Salesforce Financial Services Cloud Exam

Questions and Answers

When is the Referral Score updated?

The Referral Score is updated when an opportunity associated with the Referral is Closed Won. (correct)

The Referral Score is updated when a referral is converted to an Opportunity or closed.

The Referral Score is updated when a lead is created using the referral record type.

The Referral Score is updated when a referral is assigned from the queue to a user.

Which 3 out of the box capabilities come with Financial Services Cloud Lead & Referral Management?

Assigning a Referral (correct)

Referral Conversion (correct)

Round Robin Referral Routing

Accepting a Referral (correct)

Referral Automated Approvals

If a client is associated with more than one Household or Group, where will this client's records get rolled up to?

To the household selected by the advisor for record rollups. (correct)

To the household with the client's primary address

To all the parent households and groups

To the Household where the client is the primary member.

How can the Salesforce Admin change the configuration to summarize Financial Goals at the household level?

Update the selection in 'Activities & Objects to Roll Up' to include Financial Goals. Signup and view all the answers

What two steps should the Financial Advisor take in the Financial Services Cloud App to capture information for opening an Education Savings Account for their first child?

Create a Life Event for the birth of the child and a Referral for the Education Savings Account. Signup and view all the answers

Which three referral metrics are tracked with custom components included in Financial Services Cloud?

Expressed interests Signup and view all the answers

What does the Salesforce Admin have to install to provide users access to referral dashboards and reports?

The unmanaged extension package for Intelligent Need-Based Referrals and Scoring. Signup and view all the answers

What feature does a Salesforce Administrator need to enable so users can see all the referrals for the members of a group?

Referrals Rollups Signup and view all the answers

What capability included in the Financial Services Cloud license can assist bankers in focusing on the most promising referrals?

Intelligent Need-Based Referrals and Scoring Signup and view all the answers

Which 3 process improvements can be delivered using Action Plans?

Action Plans enhance collaboration and productivity by automatically assigning task owners and deadlines for specific client processes. Signup and view all the answers

How can Financial Services Cloud support tracking periodic reviews with customers?

Create an Action Plan Template with associated pre-determined Tasks and automate the periodical creation of Action Plans for customer accounts. Signup and view all the answers

What FSC feature can Lake Tahoe Bank use to track the commercial loan due diligence process?

Action Plans Signup and view all the answers

How should Jen modify a published Action Plan to support an additional task for an annual review?

Use the Action Plan item feature to add an additional task to a published Action Plan. Signup and view all the answers

Lake Tahoe Bank would like to restrict their Financial Services Cloud users from viewing certain types of milestones. How can the Salesforce Admin implement such a requirement?

The Salesforce Admin can hide sensitive Life Events on the Life Events component on the Lightning Page using the Properties pane. Signup and view all the answers

How can the Salesforce Admin help agents quickly scan the Life Events component?

The Admin can change the color of important life events to red. Signup and view all the answers

What are the steps to disable person accounts in Financial Services Cloud? (Choose Three)

Remove Person Account record types from the Individual Record Type Mapper. Signup and view all the answers

Where do Admins enable Multiple Relationship Groups?

Custom Settings Signup and view all the answers

What is the recommended approach for modeling joint ownership on a Financial Account?

Map additional owners using the Financial Account Role. Signup and view all the answers

Which Financial Services Cloud permission set license enables restricted access for users like Bank Tellers?

Financial Service Cloud Basic Signup and view all the answers

What is the recommended approach for implementing Financial Services Cloud at Lake Tahoe Bank?

Implement Financial Service Cloud in a new org (Green Field) and redesign business capabilities. Signup and view all the answers

Which Salesforce feature should be used for a digital onboarding process with multiple steps and conditional logic?

Flows Signup and view all the answers

Which three statements are correct about the Actionable Relationship Center Manager (ARC)?

ARC displays up to 5 related lists that have a configured compact layout. Signup and view all the answers

What steps does the Salesforce Administrator have to take to create a new Business Milestone Type?

Find Business Milestone using the Object Manager and add a new picklist value on the Milestone Type Field. Signup and view all the answers

Where should a Salesforce Administrator go to add custom icons to the Life Events and Business Milestones?

