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Perspectives on a Salesforce Financial Services Cloud Implementation

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The Salesforce Financial Services Cloud transforms how wealth and asset management, banking, and insurance companies work with customers, as well as within their organizations. The solution helps improve the customer experience, strengthen client relationships, and drive new business by integrating sales, service, and marketing.

In our webinar, we discussed Buckingham Strategic Wealth's implementation of the Salesforce Financial Services Cloud.

We covered:

-What to consider before choosing Salesforce
-The strategy Buckingham used for the implementation
-Why integrations and flexibility are vital for financial services customers
-Tips for increasing user adoption
-Key takeaways

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Perspectives on a Salesforce Financial Services Cloud Implementation

  1. 1. Perspectives on a Salesforce Financial Services Cloud Implementation
  2. 2. 2 About Perficient Perficient is the leading digital transformation consulting firm serving Global 2000 and enterprise customers throughout North America. With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions.
  3. 3. 3 Perficient Profile • Founded in 1997 • Public, NASDAQ: PRFT • 2017 revenue $485 million • Major market locations: Allentown, Atlanta, Ann Arbor, Boston, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Denver, Detroit, Fairfax, Houston, Indianapolis, Lafayette, Milwaukee, Minneapolis, New York City, Northern California, Oxford (UK), Phoenix, Seattle, Southern California, St. Louis, Toronto, Washington, D.C. • Global delivery centers in China, India and Mexico • 3,000+ colleagues • Dedicated solution practices • ~95% repeat business rate • Alliance partnerships with major technology vendors • Multiple vendor/industry technology and growth awards
  4. 4. Buckingham Strategic Wealth John Spyers, Operations
  5. 5. 5 About Buckingham Strategic Wealth Buckingham Strategic Wealth helps individuals, businesses, trusts, nonprofits, retirement plans and medical practice owners achieve their most important goals by creating customized, comprehensive, evidence-based financial plans. Our investment philosophy is rooted in an academic approach tailored to address each client’s distinct willingness, ability and need to accept market risk. As a registered investment advisory firm, Buckingham operates under a fiduciary obligation to its clients. Our investment approach centers on modern portfolio theory implemented through evidence-based, or passively managed, mutual funds and the firm’s fixed income portfolio design and execution capabilities.
  6. 6. 6 Buckingham Strategic Wealth Milestones 1994 Founded One location Local clients <30 Associates 1 Year >80 Clients 3 Years $100 million AUM 15 Years Added a second office 17 Years 100 Associates
  7. 7. 7 Buckingham Strategic Wealth Growth $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 2007 2009 2011 2013 2015 2017 AUM in Billions Today $13.6 billion AUM 300+ Associates 23 Locations As of June 2014 $6.2 billion AUM 200 Associates 7 Locations
  8. 8. 8 Business Challenges Business Overall • Rapid growth • New organization models forming • A transformational mindset Existing CRM • Access to information • User experience • Adoption / usage • Lack of – Metrics – Integrations – Evolution
  9. 9. 9 Considering Salesforce What are you trying to achieve? What is your commitment to the platform? How are you going to approach implementation? How will you train? How will you measure and drive adoption?
  10. 10. 10 Salesforce Implementation • Extended RFP cycle • We wanted to be active partners in our implementation • More than a “lift and shift” but not a wholesale change to process • Long-view that this was a foundational piece to our overall platform • “Change fatigue” was going to be real Team Steering Committee Core Team Implementation Team Product Owner Timeline December 2017: Purchased June 2018: Project Start December 2018: Go-Live Project Change Management Requirements / Discovery Build / Test / Train
  11. 11. 11 Integrations & Flexibility Technology in financial services is evolving at a very rapid pace. Our ability to build/evolve products can’t compete with those companies who have technology as a main focus Buckingham needed to move from a build-it-all approach to: • Choose best of breed • Integrate • Build to fill any gaps Graphic Source: Nerd’s Eye View at Kitces.com
  12. 12. Orion Advisor Services Joe Leyboldt, Technology & Integrations
  13. 13. 13 Orion Advisor Services Orion is a portfolio accounting technology by advisors, for advisors that liberates you, so you can enjoy your business again.® • 1,300+ advisor & institutional contracts • $600+ billion in assets under administration • 2M+ accounts — growing at a firm a day • 350 employees, 80% in service and support • 55 IT employees • 24/7 coverage across continental U.S.
  14. 14. 14 How Orion Does It Orion Portfolio Accounting Technology • Customization to fit your business • Scale to meet your growth demands • Integration for greater efficiency • Innovation to anticipate the needs of advisors Orion Portfolio Accounting Technology • Multi-custodial fiduciary advisors • Firms in transition • Retail RIAs, broker-dealers, broker-dealer RIAs, TAMPs • Independent advisors • Established firms
  15. 15. 15 Orion Advisor Services Composite reporting Trading&rebalancing Reporting Advisory feebilling Tradeorder management Costbasis&taxreporting Compliance app RMD app Data services Client portals OrionConnect suite Branded mobileapps Notifications Business intelligence OpenAPI New account center Broker-dealer solutions Delivery Privateasset platform Video reporting Security solutions Rebalancing basedon tax-efficient trading Openintegration approach Cloud-based, mobile-friendly software Customizable reportingsuite (including video) Client portal&app with unmatchedexperience Specialized supportteams Security approach (ISO,SSAEcerts/ multi-factor) Business intelligence Innovative Solutions for Advisors Why Clients Choose Orion
