Salesforce Certified Financial Services Cloud Practice Test - Questions Answers, Page 5

Action Plans are a feature that allows users to create templates for common client processes, such as loan approval, account opening, or financial review. Action Plans can create repeatable tasks and automate the task sequences when executed. When an action plan is created from a template for a specific target record, such as an account or an opportunity, items that have no assigned user are assigned to the owner of that target record. Action Plans can also enhance collaboration and productivity by automatically assigning task owners and deadlines for specific client processes.

As explained in the previous question, Action Plans are a feature that can help users track and manage common client processes. By creating an Action Plan Template with associated pre-determined Tasks, such as reviewing credit & debit card usage, reviewing account payables, and discussing credit needs, users can ensure that these activities are tracked and followed up on in a timely manner. Users can also automate the periodical creation of Action Plans for customer accounts using Process Builder or Apex triggers.

Again, Action Plans are a feature that can help users track and manage common client processes. For a commercial loan due diligence process, users can create an Action Plan Template with tasks such as verifying income, checking credit history, appraising collateral, etc. Users can also assign different task owners and deadlines for each task to distribute the work and monitor the progress. Users can also use dashboards and reports to view the % completion of the due diligence process per client and report on the performance of the department to show possible bottlenecks.

To modify a published Action Plan to support an additional task, Jen should use the Action Plan item feature to add an additional task to the published Action Plan. An Action Plan item is a construct in Financial Services Cloud that allows you to add, edit, or delete tasks in an existing Action Plan. You can use Action Plan items to customize your Action Plans according to your specific needs and preferences. Verified

Reference: : Salesforce Help Article1

The following things must be kept in mind when creating Action Plan Templates:

When creating Action Plan Templates with the UI, you can designate a plan owner different from the plan creator. The plan owner is the user who is responsible for executing the tasks in the Action Plan. The plan creator is the user who creates the Action Plan Template or the Action Plan from the template. You can assign a different plan owner for each Action Plan Template or Action Plan.

An Action Plan is a run-time instance of the template that allows you to automate the sequence of the tasks you defined in the template. An Action Plan Template is a reusable blueprint that defines the tasks, owners, and deadlines for a common business process or service request. An Action Plan is a specific implementation of the template that applies to a particular target record, such as an account, contact, or opportunity.

When you create an Action Plan from a template for a specific target record, item deadlines are calculated using the start date and date offset defined in the Action Plan Template. The start date is the date when you create the Action Plan from the template. The date offset is the number of days before or after the start date when each task is due. You can specify different date offsets for each task in the template. Verified

Reference: : Salesforce Help Article2: Salesforce Help Article3: Salesforce Help Article4

A possible cause for why the portfolio manager cannot see ARC when trying to set up relationships between two accounts is that he has not been given the permissions that enable users to view and manage ARC. To access ARC, users need to have certain permissions and settings enabled in their user profile or permission set, such as:

View Setup and Configuration

Customize Application

Manage Custom Permissions

Financial Services Cloud Standard User

Financial Services Cloud Admin If any of these permissions or settings are missing, users may not be able to see or use ARC properly. Verified

Reference: : Salesforce Help Article5

The following types of Account-Account relationships are displayed in the Actionable Relationship Center (ARC):

Accounts & Businesses: This type of relationship shows the accounts that are related to a business account, such as owners, partners, or beneficiaries. You can use this type of relationship to understand the ownership structure and financial interests of a business account.

Accounts & Peers: This type of relationship shows the accounts that are related to another account by a peer-to-peer relationship, such as friends, colleagues, or associates. You can use this type of relationship to identify potential referrals and cross-selling opportunities from an account's network.

Accounts & Groups: This type of relationship shows the accounts that are related to a group account, such as household members, trust members, or business group members. You can use this type of relationship to view the aggregated financial data and activities of a group account. Verified

Reference: : Salesforce Help Article2: Salesforce Help Article3: Salesforce Help Article4

To make sure that Scott's data is rolling up to the Adams Household, the Banker should make the Adams Household Scott's primary Group and edit the Activities & Objects to Roll Up. A primary Group is a construct in Financial Services Cloud that allows you to define the main group for a client. You can use primary Group to roll up financial data from all the financial accounts that are related to the client or the group. By making the Adams Household Scott's primary Group, the Banker can ensure that Scott's financial data is included in the household summary. The Banker can also edit the Activities & Objects to Roll Up to specify which items, such as financial accounts, goals, or referrals, should be rolled up for Scott. Verified

Reference: : Salesforce Help Article4

To capture and display commercial customers and their parent companies, Lake Tahoe Bank SF Admin can use the following steps:

Add the Business record type to the Group record type mapper, which is a custom metadata type that defines which record types can be added as members of a group1.

Leverage Groups to capture the majority owner of a commercial customer, which is a business entity that has a stake in another business entity1.Groups are a feature that allows users to create and manage household and business relationships1.

Use Account hierarchy to capture minority owners of a commercial customer, which are business entities that have less than 50% stake in another business entity2.Account hierarchy is a feature that allows users to see how accounts are related to each other in a parent-child relationship2.

Link multiple owners to the business entity as a Group, which allows users to see all the stakeholders of a commercial customer in one place1