Salesforce Financial Services Cloud Admin Guide PDF

Financial Services Cloud Admin Guide Salesforce, Summer ’24 Last updated: July 19, 2024 © Copyright 2000–2024 Salesforce, Inc. All rights reserved. Salesforce is a registered trademark of Salesforce, Inc., as are other names and marks. Other marks appearing...

Financial Services Cloud Admin Guide Salesforce, Summer ’24 Last updated: July 19, 2024 © Copyright 2000–2024 Salesforce, Inc. All rights reserved. Salesforce is a registered trademark of Salesforce, Inc., as are other names and marks. Other marks appearing herein may be trademarks of their respective owners. CONTENTS Financial Services Cloud................................................ 1 Learn and Explore..................................................... 2 Plan and Prepare..................................................... 33 Set Up and Manage Sectors............................................. 76 Set Up and Manage Common Capabilities.................................. 247 Set Up and Manage Add-Ons........................................... 854 Extend Financial Services Cloud.......................................... 988 Work with Data in Financial Services Cloud.................................. 1018 Financial Services Cloud Availability and Limitations............................ 1027 PDF Resources..................................................... 1031 FINANCIAL SERVICES CLOUD Built on the world’s #1 CRM platform, Financial Services Cloud enables financial services institutions to build trust by unifying the customer experience across channels, geographies, and lines of business—both commercial and consumer. Purpose-built industry functionality and the capabilities of Sales Cloud and Service Cloud enable financial services firms to increase employee productivity, accelerate time to value, and deepen customer trust with every interaction. We've done the hard part. Your users get the tools that let them focus on high-value customer activities instead of routine, administrative tasks. As an admin, you get the trusted power, security, and scalability of the Salesforce platform—tailored to streamline implementation for financial institutions. Start with a Financial Services Cloud trial org. Or install the Financial Services Cloud managed package and the unmanaged extension package. Connect data from your banking, portfolio management, financial planning, and other systems. And then configure the app to suit how your users like to work. Learn About Financial Services Cloud and Explore Learn how Financial Services Cloud can help your business and customers. Understand its core functionality, create a trial org, and learn how to get started. Plan and Prepare for Your Financial Services Cloud Implementation Review planning considerations before you plan your Financial Services Cloud implementation. Sectors in Financial Services Cloud Set up and manage Financial Services Cloud for sectors like Commercial Banking, Insurance, Mortgage, Retail Banking, and Wealth Management. Common Capabilities in Financial Services Cloud Set up and manage Financial Services Cloud features that aren’t specific to a line of business. Add-Ons for Financial Services Cloud Set up and manage products that you can add on to Financial Services Cloud. Extend Financial Services Cloud with Other Salesforce Products Use other Salesforce products with Financial Services Cloud. Work with Data in Financial Services Cloud Integrating data from custodians, banking systems, financial planning, portfolio management, asset aggregation, and all the other platforms that support your front- to back-office is a major implementation task. If you use Data Loader to bulk import data, we recommend a sequence for exporting and importing the initial objects. Financial Services Cloud Availability and Limitations Financial Services Cloud works differently from other Salesforce features. Learn about the issues to expect as you implement the app and as your users start to work in it. 1 Financial Services Cloud Learn About Financial Services Cloud and Explore Financial Services Cloud Printed Resources In addition to online help, the Financial Services Cloud has guides to help you learn about and successfully administer your Financial Services Cloud features. SEE ALSO: Financial Services Cloud Developer Guide Salesforce Release Notes Financial Services Cloud User Guide Learn About Financial Services Cloud and Explore Learn how Financial Services Cloud can help your business and customers. Understand its core functionality, create a trial org, and learn how to get started. Retail Banking By using Financial Services Cloud for Retail Banking, bankers, loan officers, tellers, and operations associates get a 360-degree view of their customers including customer profile, interests, life goals, and events, as well as financial accounts. Explore a trial org and learn about what’s included, what setup is recommended, and how to get ready for your implementation. Wealth Management Financial advisors can use the Wealth Management Lightning app for a complete view of their customers and to deliver the personalized, proactive service that their clients expect. Advisors can deepen client relationships, personalize engagements, and increase productivity to scale their reach and to grow their business. Explore a trial org to learn about what’s included, what setup we recommend, and how to get ready for your implementation. Insurance The Insurance Agent Console app helps agents and service reps track their performance and stay focused on their goals. The distributor performance dashboard, reports, and performance metrics, provide sales managers with a consolidated performance summary for all their distributors. The Insurance Agent Portal template gives independent insurance agents access to insurance features and components and lets them manage and grow their books of business. Onboarding The Discovery Framework feature lets you create and manage assessment questions, surface digital assessments, and collect information for onboarding customers. You can use the Know Your Customer (KYC) data model to validate prospect information and assign a risk rating. By using the Data Consumption Framework, you can also easily set up integrations with third-party providers for assessing risk and for screening. Mortgage Mortgage for Financial Services Cloud includes a new data model for mortgage applications, new standard flow templates, and new flow screen components. Commercial Banking The Commercial Banking Console app give bankers greater visibility into customer relationships in commercial lending, treasury management, trade finance, and more. The Business Referrals record type makes it easy for relationship managers and lending assistants to make business-to-business referrals. SEE ALSO: The Salesforce Data Model for Financial Services Cloud Create a Financial Services Cloud Trial Org and Explore 2 Financial Services Cloud Get Started With Financial Services Cloud for Retail Banking Get Started With Financial Services Cloud for Retail Banking Financial Services Cloud for Retail Banking provides bankers, loan officers, tellers, and operations associates with a 360-degree view of their customers including customer profile, interests, life goals, and events, and financial accounts. Explore a trial org and learn