Free Practice Questions for Salesforce Financial-Services-Cloud Exam

The following steps are needed to document the requirement for digitizing and automating the customer onboarding process following the discovery session:

Document the business process flows. You need to document the current and future state of the business process flows for customer onboarding, such as the steps, inputs, outputs, decisions, and dependencies involved in each flow. You can use tools such as diagrams, charts, or tables to illustrate the process flows and identify the pain points, gaps, or opportunities for improvement.

Understand the journey for the multiple personas involved in the process. You need to understand thejourney for each persona that participates in or interacts with the customer onboarding process, such as the customer, the client specialist, or the manager. You can use tools such as personas, journey maps, or user stories to capture the needs, goals, pain points, and expectations of each persona and how they experience the process from their perspective.

Determine the best e-signature solution to use. You need to determine the best e-signature solution to use for collecting and processing digital signatures from customers during the onboarding process. You can use tools such as research, analysis, or comparison to evaluate different e-signature solutions based on criteria such as functionality, compatibility, security, cost, or user feedback. Verified References: : Salesforce Help Article [11] : Salesforce Help Article [12] : Salesforce Help Article [13]

Financial Services Cloud contains a number of custom objects to model a client’s financialinformation, and each object can be configured to appear as tabs in your org. Some of the custom objects are:

Financial Goal: An object that represents a client’s financial objective, such as saving for retirement, buying a house, or paying off debt. Afinancial goal has fields to store information, such as name, amount, target date, priority, and status.

Financial Holding: An object that represents a holding in an investment account, such as a security, a mutual fund, or a bond. A financial holding hasfields to store information, such as symbol, shares, price, gain/loss, and market value.

Revenue: An object that represents revenue generated from a client’s financial accounts, such as an increase in stock value, a dividend payment, or an interest income.A revenue has fields to store information, such as type, amount, date, and source.

To update an existing, published Action Plan Template, the Admin should clone the existing Action Plan Template and make any necessary changes on the new Action Plan Template. Thisis because published Action PlanTemplates cannot be edited directly or set to inactive4. Cloning an Action Plan Template creates a copy of it with a new name and ID, which can then be modified and published4.Verified References: 4

Intelligent Need-Based Referrals and Scoring is a capability that helps bankers prioritize the most promising referrals by assigning a score based on the client’s needs, preferences, and interactions. It alsohelps bankers route referrals to the best suited specialists or advisors. 

The Financial Services Cloud capability that provides the ability to accommodate the request of sharing specific records with certain users who are not typically engaged in that account is Compliant Data Sharing.Compliant Data Sharing is a feature that allows users to share records withother users based on criteria such as record type or field value. Users can create sharing rules for objects such as account, contact, individual, financial account role, opportunity participant role, or case team role. By using Compliant Data Sharing, the financial institution can share records with legal and compliance members who must be engaged for particular deals based on a field value that indicates the deal type.

QUESTIONNO: 114

Early in the discovery and solution meetings, it was determined that the client would primarily use out-of-the-box Financial Services Cloud (FSC) objects and components with minimal custom objects needed. In addition, it was decided that records should be private, but the managerial chain would require visibility into all their direct reports' records.

Which three security settings must be set up in Salesforce to meet these requirements?

A. Only Custom Profiles should be configured and assigned to all users to use FSC components and field-level security. The ^ administrator should configure custom profiles and assign them to all users

B. Organization-wide sharing defaults should be set to meet sharing requirements for all objects in use.

C. Each object sharing should be set up, explicitly sharing each user's record with the manager.

D. The Role Hierarchy in setup should be configured to allow for managers to automatically see records of those under them.

E. Custom permission sets and out-of-the-boxFSC permission sets should be configured or updated and assigned to all users for the use of FSC components and field-level security.

Answer: BDE

The following security settings must be set up in Salesforce to meet the requirements of using out-of-the-boxFinancial Services Cloud objects and components with minimal custom objects and private record sharing with managerial visibility:

Organization-wide sharing defaults should be set to meet sharing requirements for all objects in use. Organization-wide sharing defaults are the baseline level of access that users have to records that they do not own or are not explicitly shared with them. You can use organization-wide sharing defaults to specify the default access level for each object, such as Public Read/Write, Public Read Only, or Private. You can also use organization-wide sharing defaults to enable or disable features such as grant access using hierarchies, external access, or external org-wide defaults.

The Role Hierarchy in setup should be configured toallow for managers to automatically see records of those under them. The Role Hierarchy is a structure that represents the levels of data visibility and access that users have in an organization based on their role or position. You can use the Role Hierarchy to define the roles and subordinates for each user and grant access to records owned by or shared with users below them in the hierarchy. You can also use the Role Hierarchy to control the visibility of dashboards, reports, and territories.

Custom permission sets and out-of-the-box FSC permission sets should be configured or updated and assigned to all users for the use of FSC components and field-level security. Permission sets are a collection of settings and permissions that give users access to various tools and functions in Salesforce. You can use permission sets to grant additional permissions or access levels to users without changing their profile. You can also use permission sets to control the field-level security for each object and field, which determines whether users can view, edit, or delete data in those fields. Financial Services Cloud provides several out-of-the-box permission sets that grant access to FSC components and features, such as Action Plans, Financial Accounts, or RelationshipGroups. You can also create custom permission sets to meet your specific business needs. Verified References: : Salesforce Help Article 1 : Salesforce Help Article 2 : Salesforce Help Article 3

The order that the consultant should follow when performing the data migrations is Individuals, then Financial Accounts, then Financial Account Roles, then Financial Account Transactions. This order ensures that the data dependencies and relationships are maintained and that the data integrity and quality are preserved. By migrating Individualsfirst, the consultant can create the records that represent the customers of the bank. By migrating Financial Accounts next, the consultant can create the records that represent the financial products or services that the customers own or use. By migrating Financial Account Roles next, the consultant can create the records that link the individuals to the financial accounts and define their roles or relationships with those accounts. By migrating Financial Account Transactions last, the consultant can create the records that represent the transactions or activities that occur on the financial accounts. 

As part of the preparation for the data migration process, the administrator should run a daily backup data export for a week, then continue to run this job weekly until they are ready for data migration. This is a best practice for data migration in Salesforce that allows the administrator to identify the data they want to migrate, create templates for the data, prepare the destination org, and validate the data2. By running a daily backup data export for a week, the administrator can captureany changes or updates in the data and compare them with previous exports. By continuing to run this job weekly until they are ready for data migration, the administrator can ensure that they have the most recent and accurate data to migrate into Financial Services Cloud.Verified References: 2

 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 mappedto 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 recordtype 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

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