Salesforce Certified Financial Services Cloud Practice Test - Questions Answers, Page 2
List of questions
Question 11
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How can the Salesforce Admin change the configuration to summarize Financial Goals at the household level?
Explanation:
To change the configuration to summarize Financial Goals at the household level, you need to update the selection in ''Activities & Objects to Roll Up'' to include Financial Goals. This option is available in Setup > Financial Services Settings > Activities & Objects to Roll Up. By selecting Financial Goals, you enable Group-Level Rollups for Financial Goals, which display the total number of goals, completed goals, and completion percentage of all the goals that belong to a group. Verified
Reference: : Salesforce Financial Services Cloud Implementation Guide, page 81.
Question 12
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A client has called their Financial Advisor to open an Education Savings Account for their first child. What 2 steps should the Financial Advisor take in the Financial Services Cloud App to capture that information?
Explanation:
The following steps should be taken by the Financial Advisor in Financial Services Cloud App to capture the information about opening an Education Savings Account for their client's first child:
Create a Life Event for the birth of the child and a Referral for the Education Savings Account. A Life Event is a construct in Financial Services Cloud that allows you to track significant events in your client's life that may affect their financial needs or goals. You can use Life Events to create a record for the birth of the child and link it to the client's account. A Referral is a construct in Financial Services Cloud that allows you to capture a customer need or interest and assign it to another advisor or line of business. You can use Referrals to create a record for the Education Savings Account and route it to the appropriate banker.
Create a Life Event for the birth of the child and a Financial Goal for the Education Savings Account. A Financial Goal is a construct in Financial Services Cloud that allows you to track your client's financial objectives and measure their progress towards achieving them. You can use Financial Goals to create a record for the Education Savings Account and associate it with the client's account and financial accounts. Verified
Reference: : Salesforce Financial Services Cloud User Guide, page 29. : Salesforce Financial Services Cloud User Guide, page 30. : Salesforce Financial Services Cloud User Guide, page 33.
Question 13
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Which three referral metrics are tracked with custom components included in Financial Services Cloud?
Explanation:
The following referral metrics are tracked with custom components included in Financial Services Cloud:
Expressed interests: This metric shows the number of referrals that have a specific expressed interest, such as a mortgage, a credit card, or a checking account. You can use this metric to understand the customer needs and interests that generate the most referrals.
My Top Referrers: This metric shows the top referrers who have created referrals for you, ranked by the number of referrals and the conversion rate. You can use this metric to identify and appreciate your best sources of business.
Referrals Assigned to me: This metric shows the number of referrals that are assigned to you and their status, such as New, In Progress, or Closed. You can use this metric to monitor and manage your referral pipeline and prioritize your follow-up actions. Verified
Reference: : Salesforce Financial Services Cloud User Guide, page 40. : Salesforce Financial Services Cloud User Guide, page 41. : Salesforce Financial Services Cloud User Guide, page 42.
Question 14
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How can the Salesforce Admin help agents who deal with a large number of customers on a daily basis, quickly scan the Life Events component and find the information they need without much effort?
Explanation:
The Admin can change the color of important life events to red by using custom CSS in a Lightning App Builder theme layout component. This way, the agents can quickly scan the Life Events component and find the information they need without much effort. The color red can draw attention and indicate urgency or importance for certain life events.
Question 15
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The Salesforce Admin of Lake Tahoe Bank wants to implement Financial Services Cloud using the individual object model. What are the steps to disable person accounts? (Choose Three)
Explanation:
The following steps are required to disable Person Accounts and use the Individual object model in Financial Services Cloud:
Log a case with Salesforce to perform the conversion from Person Accounts to the individual model. You need to contact Salesforce Support to request the conversion from Person Accounts to the individual model. This is an irreversible process that affects your data model and user interface. You should carefully evaluate your business needs and test the functionality in a sandbox or developer org before requesting the conversion in production.
Remove Person Account record types from the Individual Record Type Mapper. You need to remove any Person Account record types that are mapped to Individual record types in the Individual Record Type Mapper. This is a custom setting that defines how records are created when using certain features, such as Einstein Data Capture or Salesforce Inbox. You can access this setting by going to Setup > Financial Services Settings > Individual Record Type Mapper.
