits. This will feed into the implementation producing better results.
  • Create a roadmap for success: The Financial Services cloud has a lot of functionality. We always recommend you start with a relatively simple implementation and introduce functionality to the team over time. Getting your organization involved will allow you to prioritize functionality that delivers value to them and ensure they are involved in the success of the rollout.
  • Work with certified Financial Services Cloud Consultants: FSC has a lot of advanced functionality. It’s important you work with consultants who are Salesforce certified in the cloud. This ensures high-value functionality is implemented and you use the system to solve your most important challenges.

Navirum is a leading Salesforce implementation partner. Our team is certified in Financial Services Cloud. To learn more about Navirum please contact us below.

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Kristina4 Tips for Migrating from Salesforce CRM to Financial Services Cloud

Improve Salesforce User Adoption and Staff Productivity

Salesforce is not just the leading CRM on the market it is arguably one of the best productivity tools for sales, marketing, and customer service. Despite its popularity, Salesforce customers often experience user adoption challenges. This primarily comes from not having a user adoption strategy or support for users. Having implemented Salesforce for thousands of customers, we recognized this and created Orbit. How does Orbit help companies improve user adoption?

  • Salesforce roadmap: With each of our clients, we develop a project roadmap to deliver valuable monthly projects to our clients. We encourage your staff to participate in this process. This gives users visibility of upcoming improvements and gets them involved in the Salesforce program
  • Frequent training sessions: We can schedule training sessions as frequently as you need. From once a week to once a quarter, we do what it takes to ensure your team is fully capable of using Salesforce effectively.
  • Measure progress: We track user progress to see how they are interacting with Salesforce. We also take on board their feedback at different touchpoints. Using the information, we make recommendations to improve your Salesforce instance and build these into your roadmap
  • High touch support: With our sub one hour response time, your Salesforce users will get help from a Salesforce expert quickly to resolve technical issues or answer questions by phone, email, Slack, or your own Orbit portal. As part of Orbit, we get to know your Salesforce org in detail. This allows us to respond with solutions a lot faster due to our understanding of your security, code, configurations, and integration.

To learn more about our managed services, please contact us below.

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KristinaImprove Salesforce User Adoption and Staff Productivity

Implement Salesforce with reduced cash flow burden and staff time consumption

For many companies, implementing Salesforce for the first time can be time-consuming and a big upfront investment. Salesforce is an incredible platform. Some of the most successful companies in the world grow and succeeded with the cloud system, from Cisco to American Express. Not all companies have the internal resources, project management expertise, or the capacity to dedicate to a Salesforce project but still want its benefits. At Navirum, we created Orbit to allow businesses to implement Salesforce successfully over time without the burden on cash flow and staff. 

  • Predictable value roadmap: With each of our clients, we develop a project roadmap to deliver valuable monthly projects to our clients. For example, month one is dedicated to Salesforce training, month two focuses on a basic Salesforce setup, and month three delivers an integration with a key system, etc. This makes it easier to assimilate the functionality into each business and spreads the internal time needed over a period of months.
  • Reduced cash flow burden: Even moderate Salesforce implementations can cost upwards to $50,000. The cost of starting the project can be tens of thousands of dollars. This is a lot for any business. With Orbit, we create a plan including affordable monthly charges that significantly reduce the cash flow burden and delivers value over time.
  • Stop and start your projects as you like: With many businesses, priorities continuously change. We created Orbit so projects can be stopped and restarted at any point. For example, your firm might be very busy in the run-up to the tax deadline or have a seasonal business that ramps up for the Holidays. With Orbit you have the ability to park the project and come back to it at a quieter time.
  • Get up and running on your Salesforce licenses fast: For big Salesforce implementations, it can be months before companies can use their Salesforce licenses properly. Businesses start paying subscription fees with little short-term value. With Orbit, we created a program to get companies using Salesforce in days, allowing you to get the maximum value from your Salesforce investment.

To learn more about how Navirum and Orbit can help you please contact us below.

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KristinaImplement Salesforce with reduced cash flow burden and staff time consumption