Transamerica’s network of advisors and agents plan to leverage Financial Services Cloud Einstein and Community Cloud to increase productivity and engage more holistically with clients
Salesforce (NYSE: CRM), the world’s #1 CRM company and Intelligent Customer Success Platform, today announced Financial Services Cloud Einstein. Now, financial advisors can see a holistic view of each client’s household, visualize their client’s wealth ecosystem and leverage Einstein artificial intelligence to uncover new client opportunities.
Since its general availability in March 2016, Financial Services Cloud continues to see tremendous customer momentum, including Transamerica Financial Network (TFN), which is standardizing on the solution for advisors and agents. It joins Perigon, Veterans First Mortgage and Wealth Enhancement Group, who are using Financial Services Cloud to connect with clients in entirely new ways. To learn more about TFN’s story, see the press release here: http://sforce.co/2o4AYUN.
Wealth Management Today
Today’s investors are sharing more data than ever before. However, only 18% of them say their advisors are doing an excellent job tailoring advice to them.1 This personalization gap is driven in part by the inability of advisors to link together clients’ multiple accounts and relationships to gain a holistic view of their financial lives, as well as the relationships they value most. To meet the needs of today’s investors — and, at the same time, grow their books of business — financial advisors must stop managing data and relationships in silos, and not only start capitalizing on the wealth of information clients are providing them, but also taking advantage of emerging technologies like artificial intelligence that enable them to work smarter.
Introducing Financial Services Cloud Einstein
Last year, Salesforce launched Financial Services Cloud to provide advisors with the next generation of tools to build deeper 1-to-1 client relationships, supercharge productivity and deliver always-on client engagement. Today, Salesforce is adding new innovations to the product that make every advisor smarter including:
- Einstein Opportunity Insights enable advisors to boost productivity and intelligently uncover opportunities based on clients’ sentiments, competitor mentions and overall engagement. For example, advisors can automatically see if a client mentions a competitor in an email thread and — when coupled with a decrease in communications — receive a reminder to reach out and nurture the relationship.
- Relationship Builder gives advisors the ability to easily connect information about clients and their households in one place, and edit their existing roles and activities. For example, an advisor can easily add when a client has taken on a new role such as becoming a board member at a company.
- Relationship Groups enable advisors to link clients to multiple households, trusts and business groups to ensure they have holistic views of wealth across all accounts and relationships. For example, advisors can track when their clients take on new responsibilities within other households, such as becoming a power of attorney for an aging parent, and then proactively reach out with personalized advice.
- With Relationship Map, advisors can visualize a client’s family wealth ecosystem and financial accounts in a single snapshot and drill into opportunities to deepen and grow their book of business. For instance, an advisor can discover that a client has become the beneficiary of a trust that is in need of estate-planning services.
Comments on the News
“Clients’ financial circumstances and goals are constantly changing,” said Mat Johnson, chief strategy officer, Perigon. “To build and nurture strong relationships with them, it is crucial for our advisors to have a panoramic view not only of individual clients, but also of their households and extended networks. New Financial Services Cloud Einstein helps augment our advisors with AI, giving them the visibility and intelligence to provide clients with the best guidance based on all relevant factors.”
“Relationships are complicated. Clients are often part of multiple households and play multiple roles,” said RohitMahna, SVP and GM of Financial Services, Salesforce. “Financial Services Cloud Einstein gives advisors a snapshot of a client’s entire wealth ecosystem, and empowers them to uncover new opportunities that exist within their client’s extended household or relationship groups. And with Einstein AI built in, advisors can better prioritize their days and engage with the right clients at the right time.”
Pricing and Availability
- Relationship Builder, Relationship Groups and Relationship Map are generally available today at no additional charge for all Financial Services Cloud users.
- Einstein Opportunity Insights is available for $50 per user, per month for Financial Services Cloud users in Enterprise Edition and above.
