Financial-Services-Cloud Questions and Answers

Flows provide step-by-step guidance for common service requests, such as change of address, or change of beneficiary, without the need to navigate to different screens. Flows can simplify and streamline the customer onboarding process by automating tasks and collecting information in an easy and intuitive way. You can use Flows to create service requests that capture the customer’s details and update the related records in one place.

Flows enable customers to schedule appointments via customer communities, mobile apps. or websites. Flows can integrate with Experience Cloud sites, mobile apps, or websites to provide self-service options for customers. You can use Flows to create appointment scheduling forms that allow customers to book appointments with the right specialist at the right time and place. Verified References: : Salesforce Help Article 3 : Salesforce Help Article 4

To configure a custom field for reporting when relating two business accounts to each other, the administrator should configure the custom field on the Account-Account Relationship object. The Account-Account Relationship object is acustom object in Financial Services Cloud that allows you to create and manage relationships between two accounts, such as Household Member, Business Owner, Trustee, or Friend. You can use the Account-Account Relationship object to store additional information about the relationship between two accounts, such as role, start date, end date, or status. You can also use the Account-Account Relationship object to report on the account-account relationships and analyze their impact on your business. Verified References: : Salesforce Help Article [4] : Salesforce Help Article [5]

To give users access to the Financial Services Cloud Commercial Banking features, such as Commercial Banking Console Lightning app, Referrals List component, and Treasury Services object, the Admin needs to assign permission sets to the users. Permission setsare collections of settings and permissions that give users access to various tools and functions4. The Admin can use the following permission sets to enable Commercial Banking features for the users4:

FSC Commercial Banking Console User: This permission set givesusers access to the Commercial Banking Console Lightning app, which is a custom app that provides a unified view of commercial banking clients and their financial needs4.

FSC Commercial Banking Referrals User: This permission set gives users access to the Referrals List component, which is a Lightning component that displays a list of referrals related to a business account4.

FSC Commercial Banking Treasury Services User: This permission set gives users access to the Treasury Services object, which is a custom object that represents a treasury service product or offering that a commercial banking client uses or is interested in4. Verified References: 4

Referrals Rollups is a feature that enables users to see all the referrals for the members of a group, such as a branch or a team. It also allows users to filter referrals by status, priority, or owner. 

To set up the new record types for Person Accounts, the administrator should configure Individual Record Type Mapper custommetadata. The Individual Record Type Mapper is a custom metadata type in Financial Services Cloud that defines how records are created when using certain features, such as Einstein Data Capture or Salesforce Inbox. The Individual Record Type Mapper maps Person Account record types to Individual record types, so that when a new Individual record is created from an email or calendar event, it automatically creates a corresponding Person Account record with the same record type. To configure Individual RecordType Mapper custom metadata, you need to go to Setup > Custom Metadata Types > Individual Record Type Mapper > Manage Records and create a new record for each Person Account record type and its matching Individual record type. Verified References: : Salesforce Help Article [8] : Salesforce Help Article [9]

The best way for the Admin to access a Financial Services Cloud pre-configured org, including data and the right licenses, to learn about theproduct is to request a 30-day Financial Services Cloud trial org. You can sign up for the 30-day trial using this form 4. You getpreconfigured and preloaded sample data so you can start playing around in your new org right away. Once you’re done testing it out, you can transition your trial org to a production org with the help of youraccount executive or solution engineer. Verified References: : Trailhead Module 5

The administrator did not assign the Mortgagepermission set to the user. The Mortgage permission set is required to access the Residential Loan Application object and its related objects, such as Loan Application Form, Loan Assessment, and Loan Product. Without this permission set, the user cannot create, edit, or view residential loan application records. The administrator can assign the Mortgage permission set to the user from the user detail page in Setup.References: [Mortgage Permission Set], [Residential Loan Application Object]

The following statements are true for Rollup By Lookup (RBL) in Financial Services Cloud:

An RBL (Rollup By Lookup) rule displays summary calculations of financial account information, such as account balances. You can use RBL rules to aggregate financial account data across different levels of client relationships.

The Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the diem and group levels. You can use RBL configuration to define which fields are rolled up and howthey are calculated for each diem and group type.

Salesforce does not recommend or provide support for creation or customization of Financial Services Cloud RBL rules. RBL rules are complex and require extensive testing and validation. If you need to create or customize RBL rules, you should contact a certified Salesforce partner or consultant. Verified References: : Salesforce Financial Services Cloud Implementation Guide, page 75. : Salesforce Financial Services Cloud Implementation Guide, page 76. : Salesforce Financial Services Cloud Implementation Guide, page 77.

