How Summit Trail Advisors Boosted Efficiency with Salesforce

Discover how Summit Trail Advisors streamlined operations, reduced manual tasks and created a single source of truth with Salesforce integration.

Company Overview

A Closer Look at Summit Trail Advisors

Summit Trail Advisors is a networked family office that provides comprehensive wealth management services to high-net-worth families and individuals. Founded by experienced financial professionals, it offers a unique blend of expertise and personalized service, striving to deliver innovative solutions tailored to each client’s needs.

Standing out from traditional wealth managers, they embrace an adaptive and proactive approach, ensuring they efficiently meet their client’s financial goals.

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Single Source of Truth Improves Operational Efficiency and Reduces Risk

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The Challenge

Centralizing Data to Improve Operational Efficiencies

Most of Summit Trail Advisors’ clients have accounts with three separate banking entities across eight teams, such as Schwab or Fidelity. Working across multiple systems created disparate data entry processes, resulting in complex, manual efforts to maintain data across client accounts. 

These challenges made it difficult for Summit Trail Advisors to scale and improve operational inefficiencies, including reducing processing time and the potential for human errors. Summit Trail Advisors recognized the need to centralize their data to streamline operations, alleviate these issues, and better support their clients.

The Approach

Creating A Single Source of Truth with Salesforce CR

The first step Summit Trail Advisors took to create a single source of truth for their clients was leveraging Salesforce CRM.

With a strong central data store like Salesforce, Summit Trail Advisors then engaged LaunchPad Lab to support aggregating all data from third-party custodians, such as Fidelity, Schwab, and Pershing. With this goal in mind, the LaunchPad Lab team focused on organizing, structuring, and normalizing the data synced with Salesforce and created workflows to enable the regular automation of custodian data.

Due to the confidential nature of Summit Trail Advisors’ work, they needed a secure solution to effectively manage data from multiple sources and funnel disparate information into a single source of truth. 

Security best practices were employed, such as data encryption in transit for personally identifiable information (PII) and reducing the number of places such sensitive information persisted and surfaced.

The Solution

Leveraging Salesforce and Heroku for a Seamless, Synchronous Experience

The LaunchPad Lab team leveraged Salesforce, Heroku Connect, and Rails to ensure Summit Trail Advisors had a fully functional app. This combination, particularly of Salesforce and Heroku Connect, is the preferred strategy for a seamless, synchronous experience. 

This “dual engine” approach ensures that data from the proprietary database connects to the data stored in Salesforce. When a customer updates their name or phone number in the app, the data flows back and connects to the customer’s record in Salesforce.

  • Salesforce

    One of the most robust off-the-shelf software platforms, Salesforce offers powerhouse technology vital for internal business challenges.

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  • Heroku

    One of the best platforms for proprietary software development, Heroku enables developers to bring web and mobile apps to market 2x faster.

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  • Heroku Connect

    The middleman between Salesforce and Heroku, ensuring bi-directional, real-time syncing between Salesforce and Heroku’s Postgres database instance.

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The Results

Delivering Operational Efficiency and a Single Source of Truth with Salesforce and Heroku Connect

Launching the new single source of truth has reduced manual work through data automation, significantly increased operational efficiency, and reduced the risk of human error.

Leveraging data automation for large amounts of material is key to improving operational efficiency. Instead of manual data entry, which can lead to human error, Summit Trail Advisors now has one comprehensive solution for all their data. Team members can now easily access a 360-degree view of each customer, gaining complete visibility and streamlining daily operations.

  • Scalability for growth

  • Single source of truth for team members

  • Increased operational efficiency

  • Reduced risk of human error

  • Reduction in manual work through data automation

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