Setup > Custom Code > Static Resources Signup and view all the answers

What actions can a Wealth Advisor take from the Life Events card?

Create Lead & Referral Signup and view all the answers

What construct in Financial Services Cloud is most appropriate to represent collaborative customer business operations?

Custom Relationship Group Signup and view all the answers

What should a Financial Advisor use to model the relationship between a business contact and a client that is modeled as a person account?

Contact-Contact Relationship and the Reciprocal Role Signup and view all the answers

Which three of these statements are true for Rollup By Lookup (RBL) in Financial Services Cloud?

Salesforce does not recommend or provide support for creation or customization of Financial Services Cloud RBL rules. Signup and view all the answers

Which of the following objects do support Group-Level Rollups?

Action Plans Signup and view all the answers

Which 3 options does the Financial Services Cloud application offer to view and update Account-Account, Account-Contact, and Contact-Contact Relationships?

Relationship Map Signup and view all the answers

Which two statements are true about Group Membership in Financial Services Cloud?

Group Membership defines the role of the member within the Group. Signup and view all the answers

What can a Salesforce Administrator do to help bankers get a consolidated view of the individual in the Financial Services Cloud?

Leverage Financial Services Cloud Relationship Groups to link duplicate client records and create a consolidated view. Signup and view all the answers

How can an Admin set up Financial Services Cloud to provide financial advisors with an accurate summary of their client's financial data?

Set clients financial data to be rolled up using Financial Services Cloud Primary Group. Signup and view all the answers

Which 2 options does the Salesforce Admin have to ensure that balances are rolled up to all joint owner's primary households?

Enable RBL (Rollup By Lookup) rules that roll up balances using Financial Account Role for joint owners. Signup and view all the answers

How does the System Admin enable 'My Domain' to access Financial Services Cloud Lightning Components?

Register a subdomain using the My Domain wizard and then deploy it. Signup and view all the answers

Which 2 considerations should the Salesforce Admin keep in mind when dealing with multiple currencies?

When filtering by currency values in reports or list views, users must specify a currency ISO code, such as USD or GBP, before the value. Signup and view all the answers

Which 2 statements are true for the Financial Services Cloud Person Account Data Model?

The Person Account model uses the standard Account object to hold all of the details about a person. Signup and view all the answers

What is the best way for the Admin to access a Financial Services pre-configured org?

Request a 30-day Financial Services Cloud trial org. Signup and view all the answers

Which three considerations indicate that a new Salesforce org is the better choice for implementing Financial Services Cloud?

The bank wants to use this project as an opportunity to retire customization. Signup and view all the answers

Which three steps should a Data Architect take to ensure a successful migration from the Individual Model to Person Accounts?

Use a CSV field to map PersonRecordTypeId to the Person Account RecordTypeId and use Data Loader to update Client Records. Signup and view all the answers

Which two limitations should a Salesforce Administrator consider before enabling Person Accounts?

Creating a client record via Salesforce Inbox is not supported. Signup and view all the answers

What does the Admin have to keep in mind when setting up Flows from the Retail Banking Console?

To use Financial Services Cloud Flows, you'll need the Financial Services Managed Package installed in the org and the Financial Services Cloud permission set assigned to the user. Signup and view all the answers

What benefits do Flows for Financial Services Cloud offer to support customer onboarding? (Choose two)

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. Signup and view all the answers

What are the things to keep in mind when creating Action Plan Templates?

You can specify different date offsets for each task in the template. Signup and view all the answers

What is a possible cause for the portfolio manager not seeing the Actionable Relationship Center (ARC)?

The portfolio manager has not been given the permissions that enable users to view and manage ARC. Signup and view all the answers

Which three types of Account-Account relationships are displayed in the Actionable Relationship Center?

Accounts & Peers Signup and view all the answers

How can the Banker ensure that Scott’s data rolls up to the Adams Household?

Make the Adams Household Scott's primary Group and edit Activities & Objects to Roll Up. Signup and view all the answers

Which three steps can Lake Tahoe Bank SF Admin use to capture and display commercial customers and their parent companies?

Add the Business record type to the Group record type mapper. Signup and view all the answers

For which three objects are Rollup By Lookup (RBL) summaries available?

Assets and Liabilities Signup and view all the answers

What steps should a Salesforce Admin take to update an existing published Action Plan Template?

