Salesforce has decided that it too wants a cut from the wealth management space, launching a cloud based solution intended to help advisors deal with the proliferation of customer data along with the shift of wealth from baby boomers to tech savvy millennials. This move is further proof that there is a strong demand for simple customizable tools to manage the growing amount of AUM.
“This is an industry that is a bunch of 55 year-old men serving a bunch of 55-year-old men,” Mulcahy said at a press event demonstrating the technology, adding that current advisor technology is not built to handle the expected wealth transfer to the next generation. “Women investors are completely underserved; millennials are completely underserved; Gen Xers are served, but with old technology. And baby boomers, in all of our research, want what the millennials have.”