The firm's chief executive, Marc Benioff, and president, Keith Block, reportedly said last year that they were planning to focus on specific high-value industries, after observing that revenue growth from its flagship software was weaker than that of newer services (source: Wall Street Journal).

The new offering, Salesforce Financial Services Cloud, was developed with well-known industry players such as AIG Advisor Group, Northern Trust and United Capital.

It is Salesforce's first industry-specific product, aimed at helping advisors build deeper client relationships (particularly with younger investors), be more productive, and engage more holistically with clients (including third parties) anywhere, on any device.

Simon Mulcahy, general manager of Salesforce's financial services division, said, according to a media report, that although wealth management is the “most natural use case of the technology, it can serve a wider range of financial professionals.”

“It's relevant for big houses, brokers, retail banks, insurers that are moving into wealth management. All of them will want this tool,” Mulcahy said.

The move reinforces the already luminous wealth management trend of technology players looking to revolutionise how advisors interact with clients as well as the quality, availability and overall vibrancy of services they provide.

Salesforce systems integrators Accenture, Deloitte Digital, PricewaterhouseCoopers and Silverline will provide technical assistance with wealth management firms, while independent software vendors - including Advisor Software, Informatica and Yodlee - have extended their functionality for portfolio rebalancing, data integration and account aggregation.

Salesforce Financial Services Cloud, which is currently being previewed, is expected to be available in February 2016, when the firm will also announce what it will charge for the service.