Meet Record Rollups

Learning Objectives

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

  • Describe changes in the financial services industry.
  • Articulate the challenges faced by wealth managers.
  • Define record rollups.
  • List the objects that support group-level rollups.

Changes in the Financial Services Industry

The financial services industry is experiencing a massive digital disruption as it enters the era of full connectivity. Customers now expect businesses to anticipate and meet their needs in real time. The customer experience is more than the sales pitch—it’s about being heard and feeling connected to companies. If customers don’t get consistent, proactive, and personalized end-to-end experiences, it’s easy for them to take their business elsewhere.

Image of a cowboy driving a stagecoach through an old Western town. There are three buildings labeled Product-Centric Selling, Loyalty Crisis, and Outdated Systems. In the distance, at the end of the road, there’s a city called Financial Services Cloud. Light is peaking out from behind the newly built skyscrapers.

Meet Cumulus Cloud Corporation

Cumulus Cloud Corporation is a well-diversified financial services giant that operates nationwide and is headquartered in Pittsburgh, Pennsylvania. If you’ve already earned a badge in the Inspire Customer Loyalty with Financial Services Cloud trail, you probably remember some of the key team members. Let’s get reacquainted.

Ryan Dobson is a part-time admin, and a full-time wealth manager and financial advisor. Ryan works hard to understand his clients’ financial needs and goals and makes special effort to help them plan their finances and secure their future. This is what makes Ryan such an asset to Cumulus.

Of course, Ryan can’t do this all alone. He’s assisted by Srilakshmi “Sri” Maajid, who works as a client associate. Sri assists financial advisors like Ryan in planning, organizing, and scheduling so they can focus on helping clients succeed. Sri is passionate about what she does and constantly looks for opportunities to improve processes.

Finally, we can’t forget our all-star admin, Matt, who works tirelessly to help Cumulus stay abreast of the latest industry trends in customer service and technology. 

Challenges in Wealth Management

Advisors and wealth managers like Ryan manage tons of client data. But despite their best intentions, sometimes important details are missed, like a cross-sell opportunity to Rachel Adams, a key high-net-worth customer. Rachel’s husband, Nigel, recently expanded his nightclub business, which Ryan learned when Rachel mentioned it in passing. If only Ryan could have convinced Rachel to let Cumulus manage Ryan’s financial undertakings as well. But this isn’t Ryan’s fault; the human mind can only do so much on its own. 

Side-by-side images. The left image is a gold miner panning for gold in a river in the desert. He looks disappointed as he has found no gold. The right image is a tech-savvy miner. She is happily using a machine that quickly sifts through the rubble to find giant pieces of gold.

Think back to the days of the gold rush when miners found sifting for gold very difficult. After years of digging, they realized they needed new techniques to be successful. Like these innovative miners, financial services providers also need better tools and techniques to reach the future. 

Record Rollups 

Luckily, there’s hope for Ryan. Record rollups in Financial Services Cloud synthesize, aggregate, and display vast amounts of customer information at the client or group level. 

Record rollups aggregate information from related records for a number of objects in Financial Services Cloud and provide a framework for accessing customer data in a richer context. Here’s what we mean.

Record rollups provide wealth managers like Ryan with some much-needed customer context. This nifty feature brings a customer’s personal network to life. Ryan can view aggregated and summarized financial information for each customer in a primary household, such as a spouse and children, and in other households, too, like their parents. Record rollups can also link up the patchwork of trusts, college savings plans, lawyers, accountants, and others who help to shape a customer’s financial world.

Using record rollups, Ryan visualizes Rachel Adams’s web of financial relationships in the client relationship map. The client relationship map shows Rachel’s relationship tree. This includes the following.

  • Her primary household, where she is the client, along with her spouse, Nigel.
  • The Symonds household, which is Rachel and her father, Neil.
  • A related trust account and a related contacts list.

Relationship map for Rachel Adams showing her two households, related accounts, and related contacts.

Beyond relationships, record rollups in Financial Services Cloud show Ryan all of Rachel’s financial relationships in one place. The account view lists investment accounts, credit accounts, deposit accounts, insurance policies, and more. Ryan can see how these accounts roll up just for Rachel Adams or for her entire household. Even at the household level, record rollups can track the multiple households that she’s a part of.

  • The Adams household, which includes her husband Nigel Adams’s accounts. This is Rachel’s primary group, and she’s also the primary member of this group.
  • The Symonds household, which includes her father Neil’s financial accounts. This is Rachel’s secondary group and her father is the group’s primary member.

Client-level records are aggregated by default; no additional setup is required. You can enable group-level rollups to aggregate related records for all primary group members.

Rachel Adams’ financial accounts.

When you enable record rollups at the group level, all corresponding records are stamped with the Primary Group in the Household__c lookup field. As a result, these records are displayed at the group level on the corresponding components or related lists.

Note

Note


Don’t change the Household__c field. Any change to this field can cause inconsistent group-level rollups.

Group-level rollups are supported for all primary members.

Objects That Support Group-Level Rollups

Object

Where to View

Type

Financial Account

Financial Account List, Financial Account Role, Bank Account, Investment Account, Insurance Policy    

Component

Financial Goals

Financial Goal    

Component

Assets and Liabilities

Assets and Liabilities    

Component

Referrals

Referrals Expressed Interest List, Referrals Made List    

Component

Events

Activities

Related List

Tasks

Activities

Related List

Opportunities

Household Opportunities

Related List

Case

Household Cases

Related List

Claim

Household Claims

Related List

Claim Participant

Household Claim Participants    

Related List

Insurance Policy

Household Insurance Policies    

Related List

Insurance Policy Participant    

Household Insurance Policy Participants    

Related List

Because of this rich and varied object support for record-level rollups, Ryan views all cases, opportunities, and activities related to anyone in the Adams or Symonds household in a single place. 

Remember the missed cross-sell opportunity to Nigel Adams’s recently expanded nightclub business? Because record rollups now provide Ryan an aggregated, 360-degree view of a customer’s financial relationships, that’s a thing of the past!  

It’s obvious to Ryan how the record rollups will dramatically improve customer experience at every touchpoint with Cumulus. Matt, our friendly admin, is excited by the possibilities. Follow along in the rest of this module as he works with Ryan and the rest of the wealth management department to set up the feature.  

Resources

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