Oil extends losses as Texas prepares to ramp up output
By Devika Krishna Kumar
NEW YORK (Reuters) – Oil prices fell for a second day on Friday, retreating further from recent highs as Texas energy companies began preparations to restart oil and gas fields shuttered by freezing weather.
Brent crude futures were down 33 cents, or 0.5%, at $63.60 a barrel by 11:06 a.m. (1606 GMT) U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1%, to $59.92.
This week, both benchmarks had climbed to the highest in more than a year.
“Price pullback thus far appears corrective and is slight within the context of this month’s major upside price acceleration,” said Jim Ritterbusch, president of Ritterbusch and Associates.
Unusually cold weather in Texas and the Plains states curtailed up to 4 million barrels per day (bpd) of crude production and 21 billion cubic feet of natural gas, analysts estimated.
Texas refiners halted about a fifth of the nation’s oil processing amid power outages and severe cold.
Companies were expected to prepare for production restarts on Friday as electric power and water services slowly resume, sources said.
“While much of the selling relates to a gradual resumption of power in the Gulf coast region ahead of a significant temperature warmup, the magnitude of this week’s loss of supply may require further discounting given much uncertainty regarding the extent and possible duration of lost output,” Ritterbusch said.
Oil fell despite a surprise drop in U.S. crude stockpiles in the week to Feb. 12, before the big freeze. Inventories fell by 7.3 million barrels to 461.8 million barrels, their lowest since March, the Energy Information Administration reported on Thursday. [EIA/S]
The United States on Thursday said it was ready to talk to Iran about returning to a 2015 agreement that aimed to prevent Tehran from acquiring nuclear weapons. Still, analysts did not expect near-term reversal of sanctions on Iran that were imposed by the previous U.S. administration.
“This breakthrough increases the probability that we may see Iran returning to the oil market soon, although there is much to be discussed and a new deal will not be a carbon-copy of the 2015 nuclear deal,” said StoneX analyst Kevin Solomon.
(Additional reporting by Ahmad Ghaddar in London and Roslan Khasawneh in Singapore and Sonali Paul in Melbourne; Editing by Jason Neely, David Goodman and David Gregorio)
Analysis: Carmakers wake up to new pecking order as chip crunch intensifies
By Douglas Busvine and Christoph Steitz
BERLIN (Reuters) – The semiconductor crunch that has battered the auto sector leaves carmakers with a stark choice: pay up, stock up or risk getting stuck on the sidelines as chipmakers focus on more lucrative business elsewhere.
Car manufacturers including Volkswagen, Ford and General Motors have cut output as the chip market was swept clean by makers of consumer electronics such as smartphones – the chip industry’s preferred customers because they buy more advanced, higher-margin chips.
The semiconductor shortage – over $800 worth of silicon is packed into a modern electric vehicle – has exposed the disconnect between an auto industry spoilt by decades of just-in-time deliveries and an electronics industry supply chain it can no longer bend to its will.
“The car sector has been used to the fact that the whole supply chain is centred around cars,” said McKinsey partner Ondrej Burkacky. “What has been overlooked is that semiconductor makers actually do have an alternative.”
Automakers are responding to the shortage by lobbying governments to subsidize the construction of more chip-making capacity.
In Germany, Volkswagen has pointed the finger at suppliers, saying it gave them timely warning last April – when much global car production was idled due to the coronavirus pandemic – that it expected demand to recover strongly in the second half of the year.
That complaint by the world’s No.2 volume carmaker cuts little ice with chipmakers, who say the auto industry is both quick to cancel orders in a slump and to demand investment in new production in a recovery.
“Last year we had to furlough staff and bear the cost of carrying idle capacity,” said a source at one European semiconductor maker, who spoke on condition of anonymity.
“If the carmakers are asking us to invest in new capacity, can they please tell us who will pay for that idle capacity in the next downturn?”
The auto industry spends around $40 billion a year on chips – about a tenth of the global market. By comparison, Apple spends more on chips just to make its iPhones, Mirabaud tech analyst Neil Campling reckons.
