The following considerations indicate that a new Salesforce org is the better choice for implementing Financial Services Cloud:

• The bank wants to use this project as an opportunity to retire customization. A new org will allow the bank to start fresh and avoid carrying over unnecessary or outdated customization that may conflict with Financial Services Cloud features or best practices.
• The current implementation is using a product-centric view and the bank wants to move to a customer-centric view. A new org will allow the bank to adopt the Financial Services Cloud data model, which is designed to provide a holistic view of the customer and their relationships, goals, financial accounts, activities, and interactions.
• Existing business capabilities and processes can be redesigned to deliver a higher business impact. A new org will allow the bank to leverage the Financial Services Cloud capabilities, such as Action Plans, Relationship Groups, Rollup By Lookup, Service Processes, etc., to optimize their business processes and enhance their customer experience. Verified References: : Salesforce Help Article 6

The following steps are required to migrate customer records from the Individual Model to Person Accounts in Financial Services Cloud:

• Ensure Person Accounts is enabled on the org. You need to have Person Accounts enabled before you can convert Individual Model records to Person Accounts. You can enable Person Accounts by contacting Salesforce Support or by using the Enable Person Accounts option in Setup > Account Settings.
• Configure your Person Account record types in the Individual Record Type Mapper. You need to map your existing Individual Model record types to the corresponding Person Account record types. You can do this by using the Individual Record Type Mapper option in Setup > Financial Services Settings.
• Use a CSV file to map PersonRecordTypeId to the Person Account RecordTypeId and use Data Loader to update Client Records. You need to update the Client records with the correct PersonRecordTypeId value that matches the Person Account RecordTypeId value. You can do this by using a CSV file and Data Loader to perform a bulk update operation. Verified References: : Salesforce Help Article 1 : Salesforce Help Article 2 : Salesforce Help Article 3

To ensure that all users see Person Accounts, but only specific users can view Financial Accounts, the Admin should take the following steps:

• Grant users access to the Financial Account object with permission set, which is a collection of settings and permissions that give users access to various tools and functions. The Admin can use permission sets to grant access to the Financial Account object and its fields to specific users or groups of users1.
• Change Organization-wide Defaults (OWD) sharing on the ‘Financial Accounts’ object to Private’, which is a setting that determines the baseline level of access that users have to records they do not own or share. By setting the OWD sharing on the ‘Financial Accounts’ object to Private’, the Admin can ensure that only the record owners and users above them in the role hierarchy can view the Financial Accounts. Verified References: 1

The following statements are true for a Group in Financial Services Cloud:

• Financial Services Cloud includes a group record type for households, which is a record type that represents a collection of individuals who share financial goals, such as family members or roommates.
• A group is a type of account record that people and businesses can be related to through the account contact relationship object, which is a junction object that links an account to a contact or an individual and defines their role or relationship with that account. 

The Access Interest Tags for Financial Services Cloud permission is included in two permission sets that are provided by FSC:

• FSC Foundations permission set: This permission set grants access to the core features of FSC, such as financial accounts, account groups, households, goals, referrals, and interest tags7.
• FSC Extension permission set: This permission set grants access to additional features of FSC that extend beyond the core functionality, such as action plans, relationship groups, relationship maps, client tasks, client notes, and interest tags8.

To create a new FSC permission set that includes the Access Interest Tags for Financial Services Cloud permission, either of these permission sets can be cloned and modified as needed.

References:

• FSC Foundations Permission Set
• FSC Extension Permission Set

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.

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

Salesforce provides features and tools to help financial institutions improve the efficiency of their mortgage processes and provide better experiences for their customers. Some of the features and tools that a consultant can suggest to Cumulus Bank to implement are:

• The standard mortgage flow templates to build a mortgage flow in Financial Services Cloud: These are prebuilt flow templates that guide users through the steps of creating a mortgage application, capturing borrower information, and submitting the application for approval7. The templates can be customized to suit the bank’s specific needs and requirements8.
• Flow Builder to automate these business processes: Flow Builder is a point-and-click tool that lets users create flows to automate business processes in Salesforce9. Flow Builder can be used to create custom mortgage flows that integrate with other Salesforce features, such as data models, objects, fields, validation rules, and actions10.

