Salesforce Certified Financial Services Cloud Practice Test - Questions Answers, Page 3

Referrals Rollups is a feature that enables users to see all the referrals for the members of a group, such as a branch or a team. It also allows users to filter referrals by status, priority, or owner.

To create a new Business Milestone Type, you need to add a new picklist value on the Milestone Type field of the Business Milestone object. This field is used to categorize the different types of business milestones that can be tracked for a client. Verified

Reference: : Salesforce Financial Services Cloud Implementation Guide, page 57.

To add custom icons to the Life Events and Business Milestones, you need to upload them as static resources in Setup > Custom Code > Static Resources. You also need to update the Icon Name field on the Life Event and Business Milestone objects to match the name of the static resource. Verified

Reference: : Salesforce Financial Services Cloud Implementation Guide, page 58.

From the Life Events card, a Wealth Advisor can take the following actions:

Create Lead & Referral: This action creates a lead record for a new prospect or a referral record for an existing client based on the life event information.

Request Record Approval: This action initiates an approval process for the life event record to ensure compliance and quality standards.

Create Opportunity: This action creates an opportunity record to track the potential revenue from the life event. Verified

Reference: : Salesforce Financial Services Cloud User Guide, page 30. : Salesforce Financial Services Cloud User Guide, page 31. : Salesforce Financial Services Cloud User Guide, page 32.

A Custom Relationship Group is a construct in Financial Services Cloud that allows you to model complex and dynamic relationships between clients and accounts. You can use it to represent collaborative customer business operations that are not captured by standard household or account structures. Verified

Reference: : Salesforce Financial Services Cloud Implementation Guide, page 67.

A Contact-Contact Relationship is a construct in Financial Services Cloud that allows you to model the relationship between two contacts, such as a business contact and a client that is modeled as a person account. The Reciprocal Role is a field on the Contact-Contact Relationship object that defines how each contact relates to the other. Verified

Reference: : Salesforce Financial Services Cloud Implementation Guide, page 64.

The following statements are true for Rollup By Lookup (RBL) in Financial Services Cloud:

An RBL (Rollup By Lookup) rule displays summary calculations of financial account information, such as account balances. You can use RBL rules to aggregate financial account data across different levels of client relationships.

The Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the diem and group levels. You can use RBL configuration to define which fields are rolled up and how they are calculated for each diem and group type.

Salesforce does not recommend or provide support for creation or customization of Financial Services Cloud RBL rules. RBL rules are complex and require extensive testing and validation. If you need to create or customize RBL rules, you should contact a certified Salesforce partner or consultant. Verified

Reference: : Salesforce Financial Services Cloud Implementation Guide, page 75. : Salesforce Financial Services Cloud Implementation Guide, page 76. : Salesforce Financial Services Cloud Implementation Guide, page 77.

The following objects do support Group-Level Rollups:

Financial Accounts: You can use Group-Level Rollups to display the total balance, total market value, and total cost basis of all the financial accounts that belong to a group.

Action Plans: You can use Group-Level Rollups to display the number of action plans, the number of completed action plans, and the completion percentage of all the action plans that are associated with a group.

Opportunities: You can use Group-Level Rollups to display the total amount, expected revenue, and weighted amount of all the opportunities that are related to a group. Verified

Reference: : Salesforce Financial Services Cloud Implementation Guide, page 80. : Salesforce Financial Services Cloud Implementation Guide, page 81. : Salesforce Financial Services Cloud Implementation Guide, page 82.

The following options are available to view and update Account-Account, Account-Contact, and Contact-Contact Relationships in Financial Services Cloud:

Actionable Relationship Center: This is a Lightning component that displays a list of all the relationships for a client or a group. You can use it to view, create, edit, and delete relationships.

Relationship Map: This is a Lightning component that displays a graphical representation of all the relationships for a client or a group. You can use it to visualize and navigate the relationship network.

Group Members Component: This is a Lightning component that displays a list of all the members of a group. You can use it to view, add, and remove group members. Verified

Reference: : Salesforce Financial Services Cloud User Guide, page 34. : Salesforce Financial Services Cloud User Guide, page 36. : Salesforce Financial Services Cloud User Guide, page 38.