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Shortening the wealth management sales cycle: sales pipeline management

January 05, 2021

Salesforce is a powerful tool that can significantly shorten the sales cycle from lead management to effective account management while deepening the advisor/client relationship.

This three-part series will explore some of the ways that leveraging Robotic Process Automation (RPA) within Salesforce will help advisors win and keep more business.

Part two: sales pipeline management

In part two of our Wealth Management Sales Cycle blog series, we discuss how sales pipeline management can help you shorten the sales cycle by:

  • Understanding the “Happy Path” and document the process
  • Outlining activities required to complete for each stage of the process
  • Leveraging Process Builder to build out the tasks
  • BONUS: Using e-signatures to remove obstacles to getting accounts opened and funds transferred over

Salesforce automation tools

Salesforce has three automation tools that come out-of-the-box (OOTB) leveraging RPA for Lead Management using click-to-configure: Process Builder, Flow Builder and Workflow.

Although this article will not be going into the nuances of each automation tool, it’s important to note that a combination of these tools are used to accomplish your Lead Management requirements. Custom development is an option for very complex use-cases, however at Traction on Demand, we prefer to leverage OOTB whenever possible to ensure our clients are able to use the three-yearly releases from Salesforce and ultimately, avoid technical debt.

Happy path sales pipeline management

Once a lead has been qualified fit and is now a prospect/opportunity, we need to take it through the sales pipeline. Depending on the attributes of the lead, there could be variances in your process. For example, a High Net Worth (HNW) prospect will have a longer and more complex sales cycle than a High Earner, Not-Rich-Yet (HENRY) prospect.

Regardless of which type of prospect an advisor is pursuing, documenting the “Happy Path” process is crucial in order to create a baseline and build out each stage from there. The Happy Path can get very complex and involve many different items to complete, all of which can be time-consuming.

Document the Happy Path sales cycle including all tasks that need to be completed in each stage. Accomplishing pre-set tasks will be key to moving a prospect forward, including:

  1. Interviewing the prospect to understand their investing experience and risk tolerances
  2. Crafting a proposed portfolio by working with internal resources or an asset management company of your choice to identify and mitigate gaps
  3. Approaching the client from a holistic perspective by creating a financial plan to identify gaps and opportunities
  4. Leveraging the financial plan to bring in other professionals from insurance or estate planning providing cross-sell opportunities, deepening client relationships and earning the status of trusted advisor

Edge case documentation

Each client has unique needs and edge cases should certainty be documented for reference. If your organization has advisors that pursue certain industries, professions, verticals, etc. documenting the nuances of these processes will be crucial to shortening sales cycles. Examples include:

  • Doctors
  • Entrepreneurs
  • Cash management optimization strategies for corporate treasury

New client onboarding

Once your prospect has agreed to work with you, there's a multitude of tasks that need to be created, assigned and accomplished to onboard your new client. Ensuring that these tasks are done in a timely manner accelerates client confidence in a new relationship and streamlines the increase in book size.

Moving a prospect through the pipeline requires a mountain of paperwork to be created and signed off on. Leveraging an e-signature solution such as DocuSign dramatically shortens the Sales Cycle, especially during COVID, and is a low effort way to use RPA and get the prospect across the finish line.

Types of documentation that can leverage e-signatures include:

  • Opening up registered, non-registered and margin accounts
  • Transferring assets from your new clients’ current financial institution
  • Filling out and obtaining sign-off to adhere to Know Your Client (KYC)
  • Creating and obtaining sign-off on an Investment Policy Statement (IPS)
  • Obtaining client agreement to execute trades adhering to the IPS and financial plan

Once a client has been onboarded the relationship begins!

We're here to help

If you’re looking to shorten your wealth management sales cycle using Salesforce, our Financial Services experts are here to help!

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