Financial Results

TD Wealth Trumpets Salesforce's Business Volume Impact

Tom Burroughes Group Editor June 14, 2023

TD Wealth Trumpets Salesforce's Business Volume Impact

While sometimes in our experience wealth firms don't give many metrics about the impact of a new technology or process on their bottom line, TD Wealth® hasn't been shy.

TD Wealth®, the North American firm, said yesterday that its advisor’s sales volumes have risen more than 18 per cent since it adopted Salesforce Financial Services Cloud to automate and speed up client account openings and onboarding.

TD Wealth said it reported an adoption rate of 75 per cent among employees.

“Frontline teams have gained so much time back from automation of a previously manual process. Now, instead of jumping from one system to another, our advisors and sales teams are using Salesforce Financial Services Cloud for one unified view of their clients, and are able to quickly pull insights and recommendations, servicing them quicker than ever before,” Ken Thompson, head of shared services, TD Wealth®, said.

TD Wealth is part of Canada-headquartered TD Bank

Before it implemented the Salesforce system,the firm said its staff used more than 60 different applications and systems that were not connected, causing headaches for advisors and slowdowns for clients. 

The story is an example of a firm spelling out the numerical results of adopting a new technology or practice – something that does not always happen. (Editor’s note: at a general level, as shown in our regular technology and operations research reports, such metrics can be given but individual firms aren’t always eager to publicize results, in our experience.)

According to Salesforce’s 2022 Future of Financial Services white paper, more than a third (36 per cent) of wealth management customers cite issues with a previous wealth management provider as a top reason for switching.

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