  16. 16. 16 Salesforce Integrations One User Interface Experience Data Syncing Bi-Directional Syncing Contextual Linking Dashboards Orion Connect
  17. 17. 17 What Does Orion Sync to Salesforce? Households • Demographic data • Performance • Values • Gain/Loss
  18. 18. 18 What Does Orion Sync to Salesforce? Financial Accounts Related to Households
  19. 19. 19 What Does Orion Sync to Salesforce? Financial Account Data • Performance • Values • Gain/Loss
  20. 20. 20 What Does Orion Sync to Salesforce? Financial Account Holdings
  21. 21. 21 Contextual Single-Sign-On Links Contextually Launch an Orion Screen from Salesforce • Orion’s Household Editor • Assets • Transactions • Reports Dashboards
  22. 22. 22 Orion’s Full Household Editor
  23. 23. 23 Orion Connect Orion’s entire suite of Portfolio Accounting functionality is available within Salesforce • Trading • Billing • Reporting • And More!
  24. 24. Organizational Change Management David Chapman, Perficient
  25. 25. 25 Change Management Definition Project success will be dependent on two factors: 1. A flawless technology solution that meets the project’s requirements 2. The ability of users to actively engage with and adopt the new solution Change Management drives individual and collective adoption, thus ensuring achievement of expected benefits and return on investment (ROI).
  26. 26. 26 Organizational Change Management Increases Success Change Management’s impact on project success • Projects with Change Management are 6 times more likely to meet or exceed project objectives* • Change Management increases the probability of staying on schedule and budget, resulting in higher benefit realization and ROI Change management manages disruptions, mitigates risks and decreases the time required to realize productivity gains planned by the project. * Prosci, Best Practices in Change Management, 2016
  27. 27. 27 Change Management Methodology Overview Our methodology is pragmatic and iterative • Pragmatic – Strategic, tactical and very intentional • Iterative – Project conditions change, and it’s critically important that the Change Management plan adopts accordingly Appropriate aspects are brought to bear on any project DEFINE PHASE Shortest phase, answers the question of WHY? COMMUNICATE PHASE Where we spend the most time; answers the questions of WHO, WHAT and WHEN? ENABLE PHASE Getting the users ready; answers the question of HOW? SUSTAIN PHASE Continuing the adoption throughout the project; embedding OCM capabilities within the client’s organization
  28. 28. 28 Project Challenges Like all projects, the Buckingham project was launched with a number of obstacles for the OCM team to overcome. 1. Buy-in already was at a critical state when the project began because of timing issues. Buckingham was in the last stages of another technology deployment that provoked fear of additional change amongst its primary stakeholders – many of whom would be primary stakeholders within the Salesforce Financial Services Cloud (FSC) project. 2. Initial process review showed that the team would have challenges communicating changes around future state manual vs. automated activities 3. There was a desire to leverage modern and various communication vehicles which had not been available or utilized to deliver more engaging communications to users in a timely manner in past deployments 4. Training was anticipated to be a challenge, with primary stakeholder concerns being enough relevant sessions and the geographical spread of offices / teams and the need for a solid, methodical, and well-thought out plan 5. No real training repository (LMS would not be deployed till late 2017, possibly 2018) where users could easily retrieve materials
  29. 29. 29 Project Change Management Strategy By combining the science of our OCM methodology with the art required for the Buckingham culture and Salesforce technology-specific needs, we were able to successfully prepare our users. 1. Committed to clear, transparent, and timely communications throughout the engagement 2. Established two-way communication channels to ensure we were meeting stakeholders where they were and being responsive to their needs 3. Maintained close ties with the technical project teams, which lead to proactive (vs. reactive) communications 4. Leveraged all of the communication vehicles available for a multi-channel approach 5. Built role-based training that could be repurposed for future use 6. Built customized presentations, supplemental communications and training collateral relevant to the Buckingham environment by role 7. Leveraged FSC libraries for quick access to standardized training and other useful user information
  30. 30. 30 Teams: Before & After Before • Questions of where data came from and how it was assembled • Time spent trying to retrieve and assemble information • Not talking about what it means or how learnings from the data could be applied • Conversation and information silos After • Transparency into data – more productive conversations • Collaboration between advisory teams and other departments • Reporting and metrics – more proactive coaching and guidance
  31. 31. 31 What You Should Know About Implementing Salesforce Financial Services Cloud • Setting expectations is important • Communication and education are key • You can’t train too much • Users will always want more • You will have issues • Users/team members need to think bigger than themselves • It is never “done” – product ownership and constant evolution keep momentum and usage going
  32. 32. Questions Type your question into the chat box
  33. 33. Thank You