about what’s included, what setup we recommend, and how to get ready for your implementation. Bankers can also onboard customers, track interactions, and get cross-departmental alerts for critical customer issues. Contact Center Agents can verify callers, view complete customer context, and conduct service transactions using a Unified Service Agent Console, eliminating the need to switch between multiple applications. Use these resources to learn about the features and to plan your implementation. Get Oriented Dive In: Learn About Recommended Go Deeper: Learn About Features for What is Financial Services Cloud for Retail Core Features Specific Business Needs Banking? Customer Profiles Customer Onboarding Video: Watch a Demo Get a 360-Degree View of Your Customers Collect and Validate Customer Data With Create a Preconfigured Trial Org With Visualize Groups and Relationships With a Discovery Framework Sample Data Relationship Map Automate Repeatable Client-Engagement Create and View Customer Relationships Tasks With Action Plans With Actionable Relationship Center Track Required Customer Documents Streamline Your Customer Onboarding Customer Service Experience Verify Callers Aggregate Customer Information With Understand Customer History by Using Record Rollups Timeline Customer Interactions and Engagement Surface Issues That Need Attention by Using Track Customer Interests Record Alerts Record Meeting Notes With Interaction Automate Banking Processes by Using Flow Summaries for Industries Keep Track of Customer Life Events and Business Milestones 3 Financial Services Cloud Get Started With Financial Services Cloud for Wealth Management Extend Further: Learn About Additional Get Ready for Your Implementation Know Your Resources & Get Help Capabilities & Add-Ons Understand How Customer Information Is Trailhead: Financial Services Cloud Trailmix Manage Mortgage Applications Stored Financial Services Cloud Developer Guide Track Branch Performance and Productivity Set Up Permissions for Financial Services Trailblazer Community: Financial Services Share Data in Compliance With Regulations Cloud Cloud and Policies Set Up and Manage Retail Banking Track and Manage Financial Deals Send Customized Emails Using Marketing Cloud Get Started With Financial Services Cloud for Wealth Management Financial advisors can use the Wealth Management Lightning app for a complete view of their customers and to deliver the personalized, proactive service that their clients expect. Advisors can deepen client relationships, personalize engagements, and increase productivity to scale their reach and to grow their business. Explore a trial org and learn about what’s included, what setup we recommend, and how to get ready for your implementation. Use these resources to learn about the features and to plan your implementation. Get Oriented Dive In: Learn About Recommended Go Deeper: Learn About Features for What is Financial Services Cloud for Wealth Core Features Specific Business Needs Management? Customer Profiles Customer Onboarding Video: Watch a Demo Get a 360-Degree View of Your Customers Collect and Validate Customer Data with Create a Preconfigured Trial Org With Visualize Groups and Relationships With a Discovery Framework Sample Data Relationship Map Automate Repeatable Client Engagement Create and View Complex Relationships Tasks With Action Plans With Actionable Relationship Center Track Required Customer Documents 4 Financial Services Cloud Get Started With Financial Services Cloud for Insurance Aggregate Customer Information With Automate Wealth Business Processes and Record Rollups Streamline Workflows by Using Flow for Create Advisor Task Lists and Action Plans Industries Customer Interactions and Engagement Customer Service Take Advantage of Actionable Verify Callers Segmentation to Personalize Outreach and Understand Customer History by Using Engagement (Beta) Timeline Track Customer Interests Surface Issues That Need Attention by Using Record Meeting Notes With Interaction Record Alerts Summaries Keep Track of Customer Life Events and Business Milestones Extend Further: Learn About Additional Get Ready for Your Implementation Know Your Resources & Get Help Capabilities & Add-Ons Understand How Customer Information Is Trailhead: Financial Services Cloud Trailmix Track and Manage Financial Deals Stored Financial Services Cloud Developer Guide Track Branch Performance and Productivity Set Up Permissions for Financial Services Trailblazer Community: Financial Services Share Data in Compliance With Regulations Cloud Cloud and Policies Set Up and Manage Wealth Management Send Customized Emails Using Marketing Cloud Get Started With Financial Services Cloud for Insurance Insurance for Financial Services Cloud lets you effectively manage claims and policies, ensure customer satisfaction, and grow your business. Track product performance based on key metrics for policies, quotes, and commissions. Gain insights into claims performance and financial performance to effectively manage expenses and reserves, and write policies that help boost your revenue. Explore a trial org and then learn about what’s included, what setup we recommend, and how to get ready for your implementation. Use these resources to learn about the features and plan your implementation. 5 Financial Services Cloud Get Started With Financial Services Cloud for Insurance Get Oriented Dive In: Learn About Recommended Go Deeper: Learn About Features for What is Insurance for Financial Services Core Features Specific Business Needs Cloud? Customer Profiles Customer Onboarding Video: Watch a Demo Get a 360-Degree View of Your Customers Collect and Validate Customer Data With Create a Preconfigured Trial Org With Visualize Groups and Relationships With a Discovery Framework Sample Data Relationship Map Automate Repeatable Client-Engagement Trailhead: Get to Know the Insurance Data Create and View Customer Relationships Tasks With Action Plans Model With Actionable Relationship Center Track Required Customer Documents Aggregate Customer Information With Customer Service Record Rollups Verify Callers Customer Interactions and Engagement Understand Customer History by Using Track Customer Interests Timeline Record Meeting Notes With Interaction Surface Issues That Need Attention by Using Summaries Record Alerts Keep Track of Customer Life Events and Automate Banking Processes by Using Flow Business Milestones for Industries Track Performance Metrics With the Search for and Launch an Action Easily Insurance Agents Console View Your Policyholders’ Life Events, Policies, and Claims Extend Further: Learn About Additional Get Ready for Your Implementation Know Your Resources & Get Help Capabilities & Add-Ons Trailhead: Insurance for Financial Services Trailhead: Financial Services Cloud Trailmix Track Branch Performance and Productivity Cloud Admin Essentials Trailhead: Insurance for Financial Services Show Contextualized Information With Understand How Customer Information Is Cloud Admin Advanced Features FlexCard–Based Policy 360 Component Stored Financial Services Cloud Developer Guide Send Customized Emails Using Marketing Set Up Permissions for Financial Services Trailblazer Community: Financial Services Cloud Cloud Cloud Set Up and Manage Insurance 6 Financial Services Cloud Get Started With Integrated