Should I Stay or Should I Go?

With the final transitions from TD Ameritrade to Schwab looming, the big decision on the minds of those advisors who took advantage of TD’s Salesforce offering is whether they should stay with their current CRM system, which will soon be directly supported by Salesforce, or make the move to Salesforce Financial Services Cloud (FSC).  We will be looking at this decision over the next few weeks to help advisors determine which route is best for them.

Mosaik Consulting is an expert resource in helping advisors make this decision, as well as providing the support needed to successfully move into the future based on the firm’s chosen system. As a long-term player and consultant serving TD advisors, we are currently helping a number of clients answer the critical question that the famous rock band, The Clash, posed in their most popular single, “Should I Stay or Should I Go?”.

Here are the Pros and Cons for making this big decision:

Staying with TD version supported by Salesforce – Pros

  • No need for data migration
  • License cost is lower
  • No need for retraining or change management
  • Some third-party applications work better with the standard data model

Staying with TD version supported by Salesforce – Cons

  • No ongoing advisor-focused improvements by Salesforce
  • Have to live with extra unneeded fields and objects
  • Some fintech integrations will begin to only be developed for FSC

Making the Move to FSC – Pros

  • Constantly improved advisor-focused functionality
  • Improved data model to support complex relationships
  • Opportunity to review and optimize current business processes and use of technology to support day-to-day operations
  • Clean up or exclude extra unneeded fields and objects that were part of the TD package

Making the Move to FSC – Cons

  • Requires a total data migration
  • License cost is higher than standard sales cloud
  • Requires change management and retraining
  • Not all third-party applications work well with Person Accounts

Over the next few weeks, we will be looking at the primary differences between these two products, which are both part of the Salesforce ecosystem, as well as the key benefits of FSC. Additionally, we will lay out what to expect during the transition to FSC and the key steps involved in the transition process.

Looking for more guidance and hands-on support making this decision for your firm? Give us a call and we can help you make the right choice.