Clone the existing Action Plan Template and make any necessary changes on the new Action Plan Template. Signup and view all the answers

What assignment logic should be used to assign a task to the next available Advisor?

Queues Signup and view all the answers

Where can Hank see Action Plan Tasks? (Select two options)

On the standard Salesforce task list. Signup and view all the answers

How can the Admin speed up and simplify Referral creation in Salesforce?

Use Global Action to create Referrals. Signup and view all the answers

Which three Lead features can the System Admin use for Intelligent Need-Based Referrals?

Lead Assignment Rules Signup and view all the answers

What should an Administrator do to prevent users from accidentally creating more than one event of a lifetime event type?

Create an Apex trigger that will prevent the saving of multiple one-time events. Signup and view all the answers

Study Notes

Salesforce Financial Services Cloud Exam Overview

Exam features 170 product-related questions and is updated to version 12.1.
Aimed at assessing knowledge in the Salesforce Financial Services Cloud (FSC) for Accredited Professionals.

Business Milestone Creation

To create a new Business Milestone Type, add a picklist value on the Milestone Type field of the Business Milestone object.
This field categorizes various business milestones tracked for clients.

Adding Custom Icons

Custom icons for Life Events and Business Milestones are uploaded as static resources in Setup > Custom Code > Static Resources.
Ensure Icon Name field on relevant objects matches the static resource name.

Wealth Advisor Actions

From the Life Events card, Wealth Advisors can:
- Create Lead & Referral records for new prospects or existing clients.
- Request Record Approval to initiate compliance checks.
- Create Opportunity records to track potential revenue.

Collaborative Customer Operations

A Custom Relationship Group effectively models collaboration between clients, especially in seasonal or limited collaborations.

Contact Relationships in Financial Advisor Context

To model relationships between a business contact and a person account client, use a Contact-Contact Relationship along with the Reciprocal Role.

Rollup By Lookup (RBL) Insights

RBL rules summarize financial account information, such as balances, enabling aggregation across client relationships.
RBL configuration can create rolling summaries for different client levels.
Customization of RBL rules is not recommended directly by Salesforce; certified partners should undertake custom rules.

Supported Group-Level Rollups

Group-Level Rollups are possible for:
- Financial Accounts: Aggregate total balances and market values.
- Action Plans: Track plan completion data.
- Opportunities: Summarize expected revenue and amounts.

Viewing Relationship Structures

Options to view and update various relationship types in FSC include:
- Actionable Relationship Center: Allows editing of relationships.
- Relationship Map: Visual representation of relationships.
- Group Members Component: Manages group membership data.

Group Membership Characteristics

It defines roles within a group and identifies primary memberships affecting financial data summaries.

Consolidating Duplicate Client Records

Leverage Financial Services Cloud Relationship Groups to link and consolidate duplicate client records for clearer financial overviews.

Financial Advisor Support for Accurate Data Summary

Establish a Primary Group to roll up financial data from various accounts, ensuring accurate summaries despite frequent household changes.

Managing Joint Owner Balances

Create custom RBL rules for joint owner balances and enable RBL rules based on Financial Account Role to ensure correct rollup to primary households.### My Domain and Financial Services Cloud
My Domain allows Salesforce users to create a subdomain for their organization, necessary to access specific Financial Services Cloud Lightning Components.
Enabling My Domain involves registering a subdomain via the My Domain wizard in Setup and deploying it after testing in a sandbox or developer environment.

Multicurrency Considerations

Multicurrency enables dealing with multiple currencies; users must specify a currency ISO code (e.g., USD, GBP) when filtering currency values in reports.
Advanced Currency Management becomes available when multicurrency is enabled, allowing tracking of historical exchange rates for opportunities and forecasts.

Person Account Data Model in FSC

Person Accounts in Financial Services Cloud combine Account and Contact records into a single representation of individuals, including attributes like date of birth and tax ID.
The Person Account model is built upon the standard Account object, which holds detailed personal information and includes custom fields.

Accessing Financial Services Cloud

For exploring Financial Services Cloud with pre-configured data and licenses, a 30-day trial org is recommended for hands-on learning.