To grant restricted accessto users like Bank Tellers who need only limited access to Financial Services Cloud features, the Admin can use Financial Service Cloud Basic permission set license. This license enables user access to a license with contractual restrictions for FinancialServices Cloud and provides access to core objects such as accounts, contacts, leads, opportunities, cases, activities, reports, dashboards, and custom objects. This license also provides access to some Financial Services Cloud features such as Action Plans, Actionable Relationship Center (ARC), Branch Management, Complaint Management, Data Consumption Framework (DCF), Discovery Framework (DF), Document Generation (DG), Groups (Householding), Intelligent Document Automation (IDA), Intelligent Need-Based Referrals and Scoring (INRS), Referral Management (RM), Relationship Builder (RB), Relationship Groups (RG), Relationship Map (RM), Timeline (TL). 

A screen flow is a type of flow that guides users through a seriesof screens to complete a task or collect information2. Screen flows can alsointeract with external systems using Apex actions or invocable actions3. Inthis case, the consultant can create a screen flow that collects the caller’s name and social security number from the agent, and then invokes an Apex action or an invocable action that makes a web service call to an external authentication service.

A suitable use case for Flow Builder is to collect input from internal users with a form placed on a Lightning page or launched by a button. Flow Builder is a tool that allows users to automate business processes by building flows that guide users through screens, executelogic, manipulate data, and interact with Salesforce and external systems. By using Flow Builder, the system administrator can create a flow that collects input from internal users with a form and performs actions based on the input.

To prevent the data import from creating duplicates when importing records from a system outside of Salesforce, you should use External ID. External ID is a custom field type that can be used to store unique identifiers from other systems. You can use External ID to match records during data import and avoid creating duplicate records in Salesforce. You can also use External ID to enable upsert operations, which can insertnew records or update existing records based on the External ID value. Verified References: : Salesforce Help Article [5] : Salesforce Help Article [6]

The following statements are true for the Financial Services Cloud Person Account Data Model:

The Person Account is a virtual object displaying data from Accounts and Contacts objects. It represents all aspects of the person and includes data such as date of birth or tax ID number. You can use Person Accounts to store information about individual people by combining certain Account and Contact fields into a single record.

The Person Account model uses the standard Account object to hold all of the details about a person. The Account object has been extended with custom fields and a Person Account Record Type. You can use Person Accounts to simplify your data model and reduce the number of records you need to manage.

The following functions should be added to the Delegated Administrator group for its franchise users:

Unlock users, which is a function that allows delegated administrators to unlock users who have been locked out due to incorrect login attempts or password expiration.

Assign or remove permission sets for users in their delegated groups, which is a function that allows delegated administrators to grant or revoke additional permissions for users in their delegated groups by using permission sets.

Create and manage membership of specified public groups, which is a function that allows delegated administrators to create public groups for sharing purposes and add or remove users from those groups. 

The following objects should be used when planning to use the Mortgage Data Model to integratewith external Loan Origination and Customer Onboarding applications to accurately track the pipeline:

Opportunity: An Opportunity is a standard object that represents a potential sale or deal for your products or services. You can use the Opportunity object to track and manage the stages, amounts, probabilities, and expected revenue of your deals. You can also use the Opportunity object to associate products, price books, quotes, contracts, orders, or assets with your deals.

Account: An Account is a standard object that represents a person or an organization that has a business relationship with your company. You can use the Account object to store information about your customers, such as name, address, phone number, website, industry, or rating. You can also use the Account object to associate contacts, opportunities, activities, cases, or notes with your customers.

Financial Account: A Financial Account is a custom object in Financial Services Cloud that represents a financial product or service that is owned by an account holder or related to an account holder’s financial goal. You can use the Financial Account object to store information about your customers’ financial accounts, such as type, balance, status, or interestrate. You can also use the Financial Account object to associate financial transactions, financial account roles, or financial goals with your customers’ financial accounts. Verified References: : Salesforce Help Article [6] : Salesforce Help Article [7] : Salesforce Help Article [8]

To integrate with an external system, Salesforce needs to have objects and fields that can store the data that will be sent from the external system via an API. These objects and fields should match the data structure and format of the external system as much as possible. Additionally, Salesforce needs to have an integration user and anintegration profile that can enable the connection between Salesforce and the external system. The integration user is a dedicateduser account that has access to the API and can perform data operations on behalf of other users. The integration profile is a custom profile that defines the permissions and settings for the integration user.

