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Question 143 - Certified Financial Services Cloud discussion

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Rachel Addams belongs to two households:

1. The Addams household where Rachel lives with her spouse, Nigel Addams. Rachel is the client and, as such, is listed as the primary member of that household. This household is also Rachel's primary group.

2. The Symonds household. This household belongs to Rachel's parents, but Rachel manages their finances. Rachel is considered the beneficiary of this household.

In addition, Rachel's household has a related account, the Addams Charitable Trust, and a related contact, Ivan M. Kohl, attorney at law.

What should be the relationships between the parties when the Financial Services Cloud consultant sets up Rachel's person account?

1. Primary Group Household - Addams Household

Primary Member - Rachel Addams

Spouse - Nigel Adams

Trustee - Addams Charitable Trust

Household - Symonds Household

Primary Member - Neil Symonds

Beneficiary - Rachel Addams

Related Accounts - Addams Charitable Trust

Related Contacts - Ivan M. Kohl

A financial services company needs to transform the individual data model to person accounts in Financial Services Cloud (FSC), and its consulting partner is helping decide the sequence of the user stories in the design phase.

What should the implementation team do as the top priority during planning?

A.
Perform a data backup.
Answers
A.
Perform a data backup.
B.
Enable a person account in a sandbox.
Answers
B.
Enable a person account in a sandbox.
C.
Configure Person Account record types.
Answers
C.
Configure Person Account record types.
D.
Enable person accounts in FS
Answers
D.
Enable person accounts in FS
Suggested answer: A

Explanation:

The relationships between the parties when the Financial Services Cloud consultant sets up Rachel's person account should be as follows:

Primary Group Household - Addams Household

Primary Member - Rachel Addams

Spouse - Nigel Adams

Trustee - Addams Charitable Trust

Household - Symonds Household

Primary Member - Neil Symonds

Beneficiary - Rachel Addams

Related Accounts - Addams Charitable Trust

Related Contacts - Ivan M. Kohl

A person account can belong to multiple households, but only one household can be the primary group. The primary group is the household that represents the person account's primary financial relationship. The primary member of a household is the person account who is the main contact for that household. A person account can also have other relationships with households, such as beneficiary, trustee, or power of attorney. A household can have related accounts and contacts that are not part of the household, but are associated with it for some reason.

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asked 23/09/2024
leonie lira
39 questions
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