Onboarding for Financial Services Cloud Get Started With Integrated Onboarding for Financial Services Cloud The Discovery Framework feature lets you create and manage assessment questions, surface digital assessments, and collect information for onboarding customers. You can use the Know Your Customer (KYC) data model to validate prospect information and assign a risk rating. By using the Data Consumption Framework, you can also easily set up integrations with third-party providers for assessing risk and for screening. Use these resources to learn about the features and plan your implementation—there’s no need to set things up just yet. Plan to spend some time exploring the links on this page. Get Oriented Dive In: Learn About Recommended Go Deeper: Learn About Features for What is Financial Services Cloud for Retail Core Features Specific Business Needs Banking? Collect and Validate Customer Data With Dynamically Identify the Documents to Trailhead: Discovery Framework Basics for Discovery Framework on page 349 Upload for an Assessment Financial Services Cloud Set Up the Know Your Customers Data Trailhead: Discover Disclosures and Consent Create a Preconfigured Trial Org With Model on page 507 Management Sample Data Streamline Your Customer Onboarding Trailhead: Deep Dive into OmniStudio Experience Document Generation Access Data From External Systems for Automate Repeatable Client-Engagement Identity Verification, Risk Assessment, and Tasks With Action Plans Screening Checks on page 344 Surface Issues That Need Attention by Using Trailhead: Build Guided Experiences with Record Alerts on page 511 OmniStudio Streamline Integration Callouts with Validate Documents in Document Checklist Integration Orchestration Items Trailhead: Build Flows with Flow Builder Extend Further: Learn About Additional Get Ready for Your Implementation Know Your Resources & Get Help Capabilities & Add-Ons Set Up Permissions for Financial Services Trailhead: Financial Services Cloud Trailmix Trailhead: Automate Complex Decision Cloud Financial Services Cloud Developer Guide Making to Streamline Business Processes Install or Upgrade the OmniStudio Package Trailblazer Community: Financial Services Enable Discovery Framework Cloud 7 Financial Services Cloud Get Started With Service Process Automation for Financial Services Cloud Track Customer Interests on page 506 Enable Know Your Customer on page 508 Transform Data with Data Processing Engine Centralize All Your Document Management Tasks With Intelligent Document Automation Extract Data From Documents by Using Intelligent Form Reader Create Branded Digital Experiences with Experience Cloud Get Started With Service Process Automation for Financial Services Cloud Service Process Automation lets you deploy prebuilt service processes for common service requests with ease. By using Service Process Studio, you can build a process quickly with low code or no code. With Data Consumption Framework, you can make API calls to external banking systems with high-performance integrations. Service Process Automation offers features beyond what Service Cloud already provides. Use these resources to learn about the features and plan your implementation—there’s no need to set things up just yet. Plan to spend some time exploring the links on this page. Get Oriented Dive In: Learn About Recommended Go Deeper: Learn About Features for What is Financial Services Cloud for Retail Core Features Specific Business Needs Banking? Administrators and Developers Customer Onboarding and Service What is Financial Services Cloud for Wealth Design Customer Service Processes Easily Collect and Validate Customer Data With Banking? With Service Process Studio Discovery Framework Trailhead: Service Process Studio for Trailhead: Build Guided Experiences with Automate Repeatable Client-Engagement Financial Services OmniStudio Tasks With Action Plans Video: Watch a Demo Set Up Integrations to External Banking Verify Callers Create a Preconfigured Trial Org With Systems with Integration Definitions Understand Customer History by Using Sample Data Trailhead: Automate Complex Decision Timeline Making to Streamline Business Processes Get a 360-Degree View of Financial Service Agents and Customers Accounts of Your Customers 8 Financial Services Cloud Get Started with Business Client Engagement for Financial Services Cloud Get to Know the Prebuilt Retail Banking Surface Issues That Need Attention by Using Services Processes for Financial Services Record Alerts Cloud Search for and Launch an Service Process Get to Know the Prebuilt Wealth Action Easily Management Services Processes for Orchestrate a Stage Management Plan for Financial Services Cloud a Service Process Initiate a Service Process From a Self Service Portal Extend Further: Learn About Additional Get Ready for Your Implementation Know Your Resources & Get Help Capabilities & Add-Ons Install the Financial Services Cloud Packages Trailhead: Financial Services Cloud Trailmix Deliver Engaging, Personalized Customer Install or Upgrade the OmniStudio Package Financial Services Cloud Developer Guide Support With Service Cloud Set Up Permissions for Financial Services Trailblazer Community: Financial Services Trailhead: Set Up Templates for Generating Cloud Cloud Business Documents with OmniStudio Document Generation Set Up and Manage Retail Banking Set Up and Manage Wealth Banking Get Started with Business Client Engagement for Financial Services Cloud Use the Business Client Engagement to ensure a clear and precise data-driven approach to identify the key stakeholders in various ownership structures. Use the new prebuilt actionable relationship center (ARC) graph templates to visualize complex business relationships in a convenient and interactive manner. View how your business client entities are related to each other and to other related accounts by using a B2B Account to Account Relationship graph template and a B2B Applicant to Applicant Relationship graph template. Use these resources to learn about the features and plan your implementation—there’s no need to set things up just yet. Plan to spend some time exploring the links on this page. Get Oriented Dive In: Learn About Recommended Go Deeper: Learn About Features for What is Financial Services Cloud for Core Features Specific Business Needs Commercial Banking? 