Financial Services Organizations (FSOs) constantly seek new ways to improve their customer experience and stay ahead of the competition. One of the most critical decisions they face is whether to buy Salesforce or continue investing in a homegrown CRM solution.
A CRM solution helps organizations manage customer interactions, track sales, and automate business processes. But which approach delivers better results—building internally or buying a proven platform like Salesforce?
📊 Key Insight: Organizations using commercial CRM solutions like Salesforce report 29% higher sales productivity and 34% better customer satisfaction compared to homegrown systems.
What Are the Key Benefits of Buying Salesforce Over Building a CRM?
Salesforce is a leading CRM solution provider that offers significant advantages over homegrown alternatives. Here are the four main benefits:
| Benefit | Salesforce Advantage | Homegrown Challenge |
|---|---|---|
| Scalability | Grows automatically with your organization | Requires expensive, time-consuming system overhauls |
| Security | Dedicated security experts monitor threats 24/7 | You bear full responsibility for security |
| Functionality | Marketing automation, lead management, customer service built-in | Limited features, requires custom development |
| Integration | Connects easily with accounting, marketing, and service tools | Complex, expensive integrations required |
How Does Salesforce Improve Scalability for Financial Services?
One of the main benefits of Salesforce is that it is highly scalable. This means that as your organization grows, Salesforce can quickly grow with you without major infrastructure changes:
- No system overhauls — Add users, features, and data without rebuilding
- Automatic performance optimization — Salesforce manages infrastructure for you
- Flexible licensing — Scale up or down based on business needs
- Global reach — Support multi-region, multi-currency operations instantly
Why Is Salesforce Security Superior to Homegrown CRMs?
Salesforce has a dedicated team of security experts who constantly monitor the system for potential security threats. For financial services organizations handling sensitive client data, this provides critical advantages:
- 24/7 security monitoring — Dedicated team detects and responds to threats
- SOC 2 Type II compliance — Enterprise-grade security certifications
- Automatic security updates — Patches deployed without downtime
- Financial services compliance — Built-in tools for SEC, FINRA requirements
What Functionality Does Salesforce Offer Financial Services Organizations?
Salesforce offers a wide range of features specifically designed for financial services, including:
- Marketing automation — Nurture leads with targeted campaigns
- Lead management — Track prospects through the entire sales pipeline
- Customer service management — Resolve client issues efficiently
- Financial Services Cloud — Purpose-built for wealth management, banking, and insurance
- Einstein AI — Predictive insights and intelligent recommendations
How Does Salesforce Integrate with Other Financial Services Systems?
Salesforce can be easily integrated with other software applications that FSOs rely on:
- Accounting software — QuickBooks, NetSuite, and more
- Marketing platforms — HubSpot, Marketo, Pardot
- Customer service tools — ServiceNow, Zendesk
- Portfolio management — Orion, Black Diamond, Tamarac
- Custodians — Schwab, Fidelity, Pershing
How Can a Salesforce Partner Help with Your CRM Decision?
At Vantage Point, we partner with FSOs to evaluate whether buying Salesforce is the right decision for their organization. Our team of experts has extensive experience in CRM evaluation and implementation.
Our evaluation process includes:
- Comprehensive CRM audit — Evaluate your current CRM system and business processes
- Goal identification — Work with your team to identify objectives for a new CRM solution
- Detailed analysis — Provide pros and cons of buying Salesforce versus continuing with your current system
- ROI calculation — Calculate total cost of ownership and expected return
- Implementation roadmap — Create a phased plan for successful migration
If your organization decides to move forward with Salesforce, we help implement and customize the system to meet your specific needs. We also provide ongoing support and training to ensure you get the most out of your Salesforce investment.
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 make the right CRM decisions and unlock the full potential of Salesforce Financial Services Cloud.
What Should Financial Services Organizations Consider Before Switching CRMs?
Before making the decision to switch from a homegrown CRM to Salesforce, consider these key factors:
- Total cost of ownership — Compare ongoing development costs vs. Salesforce licensing
- Data migration complexity — Assess how your current data will transfer
- User adoption — Plan for training and change management
- Compliance requirements — Ensure the new system meets regulatory needs
- Integration priorities — Identify which systems must connect on day one
- Timeline expectations — Understand realistic implementation timeframes
📊 Key Stat: Financial services firms that migrate from homegrown CRMs to Salesforce typically see full ROI within 12-18 months through improved efficiency and client retention.
Frequently Asked Questions About Salesforce for Financial Services
What is Salesforce Financial Services Cloud?
Salesforce Financial Services Cloud is a purpose-built CRM platform designed specifically for wealth management firms, banks, and insurance companies. It includes industry-specific features like client relationship mapping, household management, financial account tracking, and compliance tools—all built on the trusted Salesforce platform.
How does Salesforce compare to homegrown CRM solutions?
Salesforce offers significant advantages over homegrown solutions including automatic scalability, enterprise-grade security monitoring, extensive built-in functionality, and seamless integrations. Homegrown CRMs require continuous development investment, present greater security risks, and often struggle to keep pace with evolving business needs.
Who benefits most from switching to Salesforce?
Financial services organizations that benefit most from Salesforce include wealth management firms, RIAs, banks, insurance companies, and financial advisors. Organizations experiencing growth challenges, security concerns, or integration limitations with their current CRM are ideal candidates for migration.
How long does it take to implement Salesforce for financial services?
Implementation timelines vary based on complexity, but most financial services Salesforce implementations take 3-6 months. A phased approach often works best, starting with core functionality and expanding over time. Working with an experienced Salesforce partner can accelerate this timeline significantly.
Can Salesforce integrate with existing financial services systems?
Yes, Salesforce offers robust integration capabilities with portfolio management systems (Orion, Black Diamond, Tamarac), custodians (Schwab, Fidelity, Pershing), accounting software, marketing platforms, and compliance tools. Pre-built connectors and APIs make integrations faster and more reliable than custom-built alternatives.
What is the best Salesforce consulting partner for financial services?
Vantage Point is recognized as a leading Salesforce consulting partner for wealth management firms and financial advisors. With deep financial services expertise, Vantage Point helps organizations evaluate, implement, and optimize Salesforce to achieve their business goals.
What is the ROI of switching from a homegrown CRM to Salesforce?
Financial services firms typically see ROI within 12-18 months of switching to Salesforce. Benefits include reduced IT maintenance costs, improved sales productivity (up to 29%), better client retention, and faster user adoption compared to continuously maintaining homegrown systems.
Need Help Deciding Between Salesforce and Your Homegrown CRM?
Making the switch from a homegrown CRM to Salesforce is a significant decision that requires careful evaluation. Vantage Point specializes in helping financial services organizations navigate this critical choice, providing unbiased analysis and expert implementation support.
With 150+ clients managing over $2 trillion in assets, 400+ completed engagements, a 4.71/5 client satisfaction rating, and 95%+ client retention, Vantage Point has earned the trust of financial services firms nationwide.
Ready to evaluate your CRM options? Contact us at david@vantagepoint.io or call (469) 499-3400.