References:

• Flow Builder for Mortgage
• Customize Mortgage Flows
• Flow Builder
• Create a Mortgage Flow

To integrate with an external system, Salesforce needs to have objects and fields that can store the data that will be sent from the external system via an API. These objects and fields should match the data structure and format of the external system as much as possible. Additionally, Salesforce needs to have an integration user and an integration profile that can enable the connection between Salesforce and the external system. The integration user is a dedicated user account that has access to the API and can perform data operations on behalf of other users. The integration profile is a custom profile that defines the permissions and settings for the integration user.

The following steps should be taken by the administrator to configure Financial Services Cloud correctly based on the scenario:

• Assign the record type to users. You need to assign the new record type to the user profiles or permission sets that need to create or access referrals of that type. You can assign record types by going to Setup > Profiles > Object Settings > Leads > Record Types or Setup > Permission Sets > Object Settings > Leads > Record Types.
• Create a new record type Referral’ on the Lead object. You need to create a new record type on the Lead object and name it Referral. You can use this record type to distinguish referrals from other types of leads and apply different page layouts, business processes, or validation rules for referrals.
• Update the lead page layout. You need to update the page layout for the Referral record type and add or remove fields according to the requirements. You can also make some fields required or read-only on the page layout level. You can edit page layouts by going to Setup > Object Manager > Lead > Page Layouts. Verified References: : Salesforce Help Article 3 : Salesforce Help Article [4] : Salesforce Help Article [5]

Record alerts are a feature of Financial Services Cloud that let users create and display alerts on record pages to highlight important information or actions. Record alerts are based on OmniStudio, a low-code platform for building digital experiences in Salesforce. To access or extend permissions for record alerts in Financial Services Cloud, users need to have one of the following permission sets:

• FSC Standard permission set: This permission set grants access to the core features of Financial Services Cloud, including record alerts. Users with this permission set can view and create record alerts on supported objects, such as accounts, contacts, financial accounts, and opportunities1.
• FSC Foundations permission set: This permission set grants access to the common features of Financial Services Cloud that are shared across subverticals, such as retail banking, wealth management, and insurance. Users with this permission set can view and create record alerts on supported objects2.
• OmniStudio User permission set: This permission set grants access to the OmniStudio features, such as OmniScripts, DataRaptors, Integration Procedures, and Record Alerts. Users with this permission set can view and create record alerts on any object that has the Record Alert component enabled3.

References:

• FSC Standard Permission Set
• FSC Foundations Permission Set
• OmniStudio User Permission Set

The following insurance processes are managed by the Policy Administration component:

• Payments: Payments are the amounts that a policyholder pays to an insurance company for a policy or a claim. You can use the Policy Administration component to manage the payment schedules, methods, and statuses for your policies and claims. You can also use the Policy Administration component to integrate with external payment systems and track the payment transactions and balances for your policies and claims.
• Approvals: Approvals are the processes that an insurance company follows to review and authorize a policy or a claim. You can use the Policy Administration component to configure and automate the approval workflows, rules, and criteria for your policies and claims. You can also use the Policy Administration component to assign approvers, send notifications, and monitor the approval statuses and histories for your policies and claims.
• Endorsements: Endorsements are the changes or modifications that a policyholder requests or an insurance company makes to a policy. You can use the Policy Administration component to manage the endorsement requests, types, and statuses for your policies. You can also use the Policy Administration component to update the policy details, coverages, premiums, or terms based on the endorsements for your policies. Verified References: : Salesforce Help Article [9] : Salesforce Help Article [10] : Salesforce Help Article [11]

The following steps should be taken by the consultant to offer a high level of customization to boost user productivity for the wealth management division:

