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Wealth Management Overlay Application Analysis



There is an application "Wealth Management Overlay" which was advised by Salesforce to be used by our client involved in Retail Insurance firm.


It uses features like Relationship Groups(collection of contacts and clients who are individuals for householding purposes), Contracts/Accounts(Financial Accounts which are actually products linked to Contacts, Clients who are individuals and Relationship Groups), etc which come in the package and are very useful.


Now the problem is that since our business is both a B2C and B2B model, we are using both Business Accounts for Organizations and Person Accounts for Clients who are individual customers.


But we have 3 major issues coming up now after we have implemented the application :-


1. Outlook Sync issue (exists for both Outlook Connect & Outlook for SF) – sync from new contact in Outlook will only match to Contact object in SF (based upon Wealth Mgmnt setup, match will be limited to Contacts only as actual Client/Prospect in SF is associated to the ‘Individual’ Person Account object)
2. Dual maintenance of a Contact that also happens to be a Client /Prospect (Person Account)
3. Based upon initial review of Salesforce Social network interfaces (ie LinkedIn, Facebook, Twitter, etc.), it seems all interaction is limited to entries associated to the Contact object


Thus, a major important decision needs to be made as to if we can remove the whole Overlay application and replace it with customizations and configurations involved which will take up huge effort and time.


If anyone has used the application, can he/she please let me know so that I can get understanding on what was the experience, the problems, if they encountered same problems as I faced, how they resolved them, etc.


Please advise.






Cory CowgillCory Cowgill

My firm uses Wealth Management template alot as we work with Financial Institutions like Private Equity Firms, Banks, ETC which deal with High Net Worth Individuals so they are doing a B2C model.


1. You can look at other Outlook sync products. We have used the Riva platform in the past when the Salesofrce Outlook Connector doesn't meet our requirements. The Riva platform can be extended also, so it gives you more flexibility.


2. We typically keep all contacts as Person Accounts, even if they are a business contacts. Then when you need to group the Business contacts you make a lookup from the PA to an Account. There are some pros and cons to this approach, but it typically makes adoption easier as you're not keeping duplicate contacts in the system.


3. I haven't linked in Social aspects at client sites as most Financial Services clients have very strict government regulations / policies about integrations with external data that are allowed for their advisors, etc. Can't help you there.


I've also done the route of configuring everything from scratch. Building your own Custom Objects, Fields, Apex Code to build relationships, etc. We actually use that approach quite a bit, usually when there are extensive requirements that the client wants implemented which the template doesn't provide. Typically we will use the Wealth Managmeent Template as a demo for the client, gather requirements, and then either use our own internal unmanaged wealth management template which we have heavily customized or use the the Salesforce provides and build on top of it.


Hope that helps some.