9 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Trailhead: Explore Discovery Framework Drive Compliance and Efficiency in Business Create and View Complex Relationships Basics for Financial Services Cloud Client Onboarding with Business Client With Actionable Relationship Center Create a Preconfigured Trial Org With Engagement Dynamically Identify the Documents to Sample Data Collect and Validate Customer Data With Upload for an Assessment Discovery Framework on page 349 Trailhead: Discover Disclosures and Consent Set Up the Know Your Customers Data Management Model on page 507 Trailhead: Deep Dive into OmniStudio Streamline Your Business Customer Document Generation Onboarding Experience Automate Repeatable Client-Engagement Access Data From External Systems for Tasks With Action Plans Identity Verification, Risk Assessment, and Surface Issues That Need Attention by Using Screening Checks on page 344 Record Alerts on page 511 Trailhead: Build Guided Experiences with OmniStudio Validate Documents in Document Checklist Items Trailhead: Build Flows with Flow Builder Extend Further: Learn About Additional Get Ready for Your Implementation Know Your Resources & Get Help Capabilities & Add-Ons Set Up Permissions for Financial Services Trailhead: Financial Services Cloud Trailmix Trailhead: Automate Complex Decision Cloud Financial Services Cloud Developer Guide Making to Streamline Business Processes Install or Upgrade the OmniStudio Package Trailblazer Community: Financial Services Track Customer Interests on page 506 Enable Discovery Framework Cloud Centralize All Your Document Management Enable Know Your Customer on page 508 Tasks With Intelligent Document Automation Enable Business Client Engagement Extract Data From Documents by Using Intelligent Form Reader Create Branded Digital Experiences with Experience Cloud The Salesforce Data Model for Financial Services Cloud Learn how we’ve adapted the Salesforce data model to create a foundation for industries that require a structured, flexible B2C data model. New custom fields on the Account and Contact standard objects let us model clients. New custom objects let us model client financials, relationship groups, and more. 10 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Data Model Overview Learn about the objects and relationships within the Financial Services Cloud data model that represent a person along with their relationships and financial activities. How Is a Person Modeled? Financial Services Cloud represents a person in one of two ways: person accounts or the individual model. Person accounts provide better support for B2C activities for most organizations and are enabled in FSC trial orgs and new installations. Salesforce supports the individual model for FSC orgs with existing individual model implementations only. What Is a Group? A group gives insight into a customer’s financial circles, such as a household with its family members and professional connections. A group provides an overall view of its members by rolling up their information. You can extend a group with custom fields and more. What Is a Relationship? In addition to recording complex, multi-party relationships using groups, Financial Services Cloud also models one-to-one relationships between people and businesses. These relationships help you understand spheres of influence and spans of control. How Are Employment and Education Modeled? Custom objects represent employment and education information. In the individual model, these objects are related to the contact object. How Are Identification Documents, Other Assets, Liabilities, Goals, and Revenue Modeled? Custom objects are used to represent other assets, liabilities, and goals. In the individual model, these objects are related to the account object. How Are Financial Accounts Modeled? You can either use standard objects or managed package objects to represent financial accounts and the parties involved with their financial accounts. How Are Leads and Opportunities Modeled? Standard objects record details about new customer leads and the opportunities to provide customers with new products. Tools for Getting Oriented to the Data Model Review the objects that come with Financial Services Cloud using Schema Builder, the data model viewing tool, along with the Object Manager and the Enterprise WSDL file generator. Data Model Overview Learn about the objects and relationships within the Financial Services Cloud data model that EDITIONS represent a person along with their relationships and financial activities. Note: In some cases, two Financial Services Cloud objects with the same label show in the Financial Services Cloud is Object Manager, one a standard object and the other a custom object. The custom object is available in Lightning Experience. only available if the Financial Services Cloud package is installed. Available in: Professional, Enterprise, and Unlimited editions 11 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Financial Services Cloud Data Model Overview 12 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Financial Services Cloud Managed Package Data Model 13 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Financial Services Cloud Standard Data Model 14 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Financial Services Cloud Insurance Data Model 15 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Interaction Summaries Data Model 16 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Financial Deal Management Data Model 17 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Financial Services Cloud Mortgage Data Model 18 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Action Plans Data Model 19 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Consent Data Model 20 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Discovery Framework Data Model Know Your Customer Data Model 21 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Branch Management Data Model Integrated Onboarding Data Model 22 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Transaction Dispute Management Data Model 23 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud How Is a Person Modeled? Financial Services Cloud represents a person in one of two ways: person accounts or the individual EDITIONS model. Person accounts provide better support for B2C activities for most organizations and are enabled in FSC trial orgs and new installations. Salesforce supports the individual model for FSC Financial Services Cloud is orgs with existing individual model implementations only. available in Lightning Experience. Person Accounts Available in: Professional, Person accounts store information about a person by combining certain account and contact Enterprise, and Unlimited fields into a single object experience. To end users, a person account record appears and editions functions as a single record. The Individual Model The individual model uses a combination of the standard Account and Contact objects, coupled in a unified object view of a person. The standard objects have been extended with custom fields, record types, and more. Person Accounts Person accounts store information about a person by combining certain account and contact fields into a single object experience. To end users, a person account record appears and functions as a single record. Person accounts use the standard Account object to hold all of the details about a person. The Account object has been extended with custom fields, record types, and more. Object Standard or Custom Purpose Record Types Account Standard Represents all aspects of the Person account person. Data includes personhood details, such as birth date or tax ID number, and dealings with your organization, such as review frequency or service tier Related to opportunities, cases, and other Salesforce transactions as well as events, tasks, calls, and other Salesforce communications Note: Use the Person account record type when a client is a person. Use the Institutional record type when a client is a business or an institution. SEE ALSO: Person Accounts Considerations for Using Person Accounts Person Accounts Implementation Guide 24 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud The Individual Model The individual model uses a combination of the standard Account and Contact objects, coupled