Moreover, the chips used in cars tend to be basic products such as micro controllers made under contract at older foundries – hardly the leading-edge production technology in which chipmakers would be willing to invest.
“The suppliers are saying: ‘If we continue to produce this stuff there is nowhere else for it to go. Sony isn’t going to use it for a Playstation 5 or Apple for its next iPhone’,” said Asif Anwar at Strategy Analytics.
Chipmakers were surprised by the panicked reaction of the German car industry, which persuaded Economy Minister Peter Altmaier to write a letter in January to his counterpart in Taiwan to ask its semiconductor makers to supply more chips.
No extra supplies were forthcoming, with one German industry source joking that the Americans stood a better chance of getting more chips from Taiwan because they could at least park an aircraft carrier off the coast – referring to the ability of the United States to project power in Asia.
Closer to home, a source at another European chipmaker expressed disbelief at the poor understanding at one carmaker of how it operates.
“We got a call from one auto maker that was desperate for supply. They said: Why don’t you run a night shift to increase production?” this person said.
“What they didn’t understand is that we have been running a night shift since the beginning.”
NO QUICK FIX
While Infineon, the leading supplier of chips to the global auto industry, and Robert Bosch, the top ‘Tier 1’ parts supplier, both plan to commission new chip plants this year, there is little chance of supply shortages easing soon.
Specialist chipmakers like Infineon outsource some production of automotive chips to contract manufacturers led by Taiwan Semiconductor Manufacturing Co Ltd (TSMC), but the Asian foundries are currently prioritising high-end electronics makers as they come up against capacity constraints.
Over the longer term, the relationship between chip makers and the car industry will become closer as electric vehicles are more widely adopted and features such as assisted and autonomous driving develop, requiring more advanced chips.
But, in the short term, there is no quick fix for the lack of chip supply: IHS Markit estimates that the time it takes to deliver a microcontroller has doubled to 26 weeks and shortages will only bottom out in March.
That puts the production of 1 million light vehicles at risk in the first quarter, says IHS Markit. European chip industry executives and analysts agree that supply will not catch up with demand until later in the year.
Chip shortages are having a “snowball effect” as auto makers idle some capacity to prioritize building profitable models, said Anwar at Strategy Analytics, who forecasts a drop in car production in Europe and North America of 5%-10% in 2021.
The head of Franco-Italian chipmaker STMicroelectronics, Jean-Marc Chery, forecasts capacity constraints will affect carmakers until mid-year.
“Up to the end of the second quarter, the industry will have to manage at the lean inventory level,” Chery told a recent Goldman Sachs conference.
(Douglas Busvine from Berlin and Christoph Steitz from Frankfurt; Additional reporting by Mathieu Rosemain and Gilles Gillaume in Paris; Editing by Susan Fenton)
Aussie and sterling hit multi-year highs on recovery bets
By Tommy Wilkes
LONDON (Reuters) – The Australian dollar rose to near a three-year high and the British pound scaled $1.40 for the first time since 2018 on optimism about economic rebounds in the two countries and after the U.S. dollar was knocked by disappointing jobs data.
The U.S. currency had been rising in recent days as a jump in Treasury yields on the back of the so-called reflation trade drew investors. But an unexpected increase in U.S. weekly jobless claims soured the economic outlook and sent the dollar lower overnight.
On Friday it traded down 0.3% against a basket of currencies, with the dollar index at 90.309.
The Aussie rose 0.8% to $0.784, its highest since March 2018. The currency, which is closely linked to commodity prices and the outlook for global growth, has been helped by a recent rally in commodity prices.
The New Zealand dollar also gained, and was not far off a more than two-year high, while the Canadian dollar rose too.
Sterling rose to $1.4009 on Friday, an almost three-year high amid Britain’s aggressive vaccination programme.
Given the size of Britain’s vital services sector, analysts say the faster it can reopen the economy, the better for the currency. Sterling was also helped by better-than-expected purchasing managers index flash survey data for February.
