As the financial services industry continues to evolve, organizations are seeking innovative solutions to streamline their operations, improve customer experiences, and stay ahead of the competition. Salesforce has long been a leading player in the CRM space, offering a wide range of customizable solutions for businesses across various industries. In this blog post, we will explore the differences between a Salesforce OEM solution and a standard Salesforce solution, focusing on WealthHub and Salesforce Financial Services Cloud (FSC). We will also discuss the challenges organizations face when leveraging Salesforce OEM solutions and provide key decision-making criteria for choosing between a Salesforce OEM solution and Salesforce FSC.

Salesforce OEM vs. Standard Salesforce Solutions

A third-party developer creates a specialized, industry-specific application called a Salesforce OEM (Original Equipment Manufacturer) solution on the Salesforce platform. These applications are designed to cater to the unique needs of a specific industry or niche, providing tailored functionality and features that may not be available in a standard Salesforce solution.

On the other hand, a standard Salesforce solution is a more general CRM offering, designed to be flexible and customizable to suit the needs of various industries. These solutions often require additional configuration and customization to meet the specific requirements of a particular industry.

WealthHub Salesforce OEM Solution

WealthHub is a Salesforce OEM solution designed specifically for the wealth management industry. It offers a suite of tools and features to help wealth managers streamline their operations, manage client relationships, and track investment performance. Some of the key features of WealthHub include:

• Client relationship management
• Portfolio management and reporting
• Compliance and risk management
• Document management and storage
• Workflow automation and task management

Salesforce Financial Services Cloud (FSC)

Salesforce Financial Services Cloud (FSC) is a comprehensive CRM solution tailored for the financial services industry. It provides a unified platform to manage client relationships, track financial goals, and gain insights into business performance. Key features of Salesforce FSC include:

• Client relationship management
• Financial goal tracking and planning
• Business analytics and reporting
• Integration with third-party financial applications
• Customizable workflows and automation

Comparing WealthHub OEM and Salesforce FSC

While both WealthHub and Salesforce FSC offer CRM solutions for the financial services industry, there are several reasons why Salesforce FSC is considered superior:

1. Customization and scalability: Salesforce FSC offers greater flexibility and customization options, allowing organizations to tailor the solution to their unique requirements. Additionally, FSC is built to scale, making it suitable for businesses of all sizes.
2. Integration capabilities: Salesforce FSC provides seamless integration with a wide range of third-party financial applications, enabling organizations to create a unified ecosystem of tools and services.
3. Innovation and support: As a Salesforce product, FSC benefits from ongoing innovation and development, ensuring that the platform remains up-to-date with the latest industry trends and technologies. Furthermore, Salesforce offers extensive support and resources for FSC customers.

Challenges in Leveraging Salesforce OEM Solutions

Organizations in the financial services industry may face several challenges when leveraging a Salesforce OEM solution, such as:

1. Limited customization and scalability
2. Difficulty integrating with other systems and applications
3. Lack of ongoing innovation and development
4. Limited support and resources

Key Decision-Making Criteria

When evaluating whether to use a Salesforce OEM solution or invest directly in Salesforce FSC, organizations should consider the following criteria:

1. Customization and scalability requirements
2. Integration needs with existing systems and applications
3. Future growth and expansion plans
4. Available support and resources

How Vantage Point Consulting Can Help

At Vantage Point Consulting, we specialize in helping clients across the financial services industry evaluate their CRM options and implement the best solution for their unique needs. Our team of experts can guide you through the decision-making process, ensuring that you select the right platform to drive your business forward. Whether you choose a Salesforce OEM solution like WealthHub or opt for the more comprehensive Salesforce FSC, our team can help you maximize the value of your investment and achieve your business goals.

Contact us today to learn more about our services and how we can help you make the right choice for your organization's CRM needs.