in a unified object view of a person. The standard objects have been extended with custom fields, record types, and more. Note: Salesforce supports the individual model for FSC orgs with existing individual model implementations only. For legacy information about how to set up the individual model, see the Individual Model Setup in Financial Services Cloud section of the Spring '21 (API version 51.0) Financial Services Cloud Administrator Guide. Object Standard or Custom Purpose Record Types Account Standard Represents aspects of the Individual person that pertain to dealings with your organization, such as review frequency or service tier Related to opportunities, cases, and other Salesforce transactions Contact Standard Represents aspects of the Individual person that pertain to personhood regardless of the person’s relationship with your organization, such as birth date or tax ID number Related to events, tasks, calls, and other Salesforce communications Note: Use the Individual record type when a client is a person. Use the Business record type when a client is a business or an institution. When you create an individual record, Salesforce creates an account record and a contact record. The account item then records the contact item ID in the Primary Contact field to record the relationship between the two records. In addition, an Individual ID is added to Account and Contact, which enables you to reference the person with a single ID. Usually, with the unified object view, individual records appear in Salesforce as a person, not as separate account and contact records. But not always. The structure under the hood sometimes surfaces in an account-only context or a contact-only context, such as in list views of accounts or contacts. In global search results, it can appear as though one individual record is a duplicate account and contact. Keep this structure in mind as you help your users get accustomed to working in Financial Services Cloud. Important: Make sure that no required fields are on the Contact object. To add required fields in the individual model, create the fields on the Account object. What Is a Group? A group gives insight into a customer’s financial circles, such as a household with its family members and professional connections. A group provides an overall view of its members by rolling up their information. You can extend a group with custom fields and more. 25 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud How Is a Group Modeled? A group is a type of account record that people and businesses can be related to through the account contact relationship object. Financial Services Cloud includes a group record type for households. Use the household group to relate people to a household, household members to external contacts, and a household to external contacts and accounts. You create groups by adding a record type to the account object and mapping it to the custom metadata type of Group Record Type. What Is Group Membership? The relationship between a group and a person or business is called group membership. Group membership defines the role of the member within the group. For example, Rachel Adams plays the role of a spouse in the Adams Household. Group membership also defines whether: The member is the primary member of the group. The primary member is the person you contact first about things that affect the entire group. The group is the member’s primary group. This status defines which group the member’s information is rolled up in. Each person can only have one primary group, and the person’s information isn’t rolled up in any other group. You can also choose which information rolls up to the group. The options are any combination of: – Financial Accounts – Financial Goals – Events – Tasks – Assets and Liabilities – Referrals How Is Group Membership Modeled? Group membership is modeled using the Account Contact Relationship object. Groups can have client (direct) and business (indirect) members. Membership Type Object Standard or Custom Represents Record Types Direct (individual Account Contact Standard The membership of a member) Relationship person in a group (for example, a household). Indirect (business Account Contact Standard The membership of a member) Relationship business in a group, which occurs only when both these conditions are met: The business is related to a person in the group The business’s Add to Group flag is set 26 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud Note: Account Contact Relationship is also used to hold details of one-to-one relationships between people and businesses. SEE ALSO: Configure Custom Record Types for Groups What Is a Relationship? In addition to recording complex, multi-party relationships using groups, Financial Services Cloud also models one-to-one relationships between people and businesses. These relationships help you understand spheres of influence and spans of control. How Is a Relationship Modeled? You can model relationships in various ways. Object Standard or Custom Represents Record Types Account-Account Relationship Custom The relationship between businesses, institutions, and groups. Account Contact Relationship Standard The relationship between a person and a business or other account. Contact-Contact Relationship Custom The relationship between two people. Reciprocal Role Custom The nature of the relationship between a person and another person, business, or other account. For example, Proprietor and Owned Business. Used on the Account-Account Relationship and Contact-Contact Relationship objects. Note: Account Contact Relationship is also used to hold details about the members of a group. SEE ALSO: Create and Configure Custom Record Types for Individuals Configure Reciprocal Roles (Managed Package) 27 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud How Are Employment and Education Modeled? Custom objects represent employment and education information. In the individual model, these EDITIONS objects are related to the contact object. Financial Services Cloud is Object Standard or Represents Record Types available in Lightning Custom Experience. Education Custom Details of educational Available in: Professional, achievements. Enterprise, and Unlimited editions Employment Custom Details of employment history. How Are Identification Documents, Other Assets, Liabilities, Goals, and Revenue Modeled? Custom objects are used to represent other assets, liabilities, and goals. In the individual model, EDITIONS these objects are related to the account object. Financial Services Cloud is Object Standard or Represents Record Types available in Lightning Custom Experience. Assets and Liabilities Custom Assets, such as real Asset Available in: Professional, estate or collectibles, Enterprise, and Unlimited Liability editions and liabilities, such as a mortgage, that are not otherwise represented in the financial account. Financial Goal Custom A person’s financial goal, such as retirement or home purchase. Identification Custom Details of documents Document used to verify the identity of a person. Revenue Custom Revenue generated from operating a person’s financial account or by offering advisory services. 