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Map Client Relationships

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Attention, Trailblazer!

Salesforce has two different desktop user interfaces: Lightning Experience and Salesforce Classic. This module is designed for Lightning Experience.

You can learn about switching between interfaces, enabling Lightning Experience, and more in the Lightning Experience Basics module here on Trailhead.

Learning Objectives

After completing this unit, you’ll be able to:

  • View a client’s financial relationships in Financial Services Cloud.
  • Create a client record.
  • Set up a household record.

Households in Financial Services Cloud

If you work in banking or help clients manage their wealth, you understand that people often make financial decisions in the context of their relationships. That’s why Financial Services Cloud lets you map your clients’ relationships. One way you do that is by setting up household records. A household is a group of people who live together, or a group of people with related financial interests.

In the sample data in our Financial Services Cloud trial org, we have a client named Rachel Adams. We use her in our examples in this module. Rachel is the primary member of a household that includes both herself and her husband, Nigel. But Rachel has relationships with others as well. She’s also a member of her father’s household, although she doesn’t live with him. Her relationships in Financial Services Cloud also include related contacts and related accounts.

Here’s a video that explains households.

Information about Rachel, her household, and related records looks like this in the Wealth Management app in the trial org.

Rachel Adams relationships with 1–4 highlighted

  • Summary information (1)—Information about Rachel Adams. Total Financial Accounts is the amount of all her financial accounts rolled up together. AUM shows her total assets under management at your firm. Her category is Platinum. You can also see her client interactions, including the last interaction and the next interaction scheduled in the future.
  • Primary household (2)—Rachel’s primary household, where she lives with her husband, Nigel.
  • Related accounts (3)—Accounts not directly included in her primary household. In this case, it’s the Adams Charitable Trust.
  • Related contacts (4)—Others related to the financial world of Rachel Adams. In this case, it’s her lawyer, Ivan M. Kohl.

View Household Details

We just saw Rachel’s client record with her household relationships. Now let’s look at Rachel’s primary household, the Adams household, in more detail.

  1. Log in to the application using the credentials provided by your Salesforce admin.
  2. Click App launcher.
  3. Select Wealth Management or Retail Banking Console.
  4. Select Accounts in the navigation bar.
  5. Click Adams Household. (If you don’t have the trial org, click one of your households.)
  6. Click Financial Accounts.

Here’s the Adams household record in the Wealth Management app.

Adams Household page on the Financial Accounts tab with 1–4 highlighted

  • General summary information (1)—Information for both members of the Adams household: Rachel and Nigel. It shows Total Accounts, Assets under Management, and the dates of client interactions.
  • Financial summary (2)—Summary of the financial information for all members of the household. This information includes all investments, all bank deposits, insurance information, and the household’s wallet share at your firm.
  • Investment accounts (3)—List of investment accounts and information about each one. One key field is Held Away. A financial advisor cares when accounts are held away at another firm. Those accounts are good opportunities to bring in-house. Click the action menu next to a held away account to create a Wallet Share opportunity. Then you can work with the client to bring that account into your company.
  • Bank accounts (4)—List of checking or savings accounts.

Scroll down to see other types of accounts in the Adams household, including insurance policies, financial roles, and assets and liabilities.

If you’re using the Retail Banking Console instead of Wealth Management, you see different information. The Financial Summary displays information about Total Bank Accounts, Total Outstanding Credit, and Total Number of Financial Accounts. Likewise, if you scroll down to view the account types, you see different account types. The types include savings accounts, checking accounts, credit card accounts, and more.

Now that you’ve seen what a household looks like, let’s walk through the process of setting up a simple two-person household in Financial Services Cloud.
Note

Note

Note: Follow along, but don’t make these changes in your own org.

Create a Client Record

Kotori Mizono is a client associate who supports financial advisors. One of her advisors asked her to start the process of welcoming a new client, Claire Johnson, by creating a client record. Here’s what Kotori does.

  1. Click App launcher.
  2. Select Wealth Management.
  3. Select Accounts in the navigation bar.
  4. Click New.
  5. Choose Person Account as the record type and click Next.
  6. Fill out the values for the new client.
    • First Name: Claire
    • Last Name: Johnson
    • Occupation: C-level executive
    • Birth date: 04/04/1958
  7. Click Save.

Claire’s new account shows up in Accounts in Kotori’s Wealth Management app.

Set Up a Household

Claire Johnson is part of a household. She lives with her husband, Timothy Johnson. This is how Kotori sets up the household and adds Timothy to it.

  1. On the Accounts page, click New.
  2. Select Household as the record type and click Next.
  3. In Account Name, enter Claire Johnson Household and click Save.

After creating the Claire Johnson household record, Kotori adds Claire.

  1. On the Accounts page, click Claire Johnson Household.
  2. Click the Relationships tab.
  3. Under Claire Johnson Household, click Add Relationship.
  4. Add Claire to the household using the following values.
    • Member name: Claire Johnson
    • Role: Client
    • Primary member: Enabled
    • Primary group: Enabled
    • Activities and Objects to Roll Up: All
  5. Click Save.

The Claire Johnson household is now Claire’s primary household. All her financial account totals and activities roll up into this household. She can be a member of another household, such as her parents’ household, but her accounts don’t roll up there.

Now Kotori adds Timothy to the Claire Johnson household.

  1. On the Claire Johnson household record, click Relationships.
  2. Under Claire Johnson Household, click + Add Relationship.
  3. Under Who Are the Members of This Group, click Add Row.
  4. Click the Search Accounts field.
  5. Since Timothy Johnson is a new client, in Search Accounts, click + New Account.
  6. Choose Person Account and click Next.
  7. Scroll down to enter Timothy’s first and last name and click Save.
  8. Back on the Household page, set the following
    • Role: Spouse
    • Primary group: Enabled
    • Primary member: Disabled. Each household can only have one primary member. In this instance, that’s Claire Johnson.
    • Activities and Objects to Roll Up: All
  9. Click Save.

Kotori created a household with two members. A household can have as many members as required, and you can always add new ones.

Remember how we talked about households having related contacts who don’t live there, like Rachel’s lawyer, Ivan M. Kohl? Add related accounts and contacts the same way as you add a member. Unless a related account or contact lists the household as their primary household, their accounts won’t roll up there.

You’ve explored households and seen how the members fit into them. You saw how Kotori created two new client records and put them into a household. Now you’re ready to view your clients’ financial accounts and goals.

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