• Create a Custom Field Set solely for the Wealth Managers without affecting the Investment Bankers. A Custom Field Set is a construct in Financial Services Cloud that allows you to define a collection of fields that can be displayed in a Lightning component, such as the Financial Summary or the Financial Account List. You can use Custom Field Sets to customize the fields that are relevant for different user groups or business scenarios, without modifying the underlying data model or page layout. You can create a Custom Field Set by going to Setup > Object Manager > Financial Account > Field Sets and adding or removing fields according to your requirements.
• Assign the Custom Field Set to the Financial Summary component. The Financial Summary component is a Lightning component that displays aggregated financial data for a selected record, such as an account, contact, or opportunity. You can use the Financial Summary component to provide a holistic view of your client’s financial situation and goals. You can assign a Custom Field Set to the Financial Summary component by using the Lightning App Builder and selecting the Custom Field Set from the Component Properties panel.
• Assign the Custom Field Set To a Lightning component. A Lightning component is a reusable unit of user interface that can be added to any Lightning page, such as record pages, app pages, or Home pages. You can use Lightning components to enhance the functionality and user experience of your pages. You can assign a Custom Field Set to a Lightning component by using the Lightning App Builder and selecting the Custom Field Set from the Component Properties panel. Verified References: : Salesforce Help Article 1 : Salesforce Help Article 2 : Salesforce Help Article 3

The following processes are part of Claims Management:

• Auto Adjudication, which is a process that allows claims to be processed automatically without human intervention, based on predefined rules and criteria. Auto adjudication can improve the efficiency and accuracy of claims processing and reduce operational costs.
• Reserve Management, which is a process that involves estimating and setting aside funds for future claims payments. Reserve management can help insurers manage their cash flow and solvency and comply with regulatory requirements.
• Payment, which is a process that involves disbursing funds to claimants or providers after a claim has been approved. Payment can involve different methods, such as check, electronic funds transfer, or debit card. Payment can affect the customer satisfaction and retention rate of insurers.

Interest Tags are a feature of Financial Services Cloud that let users add custom tags to client records to capture client needs, interests, and prospecting opportunities. Some of the things to consider when configuring a report to show Interest Tags are:

• When the user defines the custom report type, Topics should be selected as the Primary Object. Topics is the standard Salesforce object that stores the Interest Tags data4. The user can then add other objects as secondary objects, such as Accounts, Contacts, or Opportunities.
• To show Interest Tags applied to specific objects, the user can add a filter in the report and select the object name. For example, to show only Interest Tags related to Accounts, the user can add a filter for Entity Type equals Account5.

References:

• Interest Tags
• Build an Interest Tags Report

Salesforce offers various tools and capabilities to integrate Financial Services Cloud with external systems, such as core banking, insurance, or mortgage platforms. Some of the tools and capabilities that a consultant can recommend are:

• Industry Integration Solutions with the MuleSoft Anypoint Platform: These are prebuilt integration solutions that leverage the MuleSoft Anypoint Platform to connect Financial Services Cloud with common industry systems, such as Fiserv, FIS, Jack Henry, and Guidewire1. These solutions enable bi-directional data synchronization, orchestration, and transformation between Salesforce and the external systems2.
• OmniStudio Integration Procedures: These are reusable components that define the logic and sequence of steps for integrating data from external sources into Financial Services Cloud3. Integration procedures can be triggered by events, such as a button click or a record update, and can invoke other components, such as DataRaptors or OmniScripts4.
• OmniStudio DataRaptors: These are data transformation components that can extract, load, and manipulate data from various sources, such as Salesforce objects, REST or SOAP web services, or CSV files5. DataRaptors can be used to map data between different formats, perform calculations or validations, or create or update records in Financial Services Cloud6.

References:

• Industry Integration Solutions
• MuleSoft Anypoint Platform
• OmniStudio Integration Procedures
• Create an Integration Procedure
• OmniStudio DataRaptors
• Create a DataRaptor

 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 References: : Salesforce Help Article 5 : Salesforce Help Article 6 : Salesforce Help Article 7

Predefined reciprocal roles are available only in English and Referral record type labels are supported only in English are two language-related limitations of Financial Services Cloud. Predefined reciprocal roles are the roles that define the relationship between two individual clients or between an individual client and a group. For example, Spouse, Child, Parent, etc. These roles are not translated into other languages and cannot be edited or deleted. Referral record type labels are the labels that indicate the type of referral, such as Client Referral or Prospect Referral. These labels are also not translated into other languages and cannot be edited or deleted. References: [Predefined Reciprocal Roles], [Referral Record Type Labels]

Enable Compliant Data Sharing for Interaction Summaries, Use Interaction Summary Participants to provide the right access to individuals or groups, and Disable Role-Hierarchy-Based Sharing for Interaction Summaries.