28 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud How Are Financial Accounts Modeled? You can either use standard objects or managed package objects to represent financial accounts EDITIONS and the parties involved with their financial accounts. Financial Services Cloud is Model Financial Information by Using Financial Services Cloud Managed available in Lightning Experience. Package Objects Available in: Professional, OBJECT REPRESENTS RECORD TYPES Enterprise, and Unlimited editions Financial Account A financial account, such as a Auto Loan brokerage account or bank Bank Account account. Checking Account Credit Card General Account HELOC Investment Account Loan Account Mortgage Savings Account Charges and Fees The charges and fees taken for Credit servicing a Financial Account. Debit Record types differentiate between “line of credit" (Credit) and "deposit" (Debit) accounts. Financial Account Role The role occupied by a person Account Role or organizational entity that is Contact Role involved with a financial account, such as a beneficiary or trustee. Financial Account Transaction The transactions that have taken place on a Financial Account. Billing Statement Periodic summary of purchases, Credit deposits, interest, fees, and Debit charges against a Financial Account. Record types differentiate statement content and layouts between “line of credit" (Credit) and "deposit" (Debit) accounts. Card The cards to access funds in a Financial Account. 29 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud OBJECT REPRESENTS RECORD TYPES Financial Holding A holding in an investment account, such as 10,000 shares of Salesforce (CRM). Securities An asset that is part of a financial holding, such as a stock. Model Financial Information by Using Financial Account and Related Standard Objects OBJECT REPRESENTS FIELDS and PICKLIST VALUES Financial Account A financial account, such as a brokerage The Type field with these picklist values is account or bank account. used to represent different types of financial accounts: Savings Checking Credit Card Mortgage Loan Investment Home Equity Line of Credit Financial Account Party Details about the role played by a person or — organization involved with a financial account, such as a beneficiary, owner, and a trustee. Financial Account Balance Details about the financial account balances. The Type field with these picklist values is used to represent different types of financial account balances: Total Balance Current Posted Balance Principal Balance Lease Balance Available Credit Available Balance Pending Withdrawal Pending Deposit Minimum Payment Balance Last Statement Cash Balance Financial Account Transaction Details about the transactions associated with a financial account. 30 Financial Services Cloud The Salesforce Data Model for Financial Services Cloud OBJECT REPRESENTS FIELDS and PICKLIST VALUES Financial Account Address Details about each address related to a The Type field with these picklist values is financial account, such as communication used to represent different types of financial address, billing address, and statement account addresses: address. Statement Address Communication Address Billing Address Financial Account Statement Details about a financial account statement. The Type field with these picklist values is used to represent different types of financial statements: Periodic Statement Balance Statement Account Closure Statement Financial Account Fee The fee that's applicable on the financial The Type field with these picklist values is account to service various requests, such as used to represent different types of financial a request for stop payment or a duplicate fees: card. Stop Payment Fee New Cheque Book Fee Duplicate Card Fee Loan processing fees Late payment fee Prepayment charges Issued Card Details about the card issued to a customer, The Type field with these picklist values is such as debit card, credit card, prepaid card, used to represent different types of cards: gift card, and any other card type. Credit Card Credit Card Prepaid Card Securities Holding A holding in an investment account, such as 10,000 shares of Salesforce (CRM). Financial Security A financial security, such as a stock or bond. SEE ALSO: Financial Services Cloud Standard and Custom Objects 31 Financial Services Cloud Create a Financial Services Cloud Trial Org and Explore How Are Leads and Opportunities Modeled? Standard objects record details about new customer leads and the opportunities to provide EDITIONS customers with new products. Using the Referral record type on the Lead object, users can create and automatically route referrals Financial Services Cloud is based on a customer’s expressed interest. available in Lightning Experience. Note: Many other standard Salesforce objects are used to provide the features of Financial Available in: Professional, Services Cloud. You can explore the full Salesforce data model using schema builder or learn Enterprise, and Unlimited more from Salesforce Architects. editions Object Standard or Represents Record Types Custom Lead Standard Details of leads General provided by Referral customers, employees, and associates. Retirement Planning Opportunity Standard Details of the General opportunities to sell Opportunity customers new (Wallet Share) products or services. Retirement Planning Tools for Getting Oriented to the Data Model Review the objects that come with Financial Services Cloud using Schema Builder, the data model EDITIONS viewing tool, along with the Object Manager and the Enterprise WSDL file generator. From Setup, enter Schema Builder or API in Quick Find. Then select Schema Builder or Financial Services Cloud is API. To review objects with the Object Manager, select Object Manager from the top of the Setup available in Lightning page. You can also use a describe call from the API to see the complete list of fields for an object. Experience. See the Metadata API Developer Guide Quick Start for information on obtaining the Enterprise Available in: Professional, WSDL files. Enterprise, and Unlimited editions Create a Financial Services Cloud Trial Org and Explore Explore Financial Services Cloud in a full-featured trial experience. EDITIONS Note: Trial orgs are intended for proof of concept and guided self-exploration. Trial orgs expire in 30 days. Available in: Enterprise, Unlimited, and Developer To sign up for a trial org: Editions. 1. Go to one of the trial org sign-up pages. 32 Financial Services Cloud Plan and Prepare for Your Financial Services Cloud Implementation Learning Org This fully configured org includes rich sample data and lets you see all the Financial Services Cloud features in action. Use these orgs to see what a comprehensive enablement looks like. Pre-Release Org This org provides a sneak peek at upcoming release features. You can create these orgs only during sandbox preview windows. The page is available when the preview window is open. Base Org This unconfigured org is a blank slate with only the necessary licenses and permissions. Use these orgs for quick proof-of-concept projects or general testing. 2. Enter your contact details. 3. Read and agree to the service agreement. 