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3 Ways to Shorten the Wealth Management Sales Cycle using RPA: Part 1 Lead Management

3 Ways to Shorten the Wealth Management Sales Cycle using RPA: Part 1 Lead Management

Written by

Michael Konon

Team Lead, Enterprise Business Analyst

Salesforce is a powerful tool that, when used correctly, 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. The first part of the cycle is the beginning of the Sales Funnel and how to make Lead Management more effective through leveraging RPA.

Salesforce Automation Tools

Salesforce has three automation tools that come out-of-the-box (OOTB) leveraging RPA for Lead Management using click-to-configure:

  1. Process Builder
  2. Flow Builder
  3. Workflow

While 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 avoid technical debt.

Shorten the Wealth Management Sales Cycle: Part 1 Lead Management

The Lead Management process can vary with each firm and advisor, but our experience in Wealth Management has taught us that firms tend to follow industry standards.

1. Capture your Lead Management process end-to-end to identify RPA ROI

Capturing and documenting the Lead Management process is a crucial first step for establishing where RPA can be maximized by following these steps:

  • Document the E2E Lead Management process, focusing on the typical “happy path” and ensure desired tasks and actions are included
  • Identify manual tasks and processes that must be accomplished and estimate how much time each task requires
  • Clearly define which role is responsible for accomplishing which task and/or function
  • Validate your E2E processes
  • Create a new “ideal state” process flow identifying which manual processes will be automated

At the conclusion of the above process, you will have a list of which tasks and functions should be automated through Salesforce and can begin the next step below.

2. Automate scheduled touchpoints for moving a prospect through the Lead Management Journey

No matter the source of the Lead, interest is nurtured through providing value and scheduled touchpoints throughout the funnel. RPA is most effective to accomplish the following tasks:

  • Sending invitations to attend events including investment seminars, interviews with fund managers, estate planning best practices and reviewing insurance needs
  • Prompting prospects to subscribe to company, or advisor on company approved social media channels
  • Sending calendar invitations via Lightning Scheduler to easily choose a time that is available in your calendar

Automating touchpoints is a valuable time-saving exercise, freeing up time for more important tasks such as personalized outreach towards the end of the prospect journey.

3. Assign tasks to the correct Role for personalized touchpoints to qualify the prospect and transition into an Opportunity

Moving your prospect through the Lead Management Journey not only requires automated touchpoints where your prospect can view new content created, but they also need to be qualified once sufficient interest has been expressed. Dropping the ball late in the journey is detrimental, and is mitigated through automating assigned tasks to a human whether it’s a marketing specialist, associate or the advisor themselves.

Correctly leveraging RPA means ensuring that roles and responsibilities are defined by the persona of the prospect that you are pursuing with examples include:

  • A Bronze client for a Marketing Specialist
  • A Sliver prospect with an Associate
  • A Gold or Platinum prospect with the Advisor

Auto assigning tasks are most effective when an action is triggered once a stage has been completed within the amount of time, some examples include:

  • Create and assign a task to an individual with a start and end date which are tracked and reported upon
  • Use Lightning Scheduler to provide open times for the prospect to choose a time for an initial meeting to qualify interest and fit at their convenience
  • Assign Action Plans in FSC to provide guidance on what to do next

Continued Reading: Shortening the Wealth Management Sales Cycle

Looking to learn more about how Salesforce can help you shorten your wealth management sales cycle?

Stay tuned for the next part of this series, which will focus on how to leverage RPA to move a qualified prospect through your sales funnel in 5 Ways to use RPA for the Sales Pipeline.

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