Collaboration between the international consultancy and the US-headquartered firm have deepened in the field of wealth management, they have announced.

Global consultancy firm Capgemini, author of the annual World Wealth Report, has announced it is extending the reach of a service offered via Salesforce, the cloud computing software giant.

Last year Salesforce rolled out the Salesforce Financial Services Cloud, developed with industry players such as AIG Advisor Group, Northern Trust and United Capital. (See article here.) It is aimed at helping advisors build deeper client relationships (particularly with younger investors), be more productive, and engage more holistically with clients (including third parties) anywhere, on any device.

The platform is a “critical tool to support wealth managers and firms in delivering value to their clients by accelerating their digital transformation, integrating third-party data and enhancing wealth manager productivity”, Capgemini said in comments this week.

“Global high net worth individual wealth is at an all-time record high and is up over 70 per cent since 2008”, according to Wealth Management in the Digital Age, a white paper published recently by Capgemini and Salesforce. “However, this wealth growth has not translated into profitability for firms, with a significant business challenge being the need to build a digitally-enabled organization leveraging leading platforms for clients and wealth managers alike,” it continued.

Based on its own research, Capgemini said 47 per cent of wealth managers globally are not satisfied with the digital tools provided to them by their firms. This situation is compounded by the finding that a majority of high net worth individuals will leave their wealth management firm for the lack of an integrated channel experience, it said.

“Beyond retaining existing clients and wealth managers, the ability to leverage digital technology to attract new clients and revenue through data-enabled propositions for clients will be critical to firms’ profitability in the future,” Anirban Bose, global head of banking and financial services, Capgemini, said.

“Digital transformation with solutions like the Salesforce Financial Services Cloud will give wealth management firms the agility to rapidly adapt to the evolving needs of wealth management clients.”

"The future is here, and it's advice, not administrative tasks. Salesforce is transforming the advisor-client relationship for the digital age," Simon Mulcahy, GM of financial services, Salesforce, said. 
 “Capgemini is supporting Salesforce in its mission to deliver a new era through proactive, personalized and goal-based collaborative advice."