Implementing a New Salesforce Org

Starting fresh with a new Salesforce org can help retire old customizations and shift from a product-centric to a customer-centric approach.
A new org facilitates the redesign of business capabilities to enhance usage of Financial Services Cloud features.

Migrating to Person Accounts

Key steps for transitioning from Individual Model to Person Accounts include enabling Person Accounts, configuring record types using the Individual Record Type Mapper, and accurately mapping fields with Data Loader.

Limitations of Person Accounts

Once enabled, Person Accounts cannot be disabled; this decision should be evaluated carefully.
Salesforce Inbox does not support creating Person Account records directly.

Setting Up Flows in Financial Services Cloud

Flows can provide streamlined processes for tasks without the need to switch screens, enhancing efficiency for tasks like address changes.
To use Financial Services Cloud Flows, installation of the Financial Services Managed Package and assignment of the Financial Services Cloud permission set to users are required.

Benefits of Flows for Customer Onboarding

Flows enable customers to schedule appointments through various platforms, enhancing self-service capabilities and streamlining onboarding processes.
They offer guided assistance for service requests, optimally capturing customer details for more personalized engagement.

Summarizing Financial Goals at Household Level

To summarize Financial Goals at the household level, update the settings in "Activities & Objects to Roll Up" to include Financial Goals.

Steps for Financial Advisors in FSC

To open an Education Savings Account for a client’s child, create a Life Event for the child's birth, followed by creating a Financial Goal for the Education Savings Account. Additionally, a Referral for the account can be set up.### Life Events and Referrals in Financial Services Cloud
Life Events allow users to create records for significant occurrences, such as a child's birth, which can be linked to a client's account.
Referrals capture customer needs or interests and can be assigned to a different advisor or business line for action.
Example use: Create a record for an Education Savings Account and route it appropriately to a banker.

Financial Goals

Financial Goals are used to track client objectives and measure progress.
These goals can be linked to specific accounts, such as an Education Savings Account, allowing for structured financial management.

Referral Metrics

Expressed Interests indicate the specific needs generating referrals, useful for guiding offerings like mortgages or credit cards.
My Top Referrers ranks referrers by the number of referrals and conversion rates, identifying key referral sources.
Referrals Assigned to Me shows the count and status of referrals assigned to an advisor, aiding in referral management.

Salesforce Admin Requirements

The unmanaged extension package for Intelligent Need-Based Referrals and Scoring must be installed for user access to referral dashboards and reports.

Referral Visibility Features

Referrals Rollups allow users to see referrals for group members, improving oversight of referrals by team or branch.

Intelligent Need-Based Referrals

This capability helps prioritize referrals by assessing client needs and interactions to direct them to the best-suited advisors.

Action Plans for Process Improvement

Action Plans automate task sequences for processes like loan approvals, enhancing efficiency.
They allow task assignment based on record ownership and can automatically schedule appointments.

Tracking and Managing Customer Activities

Financial Services Cloud facilitates tracking periodic reviews with clients, automating tasks through Action Plans to ensure timely follow-ups.

Managing Completion of Tasks

Action Plans enable tracking of processes such as loan due diligence, allowing managers to assign tasks, monitor progress, and identify bottlenecks.

Modifying Action Plans

Existing Action Plans can be modified by adding tasks through the Action Plan item feature, allowing customization to meet specific requirements.

Key Considerations When Creating Action Plans

When designing Action Plan Templates, date calculations can be based on either calendar or working days.
The templates can designate different plan owners from creators, ensuring accountability for task execution.

Access Issues to Actionable Relationship Center (ARC)

Permissions may be missing for users to view or manage ARC, impacting their ability to set up account relationships effectively.

Types of Account-Account Relationships in ARC

Accounts & Businesses: understanding ownership structures and financial interests related to business accounts.
Accounts & Peers: identifying peer relationships for potential referrals and cross-selling.
Accounts & Groups: viewing aggregated data for groups like households or business members.

Joint Accounts and Data Management

Personal bankers can ensure that data for joint accounts rolls up correctly by designating primary group memberships effectively.

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Test your knowledge with our Salesforce Financial Services Cloud (FSC) Accredited Professional Exam Questions and Answers. This quiz is designed to help you prepare for the certification exam effectively. Challenge yourself and gauge your understanding of key concepts!