Schwab Integrates With Salesforce Financial Services Cloud

What You Need to Know

Schwab Advisor Services is developing a new app integration with the Salesforce Financial Services Cloud for RIAs.
The integration is scheduled to go live in the current quarter ending June 30.
The new app will replace the existing Schwab app but continue to support advisors using the older Salesforce Sales Cloud CRM.

Schwab Advisor Services is developing a new app integration with the Salesforce Financial Services Cloud for RIAs that it said Thursday will give independent advisors access to Schwab data and enable them to perform workflows directly from Salesforce’s client relationship management platform once the integration goes live in the current quarter ending June 30.

The end-to-end integration is being done via an application programming interface and will enable independent advisors using Schwab’s platform to create a differentiated client experience, helping to drive growth at their firms, according to the company.

The new app will replace the existing Schwab app but continue to support advisors using the older Salesforce Sales Cloud CRM offering, according to Schwab.

“The latest integration is a replacement for the current Gateway for Salesforce app that will work with Salesforce Financial Services Cloud while continuing to work with the current Sales Cloud Salesforce offers, so existing users of Gateway for Salesforce do not have to upgrade,” Schwab explained in a statement provided too ThinkAdvisor on Friday.

“This new app will allow a broader set of advisors to access Schwab capabilities via our FSC app. We are always looking for ways to expand the breadth and depth of our third-party integration especially when it is an offer that advisors have been asking about for some time,” the company added.

Financial Services Cloud includes all the core Sales Cloud features but adds newer custom fields and objects modeling financial accounts, assets, liabilities and goals for individual clients and across entire households, according to Salesforce. “This means advisors no longer have to spend time and money customizing their CRM to speak the language of their firm,” Salesforce says at its website.

Schwab’s announcement was made two days after Orion Advisor Solutions said it reached a deal to acquire Salesforce CRM rival Redtail Technology.