Assign the Individual record type to the user profiles. You need to assign the Individual record type to the user profiles that need to create or access Individual records. The Individual record type is a standard record type on the Account object that represents an individual person who is not directly related to your business, such as a prospect, influencer, or household member. You can assign record types by going to Setup > Profiles > Object Settings > Accounts > Record Types. Verified
Reference: : Salesforce Help Article5: Salesforce Help Article6: Salesforce Help Article7
Question 16
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Lake Tahoe Bank is implementing Financial Services Cloud. The bank's new business processes require that Financial Advisors can add individuals to more than one Group or Household using Multiple Relationship Groups. Where do Admins enable Multiple Relationship Groups?
Explanation:
To enable Multiple Relationship Groups, which is a feature that allows users to add individuals to more than one group or household, the Admin needs to use Custom Settings. Custom Settings are similar to custom objects and enable application developers to create custom sets of data, as well as create and associate custom data for an organization, profile, or specific user. The Admin can use Custom Settings to enable Multiple Relationship Groups by following these steps:
From Setup, enter Custom Settings in the Quick Find box, then select Custom Settings.
Click Manage next to Group Member Record Type Mapper.
Click Edit next to Default Organization Level Value.
In Multiple Relationship Groups Enabled, select True.
Click Save.
Question 17
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The Salesforce Administrator at Lake Tahoe Bank is asked at make modifications to the
Salesforce org to allow for more than one people being joint owners on a Financial Account. What will be the recommended approach to model this requirement?
Explanation:
To model a requirement where more than one person can be joint owners on a Financial Account, the Admin can map additional owners using the Financial Account Role. The Financial Account Role is a junction object that links a contact or an individual to a financial account and defines their role or relationship with that account. By using Financial Account Role, the Admin can add multiple owners to a Financial Account and specify their ownership percentage, primary status, and other details.
Question 18
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Lake Tahoe Bank is rolling out Financial Services Cloud and the VP of IT is concerned about the cost of the licenses. The System Admin recommends using restricted licenses for users that need only limited access to Financial Service Cloud features. Which Financial Services Cloud permission set license enables user access to a license with contractual restrictions for Financial Services Cloud and can be used to grant restricted access to users like Bank Tellers?
Explanation:
To grant restricted access to users like Bank Tellers who need only limited access to Financial Services Cloud features, the Admin can use Financial Service Cloud Basic permission set license. This license enables user access to a license with contractual restrictions for Financial Services Cloud and provides access to core objects such as accounts, contacts, leads, opportunities, cases, activities, reports, dashboards, and custom objects. This license also provides access to some Financial Services Cloud features such as Action Plans, Actionable Relationship Center (ARC), Branch Management, Complaint Management, Data Consumption Framework (DCF), Discovery Framework (DF), Document Generation (DG), Groups (Householding), Intelligent Document Automation (IDA), Intelligent Need-Based Referrals and Scoring (INRS), Referral Management (RM), Relationship Builder (RB), Relationship Groups (RG), Relationship Map (RM), Timeline (TL).
Question 19
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Lake Tahoe Bank is evaluating Financial Services Cloud to help them deliver a customer-centric view. They currently have a heavily customized Salesforce implementation with a product-centric design. Lake Tahoe Bank wants to make sure planned changes have a minimal impact on users during implementation. What is the recommended approach for implementing Financial Services Cloud at Lake Tahoe Bank?
Explanation:
The recommended approach for implementing Financial Services Cloud at Lake Tahoe Bank is to implement Financial Service Cloud in a new org (Green Field) and redesign business capabilities in the new org. This approach allows Lake Tahoe Bank to leverage the best practices and features of Financial Services Cloud without being constrained by their existing customizations and data model. It also minimizes the impact on users during implementation, as they can continue to use their current system until the new org is ready to go live. A green field implementation requires careful planning, data migration, and change management, but it can result in a more efficient and customer-centric solution. Verified
Reference: : Salesforce Financial Services Cloud Implementation Guide, page 8.
Question 20
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Lake Tahoe Bank wants to onboard a client digitally and without asking the client for information that the bank already has on file. The process has multiple steps and can have branching (conditional) logic that asks for different information depending on the responses. Which Salesforce feature should be used for this digital onboarding process?
Explanation:
The Salesforce feature that should be used for the digital onboarding process is Flows. Flows are a tool that can automate business processes and guide users or customers through screens that collect and display information. Flows can have multiple steps and branching logic that ask for different information depending on the responses. Flows can also integrate with existing data and prefill fields with information that the bank already has on file, reducing the need to ask the customer for redundant information. Flows can be embedded in Lightning pages, Experience Cloud sites, mobile apps, or websites to provide a seamless and engaging digital onboarding experience. Verified
Reference: : Salesforce Help Article1: Salesforce Help Article2
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