The Salentica Product Team is pleased to announce the release of Major Release 1 for 2023. The main feature of Major Release 1 is the new Workflow Manager. The Workflow Manager is a comprehensive module within Salentica Elements, designed to efficiently control, manage, and automate business processes. It offers a series of tools to create and manage workflows, each uniquely configured to align with the various processes within your firm. In addition, we have added great new enhancements that will make Elements more efficient and optimized for productivity in both Wealth Management and Asset Management apps.
Wealth Management Enhancements
Inherit Address from Relationship
Increased Decimal Places for Age
Send List Email for New Business
New! Workflow Manager
We are thrilled to announce the arrival of Workflow Manager for Elements! Workflow Manager will revolutionize the way you use Elements, making your business processes more streamlined, efficient, and adaptable to your requirements. Workflows, which encompass multistep, repeatable processes, can be triggered by client requests or used to manage internal processes associated with Relationships. They form the backbone of efficient procedures, client inquiry documentation, and overall operational efficiency.
Workflow Manager is designed to help ensure business protocols are followed, steps are not missed, and efficiency and productivity are increased for your team. Included in Workflow Manager is the ability to automate the assignment of tasks as well as the use of approvals and checklists. We have also included a new Related To multi-object lookup feature. This will improve data organization and provide enriched insights within the Workflow.
Workflow Manager comes in essentially three parts: Workflow Templates, Workflow Launcher, and Workflows. Let's explore how these work together to create our intuitive new tool, Workflow Manager.
Workflow Templates
Workflow Templates are the foundation of the Workflow Manager functionality. Workflow Templates hold the details and steps necessary to complete your business processes. Here you can outline exactly what tasks, checklists, and possibly approvals are needed, in what order, how long these should take to complete, and who will be assigned to each step in the process. The Templates are then copied by the Workflow Launcher to create new Workflows with the same, repeatable processes.
Administrators will access Elements Configurations to view, edit, and create Templates. Elements comes with six preconfigured Templates for you to get started and edit to best fit your own internal processes.
Workflow Launcher
Workflow Launcher is the key to kicking off your Workflow using the data in the Workflow Template. Workflow Launcher is the tool that copies all the data and details from the Workflow Template into a new Workflow. Here you can assign the appropriate Relationship and add any pertinent and specific details for the Workflow in the Description, but the rest of the necessary information from the Template will populate once you save the Launcher, saving you time and effort.
The Workflow Launcher will default to a Building status to allow you to add or edit details before setting the Launcher to Active and kicking off your Workflow.
Workflows
A Workflow is created once the Workflow Launcher process is Completed. The Workflow is where the designated Steps will automate the assignment of tasks, checklists, and approvals, in the corresponding order, to the assigned team member or role for the Workflow. Your team can view and work on their assigned Tasks from the Workflow itself or on their Task list. Workflows can be found on the Relationship under Related List Quick Links or on the Workflows tab on the Navigation bar. A Workflow will remain in an In Progress status until all tasks in the Workflow are marked as Complete.
Remember, Workflows are designed for quick and easy setup and ease of use for all users. Workflow Manager is certain to transform your business processes and save you time and energy!
Learn more about Workflow Manager in these articles:
Wealth Management Enhancements
Check out these enhancements designed to provide unrivaled precision and versatility in Elements!
New! Related Contacts Report
We have created a new custom report type that shows Contacts associated with a specific Relationship and the specific roles of each Contact. This will help see who belongs to a Relationship and their role within that Relationship whether they are direct members such as parents, grandparents, or children; or indirect members such as attorneys, consultants, or accountants for example. This example report, created with the new Related Contacts Report type, shows all Relationships created in the last two years and all Contacts associated.
You can create a variety of Reports based on the custom report type Related Contacts. You can enhance the reports with editable charts such as bar graphs or donuts and line graphs. To create reports based on Related Contacts, select the Reports tab> click New Report button> select Relationships & Contacts under Category> search for Related Contacts in the search bar> select Related Contacts as the custom report type.
New! Financial Accounts Form
To enhance navigation and elevate the the user experience, Salentica is excited to announce the redesign of the default page layout of the Financial Account custom object for Elements. This refinement focuses on increasing usability and streamlining the user experience. There is a separate Holdings page layout which has a dedicated section for Asset Allocation and a related list for the Holdings custom object.
New! Government ID Expiration Alerts (Optional)
Using Salesforce Lightning Flow, we’ve created an optional automation that will keep an eye on expiration dates of government-issued IDs, both Driver's License and Passports. The Lightning Flow will send a timely email notification to the Contact’s owner. When a Driver’s License is set to expire within the next 30 days, or a Passport within the next 6 months, an automated email reminder is sent to the Contact's owner.
The flow runs on a 24-hour cycle, so it reviews all Contact records daily. If both the passport and DL are expiring, two separate emails will be sent.
This automation is based on the new fields for Driver's License and Passport on the Contact page. You can still use the new government ID fields without using the automated email reminder, but you do need to complete these fields for the Lightning Flow notification email to send.
Address Manager Enhancement - Inherit Address from Relationship to all non-primary Contacts
Previously when changing the Billing or Mailing Address lookup fields on a Relationship, only the Primary Contact's address would update. Now, non-primary Contacts associated to the Relationship and have the Inherit Address Relationship Mailing/Billing Address field as ‘Checked’ will also be updated. This will increase efficiency and consistency between Contacts on the Relationship.
We have also added a calculated field for the Mailing and Billing Address, specifically for the State/Province field. Once the address is saved, the two-digit code for the State or Province will show. This is great for use in mailings, emails, reporting, etc.
Notify Relationship Owner when Task Completed
Converted to a Lightning Flow, checking the box on the Task Details page Notify Relationship Owner when Completed will send an email to the task owner once the task is marked complete.
Time & Expense Efficiency Ratio
We now offer a YTD and 12M Efficiency Ratio calculation on the Relationship under Time & Expense. This will allow advisors to see how much clients are consuming their time. The calculation is as follows:
Efficiency Ratio (YTD) = Expenses (YTD) / Annual Revenue
Efficiency Ratio (12M) = Expense (12M) / Annual Revenue
Increased Decimal Places for Contacts Age
The decimal places for age have now been increased to 4 to correctly reflect a Contact's age. Previously the system showed only whole numbers and rounded up an age a day earlier. With this latest enhancements, ages will show accurately as needed for such features as RMD reporting.
Send List Email for New Business
Under New Business, you now have the option to send a list email to a Contact's primary email address in bulk from a List View. Select the list items you want to send an email to and the email will show on the contact's Activity list.
Asset Management Enhancements
Investment Account External ID & PMS Account Number
To offer a more comprehensive view of Asset Management Investment accounts, we've introduced the External ID and PMS Account Number fields. These additional fields allow for more detailed data integration, improving data accuracy and ensuring you have all the necessary information at your fingertips. These fields will flow in via the Data Broker daily upload.
Contributions and Withdrawals on Investment Accounts
The Contributions/Withdrawals custom object has been designed to provide firms with a comprehensive view of the financial activity linked to all active Investment Accounts in the Salentica Elements Asset Management app.
Users have the capability to create new records or edit existing current ones for Contribution/Withdrawal object through the related list tab of Investment Accounts. Object permissions to read, edit, create, and delete are provided through a permission set.
Next Steps
- Enter a ticket to our support team for further assistance.
- Check out this article for installing the latest upgrade.
- Check out our Workflow Manager articles and videos for more information on the great new features and functionality:
