Wealth Management Software: Essential Features and Key Advantages

The popularity of the WealthTech sector in the financial world has led to the development of an impressive number of powerful and revolutionary wealth management software in the USA and most of the other regions across the world. This piece intends to familiarize its readers with two of the most popular custom wealth management software solutions along with their key capabilities. So, read on! 

Salesforce Financial Services Cloud (FSC): An Overview 

Salesforce FSC is one of the most popular wealth management software in the USA, UK, and Europe. FSC is a CRM that helps wealth managers and financial advisors in building strong and long-term client relationships and streamlining operations. Wealth managers can easily obtain client information from sources like investments and financial accounts to understand the financial situation and offer personalized advice. 

Salesforce Financial Services Cloud: Key Benefits 

Salesforce FSC is used by wealth managers primarily because of the following reasons: 

• ‍Creation of Exhaustive Client Profiles: One of the major highlights of FSC is its ability to create detailed client profiles. Wealth managers can easily accumulate and unify client information from several sources, including financial accounts, investments, goals, and preferences. This comprehensive view enables advisors to better comprehend their clients' financial situations and offer customized advice and solutions. ‍
• Relationship Insights: Salesforce Einstein, FSC’s powerful artificial intelligence engine, drives the Relationship Insights in Financial Services Cloud. By assessing client interactions and data patterns, Relationship Insights provides wealth managers with tangible insights and recommendations. This helps advisors envision client demands, identify opportunities, and develop long-term relationships. ‍
• An impressive number of collaboration tools: Financial Services Cloud facilitates collaboration among team members within a wealth management firm. Advisors can share client information, notes, and tasks, ensuring everyone is aligned and up-to-date on client interactions. This collaborative approach fosters teamwork and enhances the client experience. ‍
• Facilitates Regulatory Compliance: Compliance is a critical aspect of wealth management, and Financial Services Cloud offers robust tools to ensure adherence to regulatory requirements. The platform enables document management, the audit trails, and automated compliance workflows, reducing the risk of compliance violations and associated penalties. ‍
• Effective Goal Planning and Monitoring: Wealth managers can leverage Financial Services Cloud to set and track client goals effectively. Whether it is saving for retirement, funding education, or purchasing a home, advisors can create customized financial plans and monitor progress over time. This helps clients stay on track towards their financial objectives. ‍
• Unprecedented Client Engagement: With its intuitive interface and mobile capabilities, Financial Services Cloud enhances client engagement. Advisors can communicate with clients through their preferred channels, including email, phone, and social media. Additionally, the platform offers personalized content and insights to keep clients informed and engaged. ‍
• Effortless Integration with External Systems: Financial Services Cloud seamlessly integrates with external systems and data sources, providing wealth managers with a unified view of client information. Whether it's accounting software, portfolio management tools, or market data providers, advisors can access all relevant data within the Salesforce platform. ‍
• Impressive Scalability: As a cloud-based solution, Financial Services Cloud offers scalability to accommodate the evolving needs of wealth management firms. Whether it's adding new clients, expanding service offerings, or integrating additional features, the platform can scale effortlessly to support growth and innovation. ‍
• Ensures Data Security: Data security is extremely important in the financial services industry, and the Financial Services Cloud ensures the protection of client information. FSC is equipped with robust security features, including encryption, access controls, and regular audits, to prevent sensitive data from unauthorized access or breaches. ‍
• Powerful Analytics and Effective Reporting: Financial Services Cloud provides advanced analytics and reporting capabilities to help wealth managers make informed decisions. Advisors can generate custom reports, track key performance indicators, and gain insights into client behavior and market trends. This data-driven approach helps advisors to optimize their strategies and ensure better results for the clients. 

Orion Advisor Tech: An Overview 

Orion Advisor Tech is an extremely capable and powerful wealth management software used by the wealth management organizations and registered investment advisors (RIAs) for streamlining business operations, optimizing the portfolios of all the clients regardless of their size, and enhancing the overall client experience. Orion Advisor Tech is equipped with a good number of tools and features for meeting even the most specific needs of the financial advisors. 

Orion Advisor Tech: Key Benefits 

The popularity of Orion Advisor Tech is primarily because of the following benefits: 

Extensive Portfolio Management 

Orion Advisor Tech offers robust portfolio management tools, allowing advisors to monitor and analyze client portfolios in real-time. Advisors can access detailed information on asset allocation, performance, risk exposure, and historical trends, enabling them to make informed investment decisions. 

Integrated Performance Reporting 

With Orion Advisor Tech, advisors can generate comprehensive performance reports for clients, providing insights into portfolio performance, benchmarks, and historical returns. These reports can easily be personalized to meet the specific needs of each client, maximizing transparency and answerability. 

Improved Trading and Rebalancing 

Orion Advisor Tech streamlines the trading and rebalancing process, enabling advisors to execute trades rapidly and effectively. The platform offers automated rebalancing tools, tax optimization strategies, and model portfolio management capabilities, enabling advisors to manage client portfolios more efficiently. 

Customizable Client Portals 

Orion Advisor Tech offers customizable client portals, where clients can access their account information, performance reports, and documents securely online. These portals improve client engagement and communication, providing clients with easy access to their financial information anytime, anywhere. 

Advanced Analytics and Insights 

The platform offers advanced analytics and reporting tools, allowing advisors to acquire the most relevant insights pertaining to client behavior, market trends, and investment opportunities. Advisors can leverage these insights to tailor their advice and strategies to meet the evolving needs of their clients. 

Unprecedented Scalability and Flexibility 

Orion Advisor Tech is developed to scale with the evolving needs of advisory organizations, whether it is adding new clients, expanding services, or integrating additional features. The platform offers flexibility and customization options to accommodate the specific needs of each advisor and their clients. 

Ensures Regulatory Compliance 

Orion Advisor Tech helps advisors comply with regulatory requirements by offering powerful tools for document management, audit trails, and compliance reporting. The platform automates compliance workflows, minimizing the risk of compliance violations and associated penalties. 

Improved Client Experience 

By providing access to detailed portfolio information, performance reports, and financial planning tools, Orion Advisor Tech significantly improves the client experience. Advisors can easily offer customized advice and insights to their clients, fostering trust and loyalty over time. 

Streamlined Operations 

Orion Advisor Tech streamlines back-office operations, reducing administrative overhead and improving efficiency. The platform automates routine tasks, such as account reconciliation and reporting, enabling advisors to focus on their most important priorities like building long-term client relationships and ensuring business growth at a rapid pace. 

Continuous Innovation 

As a leader in portfolio management technology, Orion Advisor Tech continues to innovate and introduce new features to meet the evolving needs of advisors and their clients. The platform leverages cutting-edge technology, such as artificial intelligence and machine learning, to deliver actionable insights and drive better outcomes for advisors and their clients. 

About Hexaview Technologies

Hexaview Technologies is a digital transformation organization engaged in offering WealthTech services to clients across the globe for over a decade now. Hexaview is equipped with a rich number of experienced resources who have played key roles in the development of multiple custom wealth management software solutions. 

Hexaview recently helped a US-based WealthTech giant through the deployment of Salesforce Financial Service Cloud. The project involved the integration of several data sources like client accounts and financial statements into Salesforce FSC to ensure a single source of truth for all the information pertaining to the client. The powerful analytics capabilities of FSC were used for the segmentation of the clients based on factors like wealth level, investment preferences, and risk tolerance. This segmentation helped in offering customized services and recommendations. 

Workflow automation and regulatory compliance capabilities of FSC were used to automate KYC and AML processes. This automation exercise helped the client in significantly reducing the manual efforts and ensuring compliance with all the regulatory requirements.  

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