4. Click Submit. After your org is created, look for an email with login details. Your trial org includes pre-enabled Financial Services Cloud features. It also includes Experience Cloud, Digital Process Automation, and CRMA for Financial Services Cloud. Plan and Prepare for Your Financial Services Cloud Implementation Review planning considerations before you plan your Financial Services Cloud implementation. Considerations for Designing Your Financial Services Cloud Implementation Plan ahead to make the transition easier for your user teams, partners, and clients. To help ensure successful launch and adoption, determine how you want to support client interactions and services. Financial Account Management Standard Objects Use Financial Account and related objects without installing the Financial Services Cloud managed package. Gain greater control and flexibility over your data models, enabling seamless integration by using these standard objects. Transform the Individual Data Model to Person Accounts in Financial Services Cloud Person accounts are the Salesforce platform solution for B2C activities. If you currently use the individual model in your Financial Services Cloud org, you can migrate to person accounts for a simplified, customizable user experience. Financial Services Cloud enables person accounts in trial orgs and new installations. Financial Services Cloud Permission Set Licenses Permission set licenses incrementally entitle users to access features that aren’t included in their user licenses. Users can be assigned any number of permission set licenses. Financial Services Cloud makes a number of permission sets licenses available. Financial Services Cloud Field Sets Here’s a complete list of field sets used in Financial Services Cloud. Custom Settings (Managed Package) Custom settings enable you to alter the behavior of your Financial Services Cloud installation. Prepare to Use Financial Services Cloud To prepare to use Financial Services Cloud, complete the tasks in this section. 33 Financial Services Cloud Considerations for Designing Your Financial Services Cloud Implementation Considerations for Designing Your Financial Services Cloud Implementation Plan ahead to make the transition easier for your user teams, partners, and clients. To help ensure EDITIONS successful launch and adoption, determine how you want to support client interactions and services. You can implement Financial Services Cloud in a new Salesforce org or an existing org. Work with Financial Services Cloud is your Salesforce team to determine the best option for your organization. available in Lightning Experience. Review the out-of-the-box capabilities and compare them to your current needs. How do you want to change the default configurations? Evaluate modifications to fields, picklists, layouts, Available in: Professional, and other features that are required to support your business processes. Enterprise, and Unlimited editions Plan for integrations with transactional systems, external data sources, custodians, and any other platforms that your business relies on. Beyond the pre-configured settings, evaluate whether you need advanced customizations. Estimate the size of your user base and determine your licensing requirements. Determine if any limits or limitations affect your implementation. Keep these considerations in mind if you’re currently using objects from the Financial Services Cloud managed package, and plan to use Financial Account and related standard objects. For more information, see Considerations for Using Financial Account Management Standard Objects. SEE ALSO: Financial Services Cloud Availability and Limitations Salesforce Help: Protect Your Salesforce Organization Salesforce Help: What Determines Field Access? Financial Account Management Standard Objects Use Financial Account and related objects without installing the Financial Services Cloud managed EDITIONS package. Gain greater control and flexibility over your data models, enabling seamless integration by using these standard objects. Available in: Lightning Enable the Financial Account Management Standard Objects setting so that you can access the Experience Financial Account and related standard objects, which help you to model financial accounts and Available in: Professional, related information for your users. Enterprise, and Unlimited If you’re currently using objects from the Financial Services Cloud Managed package, then plan Editions your metadata and data migration before you start using the standard Financial Account and its related objects. You can model financial accounts and related information by using a set of standard objects, such as Financial Account, Financial Account Party, Financial Account Transaction, and so on. See How Are Financial Accounts Modeled? Consider these points before you start using the Financial Account and related standard objects. See Considerations for Using Financial Account and Related Standard Objects. When the Financial Account Management Standard Objects setting is turned on and you have the Financial Services Cloud managed package installed, both standard objects and objects from the managed package are visible in your org. It's important to consistently use either the Financial Services Cloud managed package objects or the standard objects, and avoid mixing both when setting up the financial account and its related features. Use the API name mapping between the managed package and standard objects to effectively use the objects without any confusion. 34 Financial Services Cloud Financial Account Management Standard Objects Enable Financial Account Management Standard Objects To use the Financial Account and related standard objects to model financial accounts and related information, enable the Financial Account Management Standard Objects setting. Assign Permissions for Financial Account Management Standard Objects Give users access to the Financial Account and related standard objects by assigning permission sets. Enable Financial Account and Related Standard Objects in a Self-Service Portal Your Experience Cloud users can launch the Financial Account and related standard objects directly from a self-service portal, such as the Financial Services Client Portal. Considerations for Using Financial Account Management Standard Objects Keep these considerations in mind if you’re currently using objects from the Financial Services Cloud managed package, and plan to use Financial Account and related standard objects. Plan ahead to make the transition easier for your user teams, partners, and clients. SEE ALSO: Financial Services Cloud Standard Objects Enable Financial Account Management Standard Objects To use the Financial Account and related standard objects to model financial accounts and related EDITIONS information, enable the Financial Account Management Standard Objects setting. If you’re currently using objects from the Financial Services Cloud managed package, plan your Available in: Lightning metadata and data migration before you start using the standard Financial Account and its related Experience objects. Available in: Professional, 1. From Setup, in the Quick Find box, enter Financial Account Settings, and then Enterprise, and Unlimited select Financial Account Settings. Editions 2. Turn on Financial Account Management Standard Objects. USER PERMISSIONS Important: When the Financial Account Management Standard Objects setting is enabled and you have the Financial Services Managed managed package installed, both To enable Financial Account standard objects and objects from the managed package