Salentica Engage and Black Diamond Wealth Platform: Working Together
Clients expect robust, transparent investment tools that mirror the technology they use in everyday life. Black Diamond® Wealth Platform delivers this, and more. In addition to performance reporting, rebalancing, and client billing functionality, the platform offers daily reconciliation services, an award-winning client portal with mobile access, and integrations with several complementary solutions. These include, but are not limited to, financial planning, portfolio analytics, and CRM software, as well as access to traditional and alternative managed account strategies.
Drive profitability, efficiencies and grow your business with Black Diamond Wealth Platform as the hub of your advisory business.
Engage Working Together with Black Diamond
Engage works with Black Diamond on multiple levels. First, is the daily bulk update from Black Diamond into Engage (see below for additional details on data points, timing, etc). Second, is accessing Black Diamond directly from within your CRM, based on your user profile, access, and permissions.
Setting Up Your Daily Black Diamond Update
It is recommended that a dedicated Salentica user be set up on Black Diamond for use by Data Broker. The new user can be created by any user at your firm that has an Administrator role in Black Diamond. This user will be separate from what is used for the contextual hyperlink and/or iFrames/Real-Time Data. The user can be set up with any role, no particular access to the Black Diamond site is required. The user should have access to all accounts your firm wants to be fed through Data Broker. A naming convention that indicates the purpose of the user (i.e. Salentica BD User) is recommended. When a new user is set up, someone at your firm must log in to the Black Diamond site using the credentials to set up the user, be sure to accept the Terms and Conditions.
Accessing Black Diamond from Within Engage
There are multiple ways that Black Diamond can be accessed from within Engage: via custom sign-on buttons on the pages of each record, and on portfolio records, via an embedded iFrame that can show the most recent reports available in Black Diamond for that specific portfolio record.
Black Diamond SSO Button
You don't have to leave Engage to see Black Diamond information. Log into Black Diamond, in context, from within Engage. Don't lose your place in the CRM or stop to look up a website to log in, just push a button! When the component is added to the page layout, a login prompt will authenticate directly to Black Diamond. The portfolio-level SSO button will take you to Client View, filtered to the portfolio you are viewing in Engage. The financial account-level SSO button will take you to the Client View, filtered to the selected account. If an account belongs to multiple portfolios, then you will be prompted to select a portfolio before being directed to Client View.
Notes: Your data stays secure! Credentials are user-specific and separate from the Salentica bulk data user. Security permissions are inherited from Black Diamond; if the user is not permissioned to view the account or portfolio in Black Diamond, they will not be able to access the records through the SSO button.
Upload Household Button
Now you can create and update a relationship in Black Diamond at the same time you create or update a relationship in Engage. Cut down on your time and operational effort to replicate data between your two systems, with the push of a button! The button will prompt each user to authenticate to Black Diamond using their Black Diamond credentials.
In Engage, on the relationship object, this button will create a new Black Diamond relationship using the data from the CRM. Data points that will transfer from Engage to Black Diamond:
- Relationship Name
- Relationship Address
- Salentica Data Broker ID
- Termination Date
- Inception Date
- Valuation Date
We recommend managing all data points from Engage with the exception of the Valuation Date coming from Black Diamond. Additionally, the address fed into Black Diamond is at the Relationship level. The client reporting address found within Black Diamond is currently pulled in from the Portfolio or Financial Account level (ie., the Relationship address will not update the mailing block on the Portfolio and Financial Account reports generated in Black Diamond.
Note: Users will require full access to the Client Setup > Client Relationships in Black Diamond to create a new relationship within Black Diamond.
Post to Timeline Button
You can now save time by creating Activities in CRM and then posting them to the client's Timeline in Black Diamond. On CRM Activities, this button will prompt each user to authenticate to Black Diamond. Once logged in, a window will launch an interactive process that will create a Black Diamond Timeline post using the subject and description from the Engage Activity information. You will be brought to the Black Diamond Timeline Post Editor where the Title and Content section will be filled in with the Subject and Description from the Engage Activity on the Timeline Post. You can then complete the settings for your post. The Engage description will come over as plain text, but you can format the text in the Black Diamond Timeline Post Editor.
Note: Users will require Full Access to Client Experience > Timeline in Black Diamond to create Timeline Posts.
Via the Portfolio records (Embedded iFrame)
You can also access Black Diamond records via the portfolio records within Engage. Depending on your page layout (and any other customizations or configuration changes), the embedded information may be in a different location. Selecting the reports will open them directly from Engage. By selecting the hyperlink, you will be directed to Black Diamond with the selected portfolio in context.
Data Points
Many clients ask us what data points flow from Black Diamond to Salentica Engage. Here is a list of these data points available:
Please keep in mind, all of these data points might not be mapped into your CRM, and that we frequently update the data points that are available.
Excluding Data Points
Additionally, you have the option to exclude certain data points and/or records from the CRM feed. The recommended option at the Account level is to remove the accounts from the bulk data load user's permissions on Black Diamond. As stated above, the Black Diamond user is not required to have a specific role. Administrator users on the Black Diamond platform are always automatically given All account access. Users with different roles can be given access to specific accounts individually, by team, or by rep code. These options can make it easier for instances where only one team from your firm is using Data Broker.
To limit Portfolios or Relationships from feeding into Engage from Black Diamond, Custom Field labels must be used. Access to Portfolios or Relationships cannot be limited at the user level. If an account belongs to a Relationship or Portfolio and the bulk data load user has access to the account, the user will be able to access the relationship and/or portfolio.
Custom Field Label
Alternatively, your firm can add a Custom Field label to the respective record in Black Diamond called "ExcludeFromSalentica" (case sensitive). If this field is set to "true" (not case sensitive). the record will not be created in your CRM. Currently, there is no option to exclude households, you can either import all households or none.
*Portfolios that are Primary Portfolios for a Relationship in Black Diamond cannot be excluded.
If your firm chooses not to bring in households, all portfolios and financial accounts (except any set to "ExcludeFromSalentica") will be imported into your CRM. Reach out to your Black Diamond Client Advocate if you need assistance creating this Custom Field.
How Black Diamond Records Translate into Engage
Engage pulls data (listed above) from Black Diamond, based on Client Relationships. Before the Salentica and Black Diamond Integration can be complete, Client Relationships must be set up in Black Diamond. You have the option to exclude accounts and portfolios from the data feed using either the bulk data load user's account permissions and/or a Custom Field as mentioned above. How your Black Diamond records will translate into Engage:
Black Diamond Primary Portfolio -> Engage Relationship
Black Diamond Portfolio-> Engage Portfolio
Black Diamond Financial Account -> Engage Financial Account
FAQs
Q: When does my Black Diamond data update in Salentica?
A: Generally we run Data Broker at 9:30 eastern standard time. If you need to adjust this time, please enter a support ticket and we can walk you through how to make this update.
Q: Can I refresh my Black Diamond data on demand?
A: It is possible to update your Black Diamond data through Data Broker, but remember, Black Diamond generally doesn't update multiple times in a day. To run Data Broker again, please enter a support ticket and we can walk you through how to make this update.
Q: What data points are sent from Black Diamond?
A: We have a list of Engage data points that are available through the Black Diamond and Salentica integration. Please keep in mind, all of these data points might not be mapped into your CRM, and that we frequently update the data points that are available.
Q: How do I request new data points?
A: We are constantly working with our partners to create deeper integrations. If there is a data point that you would like to have brought into the CRM, first check with Black Diamond to see if it is currently available in their API. If it is available, reach out to the service team to see if we pull in that data, and how to map it into your CRM.
