As this Salesforce blog post explains, artificial intelligence (AI) technology in wealth management is a hot topic — and with good reason. AI wealth tech not only helps advisors identify their most promising opportunities, but it also serves up insights and strategies to foster meaningful relationships by anticipating and catering to the unique needs of each prospect.
Yet AI isn’t new to Salesforce.
In fact, Salesforce has been leveraging AI in some capacity since 2014. To better understand its potential, it helps to note the differences between the two types of AI used in Salesforce solutions: predictive and generative.
Predictive AI — “old school” Einstein
Predictive AI has been a part of the Salesforce platform since 2014 and was more widely integrated with the launch of Salesforce Einstein in 2016. Predictive AI relies solely on data found in a Client Org. It can assign a score to Leads, Accounts, and Opportunities based on historical information in those objects and related Tasks. It can also build custom audience segments based on predicted behaviors and determine the best time to deliver email messages.
Generative AI — learning and growing
Generative AI takes predictive functionality to the next level. Generative AI includes language learning models (LLM), data lakes, and the refining capabilities found in ChatGPT, Gemini, and other AI platforms. With generative AI, users can use natural language inputs to:
- Summarize Salesforce records, such as Clients, Opportunities, and Cases
- Summarize recorded client conversations for insights and action item follow-ups
- Aggregate Salesforce data
- Draft or revise emails
- Find Salesforce records
- Answer questions with information from your Knowledge base
Expanding the Salesforce AI portfolio
Salesforce has continually enhanced and expanded its AI offerings in recent years, underscoring its starring role at Dreamforce 2023 and setting the stage for a repeat performance in 2024. In fact, Salesforce has so many Einstein (AI) features, you may have trouble keeping track of them all. This Einstein cheat sheet offers a helpful overview of features, benefits, and technical requirements. Not every feature applies to wealth management firms, but there are several use cases we think are beneficial to advisors.
Shell with Einstein at Dreamforce 2023
Salesforce AI for a range of use cases
Built-in capabilities to support advisor success: Since Einstein AI is already integrated into the Salesforce platform, it’s easy to activate actionable insights based on all of your customer data and interactions. This can help focus your efforts on high-value activities in three key ways:
- Predicting which opportunities are most likely to convert
- Recommending knowledge articles or providing chatbot support to resolve service cases
- Using past interactions to fine-tune email marketing that connects with each client
These AI advantages can enhance the client experience while reducing the burden on advisors, allowing them to focus on more complex client needs.
AI assistants for customer service and advisor support: Solutions like Einstein Copilot leverage conversational interactions to quickly draft personalized emails; conduct research; prioritize top sales leads; or provide fast, accurate answers to any number of questions. AI assistants go a step beyond chatbots to serve up personalized responses that draw directly from your organization’s business data across all Salesforce touchpoints. AI assistants can be helpful for individual wealth advisors, customer service teams, marketing staff, and self-service clients.
AI-enabled workflow automation and optimization: AI capabilities enable firms to tap into Salesforce automation to streamline repetitive tasks, eliminate manual inefficiencies, reduce errors, accelerate time-to-market, and focus on relationship-building activities.
AI automation for client acquisition: With AI-driven automation, the journey from first contact to client onboarding is seamlessly orchestrated to attract the prospect’s interest, make a positive impression, and strengthen the connection through personalization. Clients expect and deserve to partner with an advisor who anticipates their needs and delivers insightful advice at just the right time. That’s only possible with access to the right Salesforce data — and it’s only practical with time-saving, data-crunching AI technologies to help wealth managers win new clients.
AI solutions for client onboarding: Automated onboarding can transform a complex, tedious process into a powerful point of difference. AI-enabled onboarding saves time, supports data integrity, and enhances both client and advisor satisfaction.
Ready to make the most of Salesforce AI?
To maximize your Salesforce AI opportunities, the technology needs access to both historical and real-time data. Unifying your data sources can be daunting, but ShellBlack can guide you through the process with best practices and proven data integration strategies for wealth management.