The U.S. dollar has been weighed down by a string of soft labour data, even as other indicators have shown resilience, and as President Joe Biden’s pandemic relief efforts take shape, including a proposed $1.9 trillion spending package.
Despite the recent rise in U.S. yields, many analysts think they won’t climb too much higher, limiting the benefit for the dollar.
“Our view remains that the Fed will hold the line and remain very cautious about tapering asset purchases. We think it will keep communicating that tightening is very far off, which should dampen pro-dollar sentiment,” said UBS Global Wealth Management strategist Gaétan Peroux and analyst Tilmann Kolb.
ING analysts said “the rise in rates will be self-regulating, meaning the dollar need not correct too much higher”.
They see the greenback index trading down to the 90.10 to 91.05 range.
The euro rose 0.4% to $1.2134. The single currency showed little reaction to purchasing manager index data, which showed a slowdown in business activity in February. However, factories had their busiest month in three years, buoying sentiment.
The dollar bought 105.39 yen, down 0.3% and a continued retreat from the five-month high of 106.225 reached Wednesday.
(Editing by Hugh Lawson and Pravin Char)
Battling Covid collateral damage, Renault says 2021 will be volatile
By Gilles Guillaume PARIS (Reuters) – Renault said on Friday it is still fighting the lingering effects of the COVID-19...
Portable Oxygen Concentrators Market to Register 7.8% CAGR Through 2026; Sales to Surge as Oxygen Therapy Becomes Crucial in Covid-19 Treatments
Portable oxygen concentrator manufacturers are largely concerned with the maintenance of inventories throughout the coronavirus crisis, with optimization of supply...
Cancer Supportive Care Products Market to Reach US$ 32 Bn by 2030; Sales Limited by Complications for Cancer Patients Through Covid-19 Infections
The cancer supportive care products market is anticipated to reach a valuation of US$ 32 billion by 2030. The industry is expected...
Bronchoscopes Sales to Rise 1.5x Between 2018 and 2028; Potential Covid-19 Diagnostic Applications to Generate Lucrative Growth Opportunities
Bronchoscope manufacturers remain focused on development initiatives to improve product functionality and accuracy for higher adoption amid healthcare facilities. The bronchoscopes...
US$ 1.1 Bn Hypoparathyroidism Treatment Market Still in Infancy
Mushrooming incidences of thyroid cancer have amplified the number of thoracic surgeries, thus stimulating growth of hypoparathyroidism treatment market. Future...
Asia Pacific Plastic Additives Market Research Report by Type, by Production Technology, by Application, by Function – Global Forecast to 2020 – Cumulative Impact of COVID-19
The market report envelopes an all-in information of the global Asia Pacific Plastic Additives market and the nature of the market growth...
Comprehensive Report on Metal Stamping Market 2021 | Trends, Growth Demand, Opportunities & Forecast To 2025 | American Industrial Company, Martinrea International Inc., Magna International Inc
The market report envelopes an all-in information of the global Metal Stamping market and the nature of the market growth over the foreseeable...
Rheology Modifiers Market 2021 Segmentation and Analysis by Recent Trends, consumption by Regional data, Development, Investigation, Growth by to 2026
The market report envelopes an all-in information of the global Rheology Modifiers market and the nature of the market growth over the...
Fine Hydrate Market | Present Scenario, Key Vendors, Industry Share, and Growth Forecast up to 2026 | Nabaltec AG, Huber Engineered Materials, Hindalco Industries Limited
Future Market Insights in this report on the fine hydrate market has drawn an in-depth picture of the global market....
Ion Exchange Resins Market 2021 | Latest Trends, Demand, Growth, Opportunities & Outlook Till 2026 | Top Key Players: The Dow Chemical Company, Lanxess Ag, Purolite Corporation
An in-depth analysis of the current ion exchange resins market along with an effective evaluation of the future avenues of...