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Koda Capital breaks new ground in finance with Salesforce.


Koda Capital breaks new ground in finance with Salesforce.

Koda Capital is a professional services firm that provides personalised and independent financial advice to individuals, families, non-profits, and other philanthropic investors. The firm’s independence is at the core of its client offer and enables it to deliver advice which is free from conflicts of interest.

Salesforce, together with WealthConnect™ from Creativemass, streamlines administration and reduces operational complexity so that Koda Capital is able to uniquely tailor each client’s experience, without compromising scale or consistency. The resulting time and cost savings —which have been up to 80% in some areas of the business — helps Koda Capital’s team of professionals focus on providing what clients value the most: relevant, timely advice

With Salesforce and WealthConnect™, everything can be done online and we have confidence that the right outcomes will be delivered every time.”

A perfect match

Over the last five years, Koda Capital has grown its team from four to 85 members, and risked becoming overwhelmed by increasing manual work and increasing compliance. Advisers could spend up to 40 hours on a single Statement of Advice (SOA) and spend additional time chasing signatures. It was not only inefficient and inconvenient for clients, but undermined the firm’s ability to scale and the ability to spend time with clients.

“Our needs essentially evolved past the capabilities of our existing technology and to fill in the gaps, we had smart people working unsustainable hours,” explained Andrew Rutherford, Chief Operating Officer & Founder at Koda Capital. “We needed a solution and partner that would help us work exponentially more efficiently, and Salesforce and Creativemass ticked all the boxes.”

Fast and simple onboarding

Koda Capital partnered with Creativemass on the implementation of the solution which encompasses Financial Services Cloud, Community Cloud, Einstein Analytics, and Pardot as well as the bespoke capabilities of WealthConnect™. Through this app from the AppExchange, Koda Capital is able to extend and tailor the Financial Services Cloud to improve compliance outcomes and efficiency. This significantly enhances their client experience and links the entire advice ecosystem on one secure and integrated platform. In addition, it helps Koda Capital to optimise its use of Salesforce and stay on top of the latest industry compliance. Through this partnership, Koda Capital was able to get up and running with the solution in 12 weeks from final concept to go live

One of the first areas that’s been transformed has been client prospecting and onboarding. Advisers now manage leads in Pardot which helps them, and Koda Capital’s management, track performance in real-time. This has reduced the duration of weekly management meetings from 90 minutes to a half-hour and given leaders more insights into performance. It’s also helped to reveal trends in conversion and improve forecast accuracy.

Once leads are ready for onboarding, Salesforce integrates with third-party platforms to facilitate compliance checks and capture data for more complete client profiles. This includes details on clients’ existing financial holdings.

“The entire set up process has been streamlined and we estimate a 60% reduction in end-to-end cycle time from the point a client becomes a prospect through to the completion of onboarding,” said Rutherford.

Secure and automated communication

Once clients are onboarded, Koda Capital’s advisers are able to use data and workflows within Salesforce to tailor advice and create SOAs in as little as ninety minutes. The SOAs and documents like fee disclosures are then shared with clients via a secure portal built on Community Cloud.

“We’re now moving away from email and pushing everything out through the portal. It’s fundamentally more secure and allows us to see when documents have been opened and signed. We can also trigger automated reminders to clients and escalate any delays with their advisers,” said Rutherford.

These automated processes have improved compliance while removing the need for someone to manually check that documents are current and complete.

Increasing client value

Koda Capital has achieved additional efficiencies by extending Salesforce to partners and using it to orchestrate the outsourcing of admin. This allows partners to work more seamlessly and securely as part of the firm’s wider team and to interact directly with clients. The firm anticipates an 80% reduction in operational costs as a result.

“One of the reasons our advisers join us is because they want to meet the needs of their clients in the way they think is most appropriate, rather than being boxed in to a limited set of products. Salesforce and WealthConnect™ help us to provide them with that flexibility while managing our compliance obligations and cost base,” said Rutherford. “We’re also able to keep clients at the centre of our business and focus on the activities that deliver the most value to them.”

The future of wealth management

Incredibly, the implementation of this solution and new ways of working has taken place in the middle of the pandemic with employees working from home. Careful planning and change management combined with the enthusiasm of early adopters have helped drive success and enabled quick wins such as an increase in NPS from 8.8 to 9.2. The solution has also equipped the team to work from home as long as they need.

“It doesn’t matter when or where our team works, or where our clients are. With Salesforce and WealthConnect™, everything can be done online and we have confidence that the right outcomes will be delivered every time,” said Rutherford.

The solution also helps Koda Capital to differentiate itself in the industry, and provide clients with services which are more innovative, more focussed and completely transparent. This is especially key as a new generation of younger clients look for a partner they can trust, with strong digital credentials.

“There’s a massive intergenerational wealth transfer underway right now and what made us successful ten years ago, is not what we need to succeed in the future. Clients want to do business their way, and Salesforce will be critical to enabling that,” said Rutherford.

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