are visible in your org. It's Management Standard important to consistently use either the managed package objects or the standard objects, Objects: and avoid mixing both when setting up the financial account and its related features. Industry Service Use the API name mapping between the managed package and standard objects to Excellence OR Industry effectively use the objects without any confusion. Sales Excellence AND OmniStudio User AND Financial Services Cloud Extension OR FSC Foundation OR FSC Service OR FSC Sales 35 Financial Services Cloud Financial Account Management Standard Objects Assign Permissions for Financial Account Management Standard Objects Give users access to the Financial Account and related standard objects by assigning permission EDITIONS sets. 1. From Setup, in the Quick Find box, enter Users, and then select Users. Available in: Lightning Experience 2. Click a user’s name. 3. Under Permission Set Assignments, click Edit Assignments, and add these permission sets: Available in: Professional, Enterprise, and Unlimited Industry Service Excellence OR Industry Sales Excellence Editions OmniStudio User OmniStudio Admin USER PERMISSIONS Financial Services Cloud Extension OR FSC Foundation OR FSC Service OR FSC Sales To assign permission sets: Financial Services For Customer Community OR Financial Services For Customer Community Assign Permission Sets Plus OR Financial Services For Customer Community Login OR Financial Services For Customer Community Plus Login OR Financial Services For Partner Community OR Financial AND Services For Partner Community Login View Setup and Configuration 4. Save your changes. 36 Financial Services Cloud Financial Account Management Standard Objects Enable Financial Account and Related Standard Objects in a Self-Service Portal Your Experience Cloud users can launch the Financial Account and related standard objects directly EDITIONS from a self-service portal, such as the Financial Services Client Portal. Create and configure the Digital Experience site, and make the Financial Account and related Available in: Lightning standard objects available to your portal users. Experience Available in: Professional, Create a Customer Community User Profile Enterprise, and Unlimited Editions To control access to Financial Services Cloud features, create a profile for portal users with the appropriate permissions by cloning a community user profile. USER PERMISSIONS 1. From Setup, in the Quick Find box, enter Profiles, and then select Profiles. 2. Locate the user profile that maps to your customer community license, and click Clone. To create profiles: Manage Profiles and 3. Enter a name for the cloned profile, and save your changes. Permission Sets For example, Banking Customer Community User To create a Financial 4. On the Profile Edit page, click Edit. Services Client Portal: 5. Configure the required permissions for these objects: Create and Set Up Experiences Account AND Contact View Setup and FinancialAccount Configuration FinancialAccountParty To customize a Financial FinancialAccountBalance Services Client Portal: FinancialAccountAddress Be a member of the portal AND Create and FinancialAccountStatement Set Up Experiences FinancialAccountTransaction OR FinancialAccountFee Be a member of the PartyFinancialAsset portal AND View Setup PartyFinclAssetAddlOwner and Configuration AND an experience admin, FinclAcctPtyFinclAsset publisher, or builder in PartyFinancialLiability that portal PartyFinclLiabAddlBrwr IssuedCard FinancialSecurity Important: For the Account and Contact objects, you can assign only the Read permission. 6. Save your changes. Create a Customer Community User Create a contact and enable the contact as a customer community user. 1. In the App Launcher, find and select Accounts. 2. Click New. 37 Financial Services Cloud Financial Account Management Standard Objects 3. Add the required details, and then save the account. 4. In the App Launcher, find and select Contacts. 5. Click New. 6. In Account Name, select the account that you created for your customer community in an earlier step. 7. Save the contact. 8. Open the contact that you created, click the dropdown, and select Enable Customer User. 9. On the New User page, select Customer Community as the user license, and Customer Community User as the profile. Note: If you cloned an existing customer community profile, then in the profile field, select the cloned profile name. 10. Define the other required fields, such as email and nickname. Important: If you receive the Portal Account Owner has No Role error message, assign a profile to the owner of the customer community account. Then repeat this procedure. 11. Save your changes. Create and Configure a Digital Experience Site for Experience Cloud Users Enable Salesforce Digital Experience, configure a domain name, and then enable standard external profiles. Configure a name and a URL for the digital experience site. 1. Enable Salesforce Digital Experience for Customer Community User. See Enable Digital Experience. 2. Create a Digital Experience Site for Customer Community User. See Create a Digital Experience Site. 3. Configure a Digital Experience Site for Customer Community User. See Configure Digital Experience Site. Make the Financial Account and Standard Objects Visible to Your Portal Users Configure the navigation menu so that your Experience Cloud users can view the Financial Account and related standard objects. 1. From Setup, in the Quick Find box, enter Digital Experiences, and then select All Sites. 2. Next to your Financial Services Client Portal site, click Builder. 3. To add an object to the navigation menu: a. In Experience Builder, click the Settings icon. b. In the Settings pane, click Navigation. c. Click the arrow next to Default Navigation, and then click Edit. d. Click Add Menu Item. e. Enter a name for the menu item. For example, if you are adding the Financial Account object, then enter the name as Financial Accounts. f. In Type, select Salesforce Object, and in Object Type, select Financial Account. g. Save your changes. Repeat these steps for other objects. 38 Financial Services Cloud Financial Account Management Standard Objects Considerations for Using Financial Account Management Standard Objects Keep these considerations in mind if you’re currently using objects from the Financial Services Cloud EDITIONS managed package, and plan to use Financial Account and related standard objects. Plan ahead to make the transition easier for your user teams, partners, and clients. Available in: Lightning Plan your metadata and data migration before you start using the standard Financial Account Experience and its related objects. To understand the object and field mapping between the managed Available in: Professional, package and standard objects, see API name mapping between the managed package and Enterprise, and Unlimited standard objects. Editions Thoroughly review the documentation for the standard objects to understand the fields, picklists, and any other details. Consider the effort and complexity involved in customizing the objects to suit your business needs. When the Financial Account Management Standard Objects setting is turned on and you have the Financial Services Managed managed package installed, both standard object and objects from the managed package a