2023 Major Release 2 - Elements CRM

Workflow Manager Updates

Queue Assignment Option

Workflow tasks can now be assigned to a queue under the Assignee options on the Workflow Template step. This will allow greater efficiency in assigning tasks to the appropriate team. Once the Assignee Role is selected as Queue, the option to select the appropriate queue will appear. Queues must be created in Setup and assigned to the Task object prior to use in a Workflow Template.

Cancel Open Tasks When Canceling a Workflow

Workflows help guide a business process to completion. But what happens when you need to cancel a Workflow? Now, if the Workflow Status is changed to Cancelled, any open tasks with a status of In Progress or Not Started will also be marked as canceled. This will remove the tasks and the Workflow from any open list views and prevent tasks from being either overlooked or completed when not necessary.

Require an Overall End Date with Recurring Workflows

Recurring Workflows help streamline processes, but it is often essential to have a duration to manage these processes efficiently. This new feature requires an Overall Due Date when a Recurring Workflow is selected in the Workflow Launcher. To aid in calculating the Overall End Date, a new field for Default Number of Recurrences has been added to the Workflow template. This gives a clear timeline for the workflow, allowing better planning and resource allocation, as well as providing an indicator that the Workflow is recurring.

Approvals Must be Made by the Assigned User

User accountability is fundamental to ensuring Workflow integrity. In large teams, it can be difficult to be certain someone completes a task. Elements introduces a new feature that requires the assigned user to approve the assigned task. This ensures the right person is reviewing the task. This helps ensure your data quality and enhances your process' integrity. If a user who is not the owner of the task attempts to Approve or Reject the task, they will see an error message that states, "Only the assigned user may approve/reject this task. Please take ownership of the record to complete.”

Rejection Reason Capture 

Feedback is critical for continuous improvement. Now, Rejection Tasks require a reason field to be completed, helping provide clarity and paving the way for process improvements. This feedback mechanism ensures transparency, offers insight into potential bottlenecks, and helps refine the business process for better outcomes. A free text pop-up will allow the Approver to enter details on the Rejection and the Reason will be saved on the Approval Record.

Wealth Management Updates

Automation of Prospect to Client When New Business Marked as Closed & Won (Optional)

In the evolving wealth management landscape, it is essential to have real-time updates that mirror your business progress. Elements introduces an enhancement that automatically updates client records as they transition from prospects to clients. Now, when a New Business record is marked as Closed and Won, the Relationship Record Type will change from Prospect to Client. This not only reflects the change in client status, but reduces manual effort, and ensures accuracy and efficiency.

This Lightning Flow that provides the automation will come in an Inactive state and can be turned on as needed.

Prevention of Duplicate Outreach Members

Outreach efforts are vital to growing your business. So is ensuring your data integrity and avoiding any confusion. Previously, there was no way to prevent a Contact record from being applied more than once as an Outreach Member on an Outreach record. This enhancement prevents the addition of duplicate Outreach Members through a new checkbox field called Prevent Duplicate which is hidden from Outreach page layouts. A lightning flow will review the members and prevent an Outreach member from being added more than once. Upon saving the duplicate member, you will see an error that states the Outreach Member exists already in Outreach Record and you will not be able to save the duplicate record.

This functionality also works when adding Outreach Members from the Contacts list view.

*an error message will inform that the Outreach member already exists in the Outreach Record.

Legal Entity Picklist Enhancement

To reduce tedious data entry and ensure relevance, the latest enhancement has updated the Entity Type picklist. Now, when selecting a Legal Entity, the Entity Type picklist will dynamically adjust to only show relevant values. This streamlines data entry, reduces the likelihood of errors, and ensures clean data management.

Contact Age Stops Calculating Upon Entry of Date of Death

Recognizing the sensitivity and importance of accurate data, this new feature halts age calculation when a Date of Death is added to a Contact record in Elements. Certain formula fields such as Age Current, Age EOY, Next Birthday, and Days Until Next Birthday will cease calculation. This ensures that no inappropriate or irrelevant data is generated after the Date of Death is entered and ensures respect, accuracy, and appropriateness in data management.

Once a Date of Death is entered on a Contact, the Next Birthday, Age (EOY), and Days Until Next Birthday will be either zero or blank and age will stop calculating.

New Text Field for Financial Account Registration Type

Data discrepancies, especially during a Data Broker daily bulk data load, can be a challenge. To better align with Portfolio Management Systems that contain a multitude of Registration Types, we have introduced a new text field for Registration Type. This enhancement prevents potential "Bad Picklist Value" errors and streamlines the overall data import process. The new feature ensures accuracy, minimizes errors, and offers a seamless experience.

Instead of a picklist field that must be updated to match the mapping of your third-party system, Registration Type is now a text field that accepts a combination of letters, numbers, or symbols up to a maximum of 200 characters. Field access is provided through the Salentica Elements Power User (Wealth Management) permission set. This new field accepts letters, numbers, and symbols up to 200 characters.

Asset Management Updates

New Sum of Contributions/Withdrawals on Investment Accounts

Having a clear view of financial inflows and outflows in Investment Accounts is invaluable. Elements now aggregates Contributions and Withdrawals in a Year-to-Date, Rolling 12 Months, and Inception to Date format. This not only offers a holistic view of an account's activity but also aids in strategic planning and decision-making. You can add or modify Contributions or Withdrawal records on the Investment Account. To assist in tracking these financial activities, we have added a batch Apex program that runs overnight to review all Investment Accounts and calculate the total sum of Contributions and Withdrawals each day.

Investment Account Contributions & Withdrawal records

Contribution & Withdrawal aggregations by YTD, 12M, and Inception

Create a New Distribution Channel from a New Business Record

The process of onboarding new businesses can require an intricate setup of relationships and Distribution Channels. This update introduces a feature that enhances the management of Distribution Channels for New Business, ensuring the relationship is mapped and understood. A new lightning component action button called Create Distribution Channel is included in the record page of the New Business object. The button is only visible if the New Business Type dropdown is selected as a Distribution Channel. Users can still manually create a new Distribution Channel record and associate it with the New Business record or use this action button for a quicker way to complete the record creation process. Existing Distribution Channel records can also be associated with New Business records.

Select the New Business Type as Distribution Channel.

Once the New Business record is created, the Create Distribution Channel will display.

Click the button and you will be asked to confirm the creation of the new Distribution Channel.