Start tracking your progress
Trailhead Home
Trailhead Home

Create Financial Accounts and Holdings, and View Financial Summaries

Learning Objectives

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

  • Learn about and create financial accounts.
  • Create and view a financial account holding.
  • Understand financial summaries.

What’s a Financial Account?

A financial account is any account managed by a financial institution, such as a bank. Financial Services Cloud supports many kinds of financial accounts, including checking accounts, savings accounts, mortgages, credit cards, investment accounts, 401(k) accounts, and insurance policies. Whatever the type of account, it rolls up to its primary owner and household.

Let’s look up Rachel’s accounts.

  1. Click the App Launcher App Launcher icon, then select Wealth Management.
  2. In the Accounts view, select Rachel Adams (Sample), and go to her Financial Accounts tab.
Rachel has several accounts.
  • Investment account worth $995,000
  • Mutual fund investment account worth $142,000
  • Bank of BAS checking account worth $100,000
  • Life insurance policy worth $2,000,000 (not included in the account total).

These separate accounts roll up together to give Rachel Adams’ account a total value of $1,437,000. But these accounts aren’t just relevant to Rachel. They’re also part of the Adams household. If you wish to look up the accounts for everyone in the Adams household, click the Adams Household (Sample) record in the Accounts view. Let’s check out how the Adams family’s household accounts are faring.

  1. Click the App Launcher App Launcher icon, then select Wealth Management.
  2. In the Accounts view, select Adams Household (Sample), and go to the Financial Accounts tab.
You notice that:
  • Rachel’s husband, Nigel Adams, has his own account, an investment account worth $300,000.
  • Together, Rachel and Nigel also have a charitable trust worth $275,000.
  • All these accounts roll up to $1,437,000 of total investments in the household account, with $389,107 in bank deposits (that includes the trust).

Cumulus Bank employs both financial advisors and retail bankers as part of its customer-facing operations. Together, they help people like Rachel and Nigel Adams consolidate and operate a variety of financial accounts with the bank.

Financial advisors work with the following kinds of accounts.

  • Investment accounts
  • Bank accounts
  • Insurance policies
  • Assets and liabilities, such as a home mortgage

Retail bankers work with different kinds of accounts.

  • Savings accounts
  • Checking accounts
  • Credit card accounts
  • Loan accounts
  • Mortgage accounts
  • Auto loan accounts
  • Home equity line of credit (HELOC) accounts

All accounts have roles associated with them. The most common role is primary owner. For example, Rachel Adams is the primary owner of her investment account. But accounts can have other roles as well, such as beneficiary or trustee.

Create a Financial Account

Most financial accounts are loaded in from existing sources—typically, backend banking systems. Let’s add a financial account for Claire Johnson to get a feel for what the rules are and how the process works. Claire is a prolific investor and she’s recently invested in some of Salesforce’s stock. Let’s add her brokerage account.

  1. If you’re not there already, click the App Launcher App Launcher icon, then select Wealth Management.
  2. In the Accounts view, select Claire Johnson, and go to her Financial Accounts tab.
  3. Click New next to Investment accounts.
  4. Enter relevant details.
    • Financial Account Name: Claire Investment Account
    • Status: Open
    • Ownership: Individual
    • Type: Brokerage
    • Primary Owner: Claire Johnson
    • Household: Claire Johnson Household
    • Description: Salesforce Stock: STO: CRM
    • Balance: $10,000
    The New Financial Account: Investment Account page with some details for Claire’s Investment Account entered
  5. Click Save.

Congrats! You’ve just created a financial account with Claire Johnson as the primary owner. It’s important to note that Financial Services Cloud automatically assigns up to two financial account roles out-of-the-box to any financial account: Primary Owner and Joint Owner. If Claire’s account was a joint account, you’d have to specify a joint owner, as well. Because her account information is rolled up into her household, the new account also shows up in the Johnson Household.

Depending on your requirements, you have several other financial account roles to choose from. We’ll talk more about financial account roles in the next unit.

Create and View a Financial Holding

Investment accounts typically comprise financial holdings of a client’s various stock investments. Financial holdings provide a level of granular sophistication to how you can view and manage your clients’ investment portfolios. Let’s create a new financial holding for Claire.

  1. Click the App Launcher App Launcher icon, then select Wealth Management.
  2. In the Accounts view, select Claire Johnson, and go to her Related tab.
  3. Click New in the Client Financial Holdings section and provide the following info:
    • Financial Holding Name: GOOG Holding R/A
    • Financial Account: Claire Investment Account
    • Symbol: GOOG
    • Asset Class: Equities
    • Market Value: 110,000
    • Shares: 86
    • Price: 1,272

      New Financial Holding page with some details filled out

  4. Click Save.

To get a consolidated view of all of a client’s financial holdings, simply head to the Related tab of a client, say Rachel Adams, and scroll to the Client Financial Holdings section. You’ll see that Rachel has holdings in Salesforce and Apple stock.

Screenshot showing Rachel’s financial holdings in Salesforce and Apple stock

Get a Quick Lowdown with Financial Summaries

Financial summary calculations offer a quick and accurate peek into a client’s financial portfolio, without weighing you down with details. Check out Rachel Adams’ financial summary by clicking her record in the Accounts view, then clicking Financial Accounts.

Rachel Adams’ financial summary in the Financial Accounts tab of Rachel’s record. The Financial Summary section is highlighted to show Total Investments, Total Bank Deposits, Total Insurance, and Wallet Share.

There’s a wealth of information here (no pun intended):
  • Sum of all investments held by Rachel
  • Sum of Rachel’s bank deposits
  • Rachel’s total insurance sum assured
  • And even Cumulus Cloud Bank’s wallet share of all of Rachel’s financial accounts. Nice touch, eh?

All of this is entirely configurable, of course. Check out the “Enable Rollups” section of the Financial Services Cloud Administrator Guide for more info.

But what if Rachel and her husband, Nigel, jointly owned an account? If so, the full balance would appear in both Rachel and Nigel’s profile. Since they’re both in the Adams Household, however, the account balance would only be counted once for the summary calculation. You can see that’s the case with Nigel’s Investment Account.

Screenshot of the Adams Household’s financial summary in the Financial Accounts tab of household record. The Financial Summary and Investment Accounts sections are highlighted to show that since Nigel is the primary owner of his joint investment account with Rachel, and since they’re both in the Adams Household, the account balance is counted only once for the household’s summary calculatio

What if Rachel and a trust owned an account together? If so, the primary ownership determines where the account balance is included in the rollup summaries. If Rachel is the primary owner, the balance is included in her rollup summary. If the trust is the primary owner, the balance shows up in the trust’s rollup summary and not in Rachel’s.

retargeting