Questions and Answers
When is the Referral Score updated?
Which 3 out of the box capabilities come with Financial Services Cloud Lead & Referral Management?
If a client is associated with more than one Household or Group, where will this client's records get rolled up to?
How can the Salesforce Admin change the configuration to summarize Financial Goals at the household level?
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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?
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Which three referral metrics are tracked with custom components included in Financial Services Cloud?
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What does the Salesforce Admin have to install to provide users access to referral dashboards and reports?
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What feature does a Salesforce Administrator need to enable so users can see all the referrals for the members of a group?
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What capability included in the Financial Services Cloud license can assist bankers in focusing on the most promising referrals?
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Which 3 process improvements can be delivered using Action Plans?
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How can Financial Services Cloud support tracking periodic reviews with customers?
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What FSC feature can Lake Tahoe Bank use to track the commercial loan due diligence process?
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How should Jen modify a published Action Plan to support an additional task for an annual review?
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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?
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How can the Salesforce Admin help agents quickly scan the Life Events component?
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What are the steps to disable person accounts in Financial Services Cloud? (Choose Three)
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Where do Admins enable Multiple Relationship Groups?
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What is the recommended approach for modeling joint ownership on a Financial Account?
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Which Financial Services Cloud permission set license enables restricted access for users like Bank Tellers?
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What is the recommended approach for implementing Financial Services Cloud at Lake Tahoe Bank?
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Which Salesforce feature should be used for a digital onboarding process with multiple steps and conditional logic?
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Which three statements are correct about the Actionable Relationship Center Manager (ARC)?
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What steps does the Salesforce Administrator have to take to create a new Business Milestone Type?
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Where should a Salesforce Administrator go to add custom icons to the Life Events and Business Milestones?
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What actions can a Wealth Advisor take from the Life Events card?
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What construct in Financial Services Cloud is most appropriate to represent collaborative customer business operations?
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What should a Financial Advisor use to model the relationship between a business contact and a client that is modeled as a person account?
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Which three of these statements are true for Rollup By Lookup (RBL) in Financial Services Cloud?
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Which of the following objects do support Group-Level Rollups?
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Which 3 options does the Financial Services Cloud application offer to view and update Account-Account, Account-Contact, and Contact-Contact Relationships?
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Which two statements are true about Group Membership in Financial Services Cloud?
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What can a Salesforce Administrator do to help bankers get a consolidated view of the individual in the Financial Services Cloud?
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How can an Admin set up Financial Services Cloud to provide financial advisors with an accurate summary of their client's financial data?
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Which 2 options does the Salesforce Admin have to ensure that balances are rolled up to all joint owner's primary households?
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How does the System Admin enable 'My Domain' to access Financial Services Cloud Lightning Components?
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Which 2 considerations should the Salesforce Admin keep in mind when dealing with multiple currencies?
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Which 2 statements are true for the Financial Services Cloud Person Account Data Model?
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What is the best way for the Admin to access a Financial Services pre-configured org?
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Which three considerations indicate that a new Salesforce org is the better choice for implementing Financial Services Cloud?
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Which three steps should a Data Architect take to ensure a successful migration from the Individual Model to Person Accounts?
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Which two limitations should a Salesforce Administrator consider before enabling Person Accounts?
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What does the Admin have to keep in mind when setting up Flows from the Retail Banking Console?
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What benefits do Flows for Financial Services Cloud offer to support customer onboarding? (Choose two)
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What are the things to keep in mind when creating Action Plan Templates?
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What is a possible cause for the portfolio manager not seeing the Actionable Relationship Center (ARC)?
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Which three types of Account-Account relationships are displayed in the Actionable Relationship Center?
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How can the Banker ensure that Scott’s data rolls up to the Adams Household?
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Which three steps can Lake Tahoe Bank SF Admin use to capture and display commercial customers and their parent companies?
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For which three objects are Rollup By Lookup (RBL) summaries available?
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What steps should a Salesforce Admin take to update an existing published Action Plan Template?
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What assignment logic should be used to assign a task to the next available Advisor?
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Where can Hank see Action Plan Tasks? (Select two options)
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How can the Admin speed up and simplify Referral creation in Salesforce?
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Which three Lead features can the System Admin use for Intelligent Need-Based Referrals?
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What should an Administrator do to prevent users from accidentally creating more than one event of a lifetime event type?
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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!