The following things happen when an opportunity record that has opportunity participants with associated share table entries is set to Private:

The share table records are deleted, which means that any sharing access granted by the opportunity participants is revoked.

The opportunity participant records are not deleted, which means that they still exist on the opportunity record and can be viewed by users who have access to the opportunity. 

The following statements are true for a Group in FinancialServices Cloud:

Financial Services Cloud includes a group record type for households, which is a record type that represents a collection of individuals who share financial goals, such as family members or roommates.

A group is a type of account record that people and businesses can be related to through the account contact relationship object, which is a junction object that links an account to a contact or an individual and defines their role or relationship with that account. 

The consultant should consider the following from a customer onboarding perspective:

If the company struggles with the low efficiency of collecting data in questionnaires and meeting compliance with thecompany policies, Action Plan can be used to improve the current state. Action Plan is a feature in Financial Services Cloud that allows you to automate and standardize common business processes or service requests, such as customer onboarding, account opening, or loan application. You can use Action Plan to create templates that define the tasks, owners, and deadlines for each process or request. You can also use Action Plan to create instances of templates that apply to specific target records, such as accounts, contacts, or opportunities. Action Plan can help you collect data in questionnaires and ensure compliance with company policies by providing step-by-step guidance and validation rules for each task. Verified References: : Salesforce Help Article [4] : Salesforce Help Article [5]

To configure customized nodes for display in Actionable Relationship Center (ARC), developers should reference the FlexCard in the Display properties of the custom ARC relationship graph. AFlexCard is a tool that allows users to create custom user interfaces for displaying data from Salesforce or external systems using OmniScripts and Integration Procedures. A custom ARC relationship graph is a metadata type that defines the nodes and edgesof a custom relationship graph for ARC. By referencing the FlexCard in the Display properties of the custom ARC relationship graph, developers can customize the look and feel of the nodes and display data from various sources on them. 

To hide highly sensitive Life Events or Business Milestones until they happen, the Admin can hide them on the Events & Business Milestones Lightning Component page properties. The Events & Business Milestones Lightning Component isa component that displays a timeline of life events and business milestones for a client or a group. The Admin can use the page properties to customize the component and select which event types or milestone types to show or hide on the timeline2.Verified References: 2

The Admin can change the color of important life events to red by using custom CSS in aLightning App Builder theme layout component. This way, the agents can quickly scan the Life Events component and find the information they need without much effort. The color red can draw attention and indicate urgency or importance for certain life events.

The setting in Action Plans that helps toavoid non working hours, company holidays, and other non working days for deadline calculation is Skip Non-Work Days for Deadlines. This is a custom setting that determines whether to exclude non work days when calculating the due date for action plan items based on the action plan item template duration. By enabling this setting, the Admin can ensure that the deadlines are realistic and achievable

To document the current state business process for implementing Salesforce Financial Services Cloud, the consultant should create an end-to-end visual map of the process using personas, systems, inputs, and outcomes. A visual map is a tool that can help illustrate the flow of a business process from start to finish, showing the steps, decisions, and dependencies involved in each stage. A visual map can also include personas, systems, inputs, and outcomes to providemore context and detail for each step of the process. Personas are fictional characters that represent the different roles or users that participate in or interact with the process. Systems are the tools or applications that are used to perform or supportthe process. Inputs are the data or information that are required or provided for each step of the process. Outcomes are the results or outputs that are achieved or delivered by each step of the process. Verified References: : Salesforce Help Article 3 : Salesforce Help Article [4]

To create a relationship between Rachel and her attorney before assigning the reciprocal role of “Attorney”, the Wealth Advisor should create a Contact-Contact Relationship between the primary member of the Adams Household and the attorney. A Contact-Contact Relationship is a junction object that links twocontacts or individuals and defines their relationship with each other2. By using Contact-Contact Relationship, the Wealth Advisor can capture Rachel’s extended network of relationships with people outside of her household.Verified References: 2

The order that the consultant should follow when performing the data migrations is Individuals, then Financial Accounts, then Financial Account Roles, then Financial Account Transactions. This order ensures that the data dependencies and relationships are maintained and that the data integrity and quality are preserved. By migrating Individualsfirst, the consultant can create the records that represent the customers of the bank. By migrating Financial Accounts next, the consultant can create the records that represent the financial products or services that the customers own or use. By migrating Financial Account Roles next, the consultant can create the records that link the individuals to the financial accounts and define their roles or relationships with those accounts. By migrating Financial Account Transactions last, the consultant can create the records that represent the transactions or activities that occur on the financial accounts. 

