An overlay for Salesforce, recently released by the technology arm of a large RIA, makes it easier to integrate a wealth management firm’s processes deeply with Salesforce.
This Website Is For Financial Professionals Only
Process Composer is a business process management (BPM) solution for wealth management firms. While BPM software has been around for years in large enterprises, Process Composer makes BPM for small businesses. It's just dumb luck that the entrepreneurs behind Process Composer work at at an RIA with $1 billion under management and 800 clients. They bring domain expertise that is so crucial to RIA CRM solutions.
Process Composer enables advisors to author and embed processes in Salesforce. You can clone and edit processes and create sophisticated workflows with dependencies. That’s a big deal.
Process Composer is a big step toward solving one of the most challenging problems RIAs face: customizing a CRM system to your firm’s needs.
If you have a client intake process, for example, you might author an eight-step process that requires your clerical staff email a discovery questionnaire to a new client before an advisor calls.
Process Composer makes creating multi-step processes easier in Salesforce. It allows you to author and embed your firm’s process library in Salesforce.
Salesforce is the world’s most popular CRM. TD Ameritrade Institutional and Schwab Advisor Services, two large custodians serving RIAs, both are integrating Salesforce into their custodial platforms.
Process Composer was developed and is offered by Orchestrate LLC
, which is owned by Foster Group
, a Des Moines, Iowa RIAs. A monthly license of for Process Composer
can be purchased on Salesforce’s AppExchange and starts at $35 per month per user. Discounts are offered when a firm buys 20 licenses or more.
Travis Rychnovsky, who does double duty by serving as Leader of Client Services, IT and Operations at Foster Group's RIA while also filling a role in managing Orchestrate, says Process Composer works in concert with Salesforce overlays created by Schwab, TDAI, and App Crown or other overlays for Salesforce, which are available on Salesforce's app store, AppExchange.
I like this app. Advisors who want to professionalize and make their business scalable all must face the challenge of creating workflows and making them trackable. Process Composer fills a void in the advisor software market and heralds the opening of a welcome new category of advisor software -- BPM.
Having built a proprietary CRM to run Advisor Products, I appreciate how CRM can transform a professional services business. Plus, Orchestrate made a great first impression. In researching this post, I learned that ops-geek/MBA Rychnovsky is a CFA charterholder.
Smart people are behind this venture.