Salesforce has introduced Shield for its Financial Services Cloud in order to help businesses to meet regulatory requirements.
The tool will be beneficial to those working as financial advisors, retirement plan providers, and insurance agents as it will help them to comply with both existing and emerging industry regulations.
Particularly there is a focus on the US Department of Labor s Fiduciary Rule, which is aimed at stopping high commissions and fees claimed in the US insurance industry.
The rule will require fiduciaries, such as financial advisors, to make investment recommendations in the best interest of their clients.
So Salesforce, along with partners such as Deloitte, will be combining the capabilities of its Financial Services Cloud with Salesforce Shield in order to give firms the ability to capture client interactions and provide their compliance departments with visibility into communications between clients, advisors, agents, and teams.
The company said that features will include the ability to see a 360-degree view of clients with Client Profiles and Client Households.