 The following steps should be taken by the Financial Advisor in Financial Services Cloud App to capture the information about opening an Education Savings Account for their client’s first child:

Create a Life Event for the birth of the childand a Referral for the Education Savings Account. A Life Event is a construct in Financial Services Cloud that allows you to track significant events in your client’s life that may affect their financial needs or goals. You can use Life Events to create arecord for the birth of the child and link it to the client’s account. A Referral is a construct in Financial Services Cloud that allows you to capture a customer need or interest and assign it to another advisor or line of business. You can use Referralsto create a record for the Education Savings Account and route it to the appropriate banker.

Create a Life Event for the birth of the child and a Financial Goal for the Education Savings Account. A Financial Goal is a construct in Financial Services Cloudthat allows you to track your client’s financial objectives and measure their progress towards achieving them. You can use Financial Goals to create a record for the Education Savings Account and associate it with the client’s account and financial accounts. Verified References: : Salesforce Financial Services Cloud User Guide, page 29. : Salesforce Financial Services Cloud User Guide, page 30. : Salesforce Financial Services Cloud User Guide, page 33.

Thefollowing names are Association Type picklist field values:

Trust, which is a value that indicates that the accounts are related through a trust relationship.

Family, which is a value that indicates that the accounts are related through a family relationship.

Peer, which is a value that indicates that the accounts are related through a peer relationship.

Salesforce offers various tools and capabilities to integrate Financial Services Cloud with external systems, such as core banking, insurance, or mortgage platforms. Some of the toolsand capabilities that a consultant can recommend are:

Industry Integration Solutions with the MuleSoft Anypoint Platform: These are prebuilt integration solutions that leveragethe MuleSoft Anypoint Platform to connect Financial Services Cloud with common industry systems, such as Fiserv, FIS, Jack Henry, and Guidewire1. These solutions enable bi-directional data synchronization, orchestration, and transformation between Salesforce and theexternal systems2.

OmniStudio Integration Procedures: These are reusable components that define the logic and sequence of steps for integrating datafrom external sources into Financial Services Cloud3. Integration procedures canbe triggered by events, such as a button click or a record update, and can invoke other components, such as DataRaptors or OmniScripts4.

OmniStudio DataRaptors: These are data transformation components that can extract, load, and manipulate data from various sources, such as Salesforce objects, REST orSOAP web services, or CSV files5. DataRaptors can be used to map data between different formats, perform calculations or validations, or create or updaterecords in Financial Services Cloud6.

 The relationships between the parties when the FinancialServices Cloud consultant sets up Rachel’s person account should be as follows:

Primary Group Household - Addams Household

Primary Member - Rachel Addams

Spouse - Nigel Adams

Trustee - Addams Charitable Trust

Household - Symonds Household

Primary Member -Neil Symonds

Beneficiary - Rachel Addams

Related Accounts - Addams Charitable Trust

Related Contacts - Ivan M. Kohl

According to the Salesforce documentation1, record rollups at the group level allow you to aggregate information from related records for several objects in Financial Services Cloud. When you enable record rollups at the group level, all correspondingrecords are stamped with the Primary Group in the Rollup__c lookup field. This field is added to the Account, Contact, Account Contact Relationship, and Financial Account objects. You can then use this field to create reports and dashboards that show aggregated data for each group.

A gap analysis is a key step in identifying different business processes and outlining encompassing system flows based on the existing environment when setting up Salesforce Financial Services Cloud (FSC). A gap analysis is a method of comparing the current state of a system or process with the desired future state and identifying the gaps or differences between them. By conducting a gap analysis, a consultant can understand the customer’s painpoints, requirements,and expectations and design a solution that leverages the best practices and features of Salesforce FSC.

Consent Management for Financial Services Cloud is a feature that helps financial institutions honor and respect their customers’ wishes when they request only specific forms of contact from their company or opt-out of certain types of data-sharing. This feature helps institutions comply with the data protection and privacy regulations that apply to their company11. A consultant can suggest the following actions to implement Consent Management for Financial Services Cloud:

Set up trackingand storage of certain dataprivacy preferences: This involves creating data privacy records for customers who have opted out of certain types of communication or data-sharing, and selecting the appropriate options in the record to indicate their preferences12.

Use the Consent API: This is an API that lets users query,create, update, or delete consent records for customers who have given or withdrawn their consent for certain types of communication or data-sharing.

