Skience has a long and deep history and relationship with Salesforce. From helping pioneer the Financial Services Cloud to building our application on Salesforce itself, we’ve been at the forefront of driving innovation for wealth management on Salesforce. 

However, potential prospects often ask, “Do we have to have Salesforce before we work with Skience?” The simple answer is no. There are two primary offerings from Skience — one that requires Salesforce and one that doesn’t (which we call SkienceONE).

To better understand why that is, we’re going to explore the nuances between our two offerings and explain a bit more about the underpinnings of developing an application on Salesforce.

You first need to know that there are two primary license agreement types that a company can make with Salesforce, ISV and OEM. While these agreement types are typically irrelevant to the firms we serve, this lays the foundation of why folks may think they need to have an existing Salesforce agreement.

OEM vs. ISV – WTF? 

So that’s a lot of letters – let’s break it down a little more. 

OEM stands for Original Equipment Manufacturer. In Salesforce, it’s also often referred to as “OEM Embedded.” This just means that a piece of software you have purchased is integrated directly with a piece of hardware or original equipment. Think of it like a Peloton workout subscription — you can’t really use it unless you also have the Peloton bike, too. 

On the flipside, ISV is an Independent Software Vendor. An ISV occurs when a company builds software for a specific application on a platform, like how Skience is built on Salesforce.

Because we know each company has different needs when it comes to their software, Skience offers a version of both of these: the full Skience platform is an ISV – you have to have a full Salesforce CRM License in order to use it. SkienceONE operates as an OEM, so you can use it without signing up (and paying) for a Salesforce subscription.

Should you go with Skience (ISV) or SkienceONE (OEM)?

Trying to decide which version of Skience is right for your business? We’re here to help. Whether you’re looking for specific features or a turnkey solution, Skience has got you covered. 

Size

Although both Skience and SkienceONE are capable of supporting firms of all sizes, there are some differences you’ll want to take into consideration. 

SkienceONE integrates all your firm’s existing applications into a central hub for streamlined and optimized workflows. With paperless signatures and efficient onboarding, it offers all the tools you need to efficiently scale your firm. Typically, we recommend this solution for small- to mid-size RIAs. 

The full-on ISV Skience experience is most popular with enterprise businesses. This version of the platform sits in conjunction with your full Salesforce CRM and other applications you may have installed so you can easily manage a large advisor and client base from a single, centralized platform.

Features

If you choose to go the SkienceONE route, your system will come complete with features including:

  • Digital Onboarding
  • CRM Capabilities
  • Data Consolidation and Replication
  • Bi-Direction Integrations
  • Account Servicing and Updates

You’ll also have the option to purchase additional features at a cost, such as Client Portal capabilities or Skience Safe’s document storage solution. 

Skience comes with all that and more, such as:

  • Compliance Audit Trails
  • Customizable Integrations with Leading Technology Tools
  • Skience Safe
  • Advisor Transitions

If you think your firm needs all of the above features, it may be worth your while to go with Skience’s ISV option.

Customization

When it comes to customization, SkienceONE is built to meet the most common needs of mid-size firms. It’s a turnkey solution that’s ready to go from day one — like a car you buy right off the lot.

On the other hand, the full Skience platform offers a custom solution, made specifically for your individual RIA. To continue the car metaphor, Skience is like picking a car at the dealership, and then having the dealer customize the paint job, rims, stereo, interior, etc.

It’s the decision between a solution that is made specifically for advisors, and one that is built specifically for you.

Ease of implementation

Because SkienceONE is a turnkey solution, we’re able to launch the platform for firms with minimal internal support, all while accommodating your business’ needs. 

Salesforce requires us to work closely with your team to build a totally custom solution that meets your specific needs. As a result, your team will be more heavily involved and the timeline will skew longer. 

Customer support

Regardless of which system you choose to implement, Skience is here to help around the clock. 

Both Skience and SkienceONE users have 24/7 access to our customer support portal, where you’ll receive prompt assistance from a member of the Skience team.

Integrations

As a Skience customer, you’ll have access to all of our many custodial integrations, including:

  • Fidelity
  • Pershing
  • Schwab Advisor Services
  • TD Ameritrade

For all our users, we are continuously seeking out partnerships that will enhance and simplify the client experience so we offer integrations with a wide-array of leading firms that support the entire client wealth journey. 

Choose the Perfect Version of Skience for Your Firm

Need help deciding which solution is right for you? Want to learn more about Skience and SkienceONE? Click here to request your free demo.