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Salesforce Certified Financial Services Cloud Practice Test - Questions Answers, Page 4

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Question 31

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Which two statements are true about Group Membership in Financial Services Cloud?

Group Membership defines the role of the member within the Group.
Group Membership defines the role of the member within the Group.
With Group Membership settings you can define if a Group is the member's primary Group.
With Group Membership settings you can define if a Group is the member's primary Group.
With Group Membership settings you can define who is the primary and who is the secondary member within the Group.
With Group Membership settings you can define who is the primary and who is the secondary member within the Group.
Group Membership is modeled using the Account-Group Relationship object.
Group Membership is modeled using the Account-Group Relationship object.
Suggested answer: A, B
Explanation:

Group Membership is a construct in Financial Services Cloud that allows you to define the relationship between a group and its members. You can use Group Membership to specify the following information:

The role of the member within the group, such as Owner, Beneficiary, Trustee, etc.

Whether the group is the primary group for the member, which affects how financial data is rolled up and displayed. Verified

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

asked 23/09/2024
Tomasz Drobisz
34 questions

Question 32

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Lake Tahoe Bank has duplicate client records in their current CRM system because they come from a different systems of record. Any changes made in Salesforce should be updated in the source system. What can a Salesforce Administrator do to help bankers get a consolidated view of the individual in the Financial Services Cloud?

Leverage Financial Services Cloud Relationship Groups to link duplicate client records and create a consolidated view.
Leverage Financial Services Cloud Relationship Groups to link duplicate client records and create a consolidated view.
Implement deduplication rules in Salesforce and let the integration handle the updates to the source system.
Implement deduplication rules in Salesforce and let the integration handle the updates to the source system.
Create a custom Person Account hierarchy to link duplicate client records.
Create a custom Person Account hierarchy to link duplicate client records.
Create custom components to provide a single view of the client.
Create custom components to provide a single view of the client.
Link individuals using related contacts to link duplicate client records
Link individuals using related contacts to link duplicate client records
Suggested answer: A
Explanation:

A 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 Relationship Groups to link duplicate client records and create a consolidated view of their financial data, activities, and interactions. You can also use Relationship Groups to sync data between Salesforce and the source system using external IDs and integration tools. Verified

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

asked 23/09/2024
ola adekanbi
41 questions

Question 33

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Lake Tahoe Bank's financial advisors are complaining that they can't see an accurate summary of their clients financial data as clients often change households. How can an Admin set up Financial Services Cloud to provide financial advisors with an accurate summary of their client's financial data?

Create a roll-up field on the Opportunity object to track client's Financial Account balance and display the summary amount on the Person Account object.
Create a roll-up field on the Opportunity object to track client's Financial Account balance and display the summary amount on the Person Account object.
Set clients financial data to be rolled up using Financial Services Cloud Primary Group.
Set clients financial data to be rolled up using Financial Services Cloud Primary Group.
Create a custom obiect to track client's financial data
Create a custom obiect to track client's financial data
Use Process Builder to create a workflow to summarize data at the Person Account level.
Use Process Builder to create a workflow to summarize data at the Person Account level.
Suggested answer: B
Explanation:

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. This way, you can get an accurate summary of the client's financial data regardless of how often they change households. Verified

Reference: : Salesforce Financial Services Cloud Implementation Guide, page 69.

asked 23/09/2024
test testsers
45 questions

Question 34

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Lake Tahoe Bank allows more than two owners on Financial Accounts. The Salesforce Admin wants to make sure that balances are rolled up to all joint owner's primary Households. Which 2 options does the Salesforce Admin have to accomplish this?

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Question 35

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To access Financial Services Cloud Lightning Components 'My Domain' must be enabled. How does the System Admin accomplish this?

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Question 36

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Lake Tahoe Bank has branch offices in many countries around the world and they are planning to roll out Financial Services Cloud. Which of the 2 considerations does the Salesforce Admin have to keep in mind when it comes to dealing with multiple currencies?

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Question 37

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Lake Tahoe Bank has been using Sales Cloud to support the business to consumer (B2C) activities. The VP of IT wants a better and more flexible data model that can support his B2C Banking use cases. He is considering upgrading to Financial Services Cloud, using Person Accounts. Which 2 of these statements are true for the Financial Services Cloud Person Account Data Model?

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Question 38

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The Salesforce Admin at Lake Tahoe Bank considering implementing Financial Services Cloud. What is the best way for the Admin to access a Financial Services pre-configured org, including data and the right licenses, to learn about the product?

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Question 39

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Lake Tahoe Bank, an existing Salesforce customer, is planning to implement Financial Services Cloud. Their Salesforce Admin is considering whether to use a new Salesforce org or upgrade the existing org. Which three of the considerations below indicate that a new Salesforce org is the better choice9

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Question 40

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Lake Tahoe Bank is migrating customer records from the Individual Model to Person Accounts. Which three steps should a Data Architect take to ensure a successful migration?

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