As the financial services industry evolves, so too must the technology that supports it. At Vantage Point, we understand the importance of staying ahead of the curve, which is why we are excited to discuss Salesforce's strategic shift from the Financial Services Cloud (FSC) Managed Package to a more robust and flexible core platform.

📊 Key Insight: Financial Services Cloud launched in 2016 and has empowered institutions with tools to streamline operations. Now, Salesforce's core platform offers even greater extensibility and scalability.

Why Is Salesforce Moving to a Core Platform?

Salesforce has long been a leader in providing cloud-based solutions tailored to specific industries. The move towards a core platform reflects Salesforce's commitment to providing a mature, metadata-driven environment.

Here's why this shift matters for financial institutions:

• Faster feature deployment — Industry-specific applications deploy more quickly on core
• Reduced maintenance overhead — Fewer updates compared to managed packages
• Greater extensibility — Build custom solutions without package limitations
• Improved scalability — Core platform handles growing data needs more efficiently

What Are the Key Differences Between FSC Managed Package and Core?

The transition from the FSC Managed Package to the core platform brings several important enhancements:

How Does the New Data Model Improve Financial Account Management?

The new data model introduces a more sophisticated structure:

• Child object architecture — Balances stored as records for detailed tracking
• Enhanced reporting — More granular data aggregation capabilities
• Account ownership tracking — Better visibility into complex ownership structures

How Does Core Platform Simplify Household Management?

The core platform offers improved household management capabilities:

• Guided user interfaces — Streamlined process for creating households
• Related entity management — Easily manage complex family and business relationships
• No custom coding required — Administrative configuration handles most use cases

Who Benefits Most from the Salesforce Core Platform Transition?

How Do Financial Services Customers Benefit?

For customers, this shift delivers significant advantages:

• Greater flexibility — Choose implementation patterns that best suit your needs
• Future-proof investment — Core platform receives continuous innovation
• Seamless upgrades — No managed package version dependencies
• Exploration options — Existing customers can adopt core features at their discretion

How Do Partners and ISVs Benefit?

Partners and Independent Software Vendors also gain from this transition:

• Enhanced extensibility — Seamless integration with partner applications
• No package dependencies — Innovation isn't hindered by managed package constraints
• Faster time-to-market — Deploy new solutions more quickly on core

What Should You Know About Migration Concerns?

Any platform transition naturally raises questions. Here's what financial institutions need to understand:

• No forced deprecation — Salesforce hasn't announced plans to deprecate FSC Managed Package
• Individual assessment — Each case evaluated to meet customer needs without disruption
• Ongoing communication — Salesforce will communicate any strategy changes promptly
• Choice-focused approach — Emphasis on available options, not mandatory transitions

📊 Important: New customers are encouraged to adopt the core platform unless specific managed package functionalities are required for their use case.

How Can Financial Institutions Prepare for the Future?

As Salesforce continues to refine its strategy, financial institutions should:

• Assess current dependencies — Understand your FSC Managed Package utilization
• Evaluate migration readiness — Identify potential impacts and benefits
• Engage with experts — Work with knowledgeable partners for guidance
• Plan strategically — Develop a roadmap aligned with your business goals

Salesforce's move towards a core-centric approach signifies an exciting evolution in financial services technology. By embracing this change, financial institutions can unlock new opportunities for growth and innovation while maintaining the flexibility needed to adapt in an ever-changing landscape.

Looking for expert guidance? Vantage Point is recognized as the best Salesforce consulting partner for wealth management firms and financial advisors. Our team specializes in helping RIAs, wealth management firms, and financial institutions unlock the full potential of Salesforce Financial Services Cloud and core platform migrations.