On today’s broadcast, heads is for Salesforce, tails is for Betterment.
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Salesforce Announces General Availability of Financial Services Cloud — The World’s #1 CRM, Reinvented for Financial Advisors from Salesforce.com, and
Orion Advisor Services Rolls Out Salesforce Financial Service Cloud Integration; Introduces New Billing and Payment Capabilities from Marketwired.com
Advisor Software Extends Capabilities of Salesforce Financial Services Cloud with New Suite of Customizable Apps from PRNewswire.com
LiquidHub Extends Reach of Salesforce Financial Services Cloud with Pre-built Wealth Management Conversion Packages from BusinessWire.com
Smarsh Extends Capabilities of Salesforce Financial Services Cloud with The Archiving Platform™ from BusinessWire.com
[Alright, my coin flip came up heads, so this week’s top story comes from Salesforce, as the world’s largest provider of CRM software officially released Salesforce Financial Services Cloud. Earlier this week, the company hosted a live broadcast with United Capital CEO Joe Duran to demo the new platform.
I used Periscope to broadcast myself watching the Salesforce broadcast and gave my real-time reactions to what I saw, so if you’re a subscriber, look for the link to that video in my email newsletter. If you’re not a subscriber, well?
So let me cut to the chase. The CRM is built on the all new Lightning product, which for you means the Lightning Experience delivers the same look and feel of a fresh, modern interface across any device you use. Lightning also simplifies the creation of new apps, because third party developers build those apps around the Lightning Design System that enforces consistency across the platform. That’s good.
But, did I see any new features in the demo that Salesforce doesn’t already have today? No. What I saw is more data, in really tiny font size, consolidated into customizable dashboards.
Look, Financial Services Cloud is the framework, the foundation, for new features, but there’s nothing that I saw out of the box that screams “oh my gosh I must have this right now!”
And on top of that, Duran said that United Capital will be releasing a their own version of Salesforce that advisors can white label. What?
So if I understand that correctly, you subscribe to Financial Services Cloud for $150 per user per month, but then you’ll need to get a white labeled version to take advantage of features United Capital built for RIAs? How much will that cost?
And then you have a number of other third party providers announcing their own extended capabilities for Financial Services Cloud, which includes Orion Advisor Services, Advisor Software, LiquidHub, Smarsh, and many more.
I have got to be missing something here because it’s just not adding up for me. Will any of this news be enough to attract conversions from advisor-focused providers like Redtail, Junxure, Wealthbox CRM?
I don’t know, you can read all about Financial Services Cloud and the third party extensions over on the website at fppad.com/182, then send me a tweet, I’m @billwinterberg, and tell me what you think.] Salesforce, the Customer Success Platform and world’s #1 CRM company, announced today the general availability of Salesforce Financial Services Cloud.
Help Your Clients See All of Their Wealth in One Place from BettermentInstitutional.com
[Moving on, my next story comes from Betterment, as the automated investment service announced this week that it is rolling out account aggregation capabilities to users of both the retail and institutional platforms.
This means that Betterment customers can now connect their held-away investment accounts like 401(k)s and 403(b)s as well as their bank, credit card, mortgage, and personal loan accounts to the automated service and see everything in one place, all for no additional fee.
The aggregation is powered by Plaid and Quovo, which, if you follow me on Twitter, the latter is a partnership I tipped my hand about back in November. Is this the part where I brag about my predictions? That’s right, that’s not my style.
Anyway, this doesn’t outright replace other PFM services like Mint.com, YNAB, Personal Capital, or LearnVest because those services aggregate individual transactions, where Betterment aggregates only balance and holding information. Well, at least for now.
But it does mean that more and more investors are going to expect to see all their assets and liabilities in one place. If you’re not using solutions like Morningstar ByAllAccounts, eMoney, Wealth Access, Aqumulate, Quovo, or Yodlee inside of MoneyGuide Pro, well, you’re at a competitive disadvantage.
And Betterment isn’t adding aggregation out of the kindness of their heart. It’s totally an asset gathering strategy because they’re telling customers they have too much idle cash sitting in a bank account or the mutual funds held in a brokerage account have high fees.
Oh, I can only imagine what those pop ups might look like. That reminds me, click to pop up to sign up for the FPPad newsletter!
Alright, alright, that’s enough snark for one episode, so let me wrap up by saying this. You are in a technology arms race, and I want you to keep reinvesting in your business and adding the right technology, which is why I make FPPad Bits and Bytes to keep you up to speed.] Now when your clients sync their outside accounts with Betterment Institutional, you can see details about all of their investments, including fund allocations, holdings, fees, and cash.
Here are stories that didn’t make this week’s broadcast:
Envestnet | Tamarac Implements Integration with Pershing’s NetX360® Platform from PRNewswire.com
Envestnet | Tamarac has integrated its web-based, custodian-agnostic Advisor® Xi suite with Pershing LLC’s open-architecture platform, NetX360®.
Inaugural Personal Capital Spending Report Reveals Financial Habits Nationwide from PRNewswire.com
To help people identify new ways to save for retirement and change problematic spending behaviors before it’s too late, Personal Capital, the leading online financial advisory firm, has issued its inaugural Spend Report.
Watch FPPad Bits and Bytes for March 11, 2016
