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Explore Financial Accounts and Other Objects

Learning Objectives

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

  • Define a financial account and describe how it is rolled up.
  • Create a financial account.
  • Describe and create a financial role.
  • Define other custom financial objects, such as Holdings, Securities, Revenues, and Goals.
  • Create a goal.

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.

Look up Rachel’s accounts by clicking her record in the Accounts view and clicking Financial Accounts. She has several accounts: an investment account worth $895,000; a mutual fund investment account worth $142,000; a Bank of BAS checking account worth $100,000; and a life insurance policy worth $2,000,000 (not included in the account total). These separate accounts roll up together to give the Rachel Adams account a total value of $1,137,000.

But these accounts aren’t just relevant to Rachel Adams. 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 record in the Accounts view.

While looking through the Adams household accounts, 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 $1,337,000 in the household account, with $375,000 in bank accounts (that includes the trust).

Create a Financial Account

Most financial accounts are loaded in from existing sources. Let’s add one manually for Vivian Torres to get a feel for what the rules are and how the process works. Vivian Torres works for the Pinkerton Agency, and she has stock in their parent company, Securitas. Let’s add her brokerage account.

  1. Open the App Launcher (App Launcher icon)
  2. Search for and select Wealth Management.
  3. In the Accounts view, select Vivian Torres, and go to her Financial Accounts tab.
  4. In the Investment Accounts component, click New.
  5. Enter relevant details.
    • Financial Account Name: Investment Account
    • Status: Open
    • Ownership: Individual
    • Type: Brokerage
    • Primary Owner: Vivian Torres
    • Household: Vivian Torres Household
    • Description: Securitas Stock: STO: SECU-B
    • Balance: 10,000
  1. Click Save.

You created the financial account with Vivian Torres as the primary owner. Because her account information is rolled up into her household, the new account also shows up in the Vivian Torres Household.

What if Vivian and her sister Lucy jointly owned the account? If so, the full balance would appear in Vivian’s profile and in Lucy’s profile. Since they’re both in the Vivian Torres Household, however, the account balance would only be counted once for the summary calculation.

What if Vivian and a trust owned the account? If so, the primary ownership determines where the account balance is included in the rollup summaries. If Vivian Torres 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 Vivian’s.

What’s a Financial Account Role?

A financial account role defines how someone is connected to a particular account or person. Here are some examples of roles in the sample data.

  • Rachel Adams is the primary owner of the Bank of BAS checking account.
  • The Adams Charitable Trust is the primary owner of the cash account.
  • Rachel Adams is the joint owner of Nigel’s brokerage account.
  • Rachel Adams is connected to her lawyer, Ivan M. Kohl.

You set up a financial account role for Vivian Torres when you created her brokerage account (she’s the primary owner).

What Are the Other Financial Objects in Financial Services Cloud?

Financial Services Cloud provides custom objects to model a client’s financial and personal information. Custom objects include:

  • Holdings: A holding in an investment account, such as a security: 1,000 shares of CRM (Salesforce). A holding has fields to store information, such as symbol, shares, price, gain/loss, and market value.
  • Securities: An object that has monetary value and can be traded, such as a stock or a bond. A security has fields to store information, such as symbol and security name. If you want a security to be part of a holding, enter the security information before the holding information.
  • Revenues: Revenue generated from a client’s financial accounts, such as an increase in stock value.
  • Asset and liabilities: Assets represent items not otherwise included in financial accounts, such as real estate or collectibles. Liabilities are debts owed, such as on a mortgage. A house, for example, can be an asset and a liability.
  • Financial goals: A desired financial result, such as enough cash to finance a college education, retirement, or a home.
  • Billing statements: A statement with dates and amounts for an account.
  • Charges and fees: Charges and fees for servicing a client account, such as fees and rates for a line of credit or a deposit account.
  • Cards: Credit and debit cards belonging to a client.

All these objects can be configured to appear as tabs in your org.

The main menu bar listing: Home, Accounts, Contacts, Advisor Analytics, Financial Accounts, Assets and Liabilities, Financial Goals, Financial Holdings, Securities, Reciprocal Roles, and More. The More menu is pulled down to display Leads, Opportunities, Reports, Dashboards, and Revenues

Create a Financial Goal

Vivian is saving to buy an apartment in her hometown of Brooklyn. Apartments cost around $500,000, and she’d like to save a 20% down payment. 

She doesn’t have to fund a goal to create one, the actual value of the amount she has put aside for a goal can be zero. Let’s set up that financial goal.

  1. In the Accounts view, select Vivian Torres, and go to her Goals tab.
  2. Click New.
  3. Fill in the appropriate information.
    • Financial Goal Name: First house
    • Type: Home Purchase
    • Primary Owner: Vivian Torres
    • Target Value: 100,000
    • Target Date: January 1, 2026
    • Actual Value: 0
  1. Click Save.

Vivian has a long way to go, but at least she’s gotten started.

Now you know about the different kinds of financial accounts and other objects, including creating a financial account, a reciprocal role, and a financial goal. You’re ready to move forward on setting up Financial Services Cloud for your business.

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