Protect your Salesforce organization: This involves setting up organization-wide sharing settings, encryption, field-level security, and other measures to ensure that only authorized users can access or modify customer data according to their consent preferences.

Actionable Relationship Center (ARC) is a tool that aSalesforce FSC consultant can recommend to a wealth manager who needs to make sense of complex client relationships and discover new business opportunities. ARC is an advanced visualization engine that provides a holistic view of customers and their relationships with actionable insights, all in one place5. ARC helps users understand relationships among people and businesses by presenting them in interactive components, such as graphs, cards, lists, and filters6. ARC also allows users to perform actions on the customer data, such as creating tasks, sending emails, or updating records7.

The architect at Cumulus Insurance should be aware of the limitation that the administrator can define up to 300 total sharing rules for each object when using the Role Hierarchy and sharing rules to implement the franchise business model. Sharing rules are a way of granting additional access to records based on criteria, such as record owner, role, or field values. The Role Hierarchy is a way of organizing users into a hierarchy that reflects the reporting structure of the company. The Role Hierarchy and sharing rules can be used together to control the access and visibility of records for different users in Financial Services Cloud. However, there is a limit of 300 sharing rules per object, which means that the administrator may need to use other methods, such as public groups or manual sharing, to grant access to records beyond this limit.

Financial Services Cloud contains a number of custom objects to model a client’s financialinformation, and each object can be configured to appear as tabs in your org. Some of the custom objects are:

Financial Goal: An object that represents a client’s financial objective, such as saving for retirement, buying a house, or paying off debt. Afinancial goal has fields to store information, such as name, amount, target date, priority, and status.

Financial Holding: An object that represents a holding in an investment account, such as a security, a mutual fund, or a bond. A financial holding hasfields to store information, such as symbol, shares, price, gain/loss, and market value.

Revenue: An object that represents revenue generated from a client’s financial accounts, such as an increase in stock value, a dividend payment, or an interest income.A revenue has fields to store information, such as type, amount, date, and source.

The functionality that Rollup By Lookup (RBL) can provide for rolling up customer data at the client and group levels are as follows:

An RBL rule displays summary calculations of financial account information, such as account balances, networth, total assets, total liabilities, and so on1.

When you edit a financial account record or primary group membership, the Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the client and group levels1.

Rollup By Lookup (RBL) displays associated records for Financial Accounts, Financial Goals, and Opportunities on the client and group pages1. Verified References: 1

 The following steps are required to disable Person Accounts and use the Individual object model in Financial Services Cloud:

Log a case with Salesforce to perform the conversion from Person Accounts to the individual model. You need to contact Salesforce Support to request the conversion from Person Accounts to the individual model. This is an irreversible process that affects your data model and user interface. You should carefully evaluate your business needs and test the functionality in a sandbox or developer org before requesting the conversion in production.

Remove Person Account record types from the Individual Record Type Mapper. You need to remove any Person Account record types that are mappedto Individual record types in the Individual Record Type Mapper. This is a custom setting that defines how records are created when using certain features, such as Einstein Data Capture or Salesforce Inbox. You can access this setting by going to Setup >Financial Services Settings > Individual Record Type Mapper.

Assign the Individual record type to the user profiles. You need to assign the Individual record type to the user profiles that need to create or access Individual records. The Individual recordtype is a standard record type on the Account object that represents an individual person who is not directly related to your business, such as a prospect, influencer, or household member. You can assign record types by going to Setup > Profiles > Object Settings > Accounts > Record Types. Verified References: : Salesforce Help Article 5 : Salesforce Help Article 6 : Salesforce Help Article 7

The criteria for commas and symbols to be displayed correctly on the Financial Account Summary component is that user’s locale must match user’s currency. The locale is a setting that determines how dates, times, numbers, and currencies are formatted and displayed for a user. The currency is a setting that determines how monetary amounts are formatted and displayed for a user. By matching the user’s locale with their currency, FSC can ensure that commas and symbolsare displayed correctly on the Financial Account Summary component according to the user’s preferences and expectations

Unify and improve team collaboration by sharing and managing customer leads and referrals across multiple lines of business at the bank to drive customers’ financialneeds and deepen client relationships; Deliver connected and personalized digital experiences to the bank’s customers thanks to a 360-degree view of its customer data consolidating multiple customer databases and sources from diverse channels at the bank;Modernize client-advisor experiences from engagement to relationship management to effectively drive long-term, trusted relationships.