Salesforce Financial Services Cloud’s household robust platform integrates sales, service, and marketing tools into a centralized hub to help streamline operations and enhance client relationships.
With this powerful solution, advisors get a comprehensive view of their clients, leveraging more personalized interactions and efficient management of complex individual and household financial data.
In this article, we’ll break down everything you need to know about Salesforce Financial Services Cloud’s household, so you can decide if it’s a fit for your business.
What is Salesforce Financial Services Cloud Household?
Built on a specialized version of Salesforce’s powerful CRM, Financial Services Cloud’s household is an all-in-one tool for managing client relationships and financial data efficiently. Banks, wealth management firms, and insurance companies use it because it is designed specifically for them.
Here are some of the key features:
- 360-Degree Client View: You get a complete picture of your client’s financial lives, including assets, liabilities, goals, and all interactions – so you can give personalized, holistic advice.
- Householding and Relationship Mapping: Keep track of complex family relationships and wealth dynamics. It’s great for ensuring you stay connected with your clients across generations.
- Client Data Model: Salesforce Financial Services Cloud’s household uses an industry-specific data model to manage everything from financial accounts to client goals and referrals. It’s designed to handle your unique challenges.
- Compliance and Security: Meet regulatory requirements with built-in compliance tools and top-notch security features, including event monitoring and platform encryption with Salesforce Shield.
- Integration and Scalability: Through AppExchange, you can easily connect with other Salesforce applications and third-party solutions. Regular updates ensure you always have the latest features and capabilities.
- Productivity Tools: Streamline workflows, automate processes, and help you interact with clients more efficiently.
Salesforce Financial Services Cloud’s household connects your entire institution, from retail banking to wealth management, so you can deliver personalized and effective client services to build stronger relationships and grow your business faster.
How to Effectively Implement Your Salesforce Financial Services Cloud’s Household Strategy
Salesforce Financial Services Cloud’s household can be a game-changer for your financial institution if done correctly. Here’s how to effectively roll it out to ensure a smooth and successful transition.
1. Switch to Lightning Experience
Financial Services Cloud’s household needs Salesforce’s Lightning Experience to work properly. If you’re still using the Classic interface, it’s time to switch. Most Salesforce Financial Services Cloud’s household’s features won’t function correctly in Classic, leading to messed-up data and frustrated advisors.
2. Enable My Domain
Next, make sure to activate My Domain. Many Salesforce Financial Services Cloud’s household functionalities rely on custom Lightning components that need My Domain. It helps secure your Salesforce org and provides a personalized URL, enhancing security and usability. This step is non-negotiable if you want everything to work as it should.
3. Set Up Profiles and Users
Proper user setup is essential. Here’s what you need to do:
- Go to Setup, then Account Settings, and choose “Allow users to relate a contact to multiple accounts”. This allows users to link a contact to multiple accounts.
- Clone the Standard User profile to create tailored profiles for advisors, personal bankers, and relationship managers.
- Give them the permissions they need to access Salesforce Financial Services Cloud’s household features.
Repeat this process for all the roles you need.
4. Install Salesforce Financial Services Cloud’s Household Packages
Salesforce Financial Services Cloud’s household comes with managed and unmanaged packages. Start with the managed package, which includes most Financial Services Cloud’s household functionalities like custom fields, objects, and list views.
Follow these steps:
- Copy the URL for the Salesforce Financial Services Cloud’s household managed package from your order form.
- Paste the URL into your browser and hit Enter.
- Enter any password provided by the Salesforce.
- Select “Install for Specific Profiles” and map your custom profiles to the package profiles.
- Click Install, and you’ll be ready to go.
After that, install the unmanaged extension package for additional customizations and integrations.
5. Things to Do After (Optional)
Once Salesforce Financial Services Cloud’s household is installed, take care of these post-installation tasks to enhance your setup:
- Configure Navigation: Set up custom paths to ensure users quickly access individual and group profiles without confusion.
- Lightning Pages Setup: Assign different home pages to various apps and profiles to optimize the user interface for other roles.
- Customize Picklists: Add values to the Lead Status and Opportunity Stage picklists to tailor them to your business processes.
- Set Up Global Actions: Create global actions for quick client interaction recording anywhere in the Salesforce.
- Fine-Tune Permissions: Adjust user profile permissions to ensure all necessary fields and features are accessible. Follow the principle of least privilege.
Understanding Individual Accounts and Person Accounts in Salesforce Financial Services Cloud Household
When setting up Salesforce Financial Services Cloud’s household, you face an important decision: how to represent client records. Financial Services Cloud’s household offers two models: Person Accounts and Individual Accounts. Each has its advantages and drawbacks.
What Are Person Accounts?
Person Accounts in Salesforce combine Account and Contact information into a single record. It’s designed for businesses that interact directly with individual consumers. Here’s why you might choose Person Accounts:
- Single Record Simplicity: Person Accounts store all information about an individual in one place, making data management more effortless.
- Default Setup: Salesforce Financial Services Cloud’s household sets up Person Accounts by default, which is used for B2C and startup operations.
- Enhanced Support: Salesforce has improved Person Accounts significantly over the years, making them more efficient and user-friendly.
Of course, there are some drawbacks to consider. Many third-party applications don’t support Person Accounts, which can limit your integration options.
What are Individual Accounts?
Individual Accounts treat Accounts and Contacts as separate records. This model mimics the functionality of Person Accounts but keeps the data in two distinct records.
Here’s why you might choose Individual Accounts:
- Third-Party Integration: Individual Accounts are more widely supported by third-party apps on the AppExchange, which can be crucial for certain integrations and widespread adoption.
- Detailed Relationship Tracking: Keeping Accounts and Contacts separate allows for more granular tracking of complex client relationships.
However, the disadvantages include:
- Navigation Complexity: Going between Account and Contact records can be annoying and increase load times.
- More Maintenance: Managing data across two records can be more work, requiring additional configuration.
- Editing Limitations: Editing Contact data can be awkward if not well-integrated with the Account record.
- Duplicate Management: Handling duplicates is more challenging because Salesforce’s duplicate management tools do not effectively support Individual Accounts.
The right choice between Person Accounts and Individual Accounts depends on your specific needs:
Person Accounts are better if:
- You primarily deal with individual consumers.
- You want a more straightforward, unified record system.
- You don’t rely heavily on third-party apps that might not support Person Accounts.
Individual Accounts are better if:
- You manage complex client structures with multiple contacts per account.
- You need extensive third-party app integrations.
- You require detailed relationship tracking and separate account/contact management.
Understanding Households in Salesforce Financial Services Cloud
A household in the Financial Services Cloud groups together Person Accounts or Individuals under a single umbrella account. This setup provides a comprehensive view of the client’s financial situation, including aggregated financial account balances, activities, and other relevant data.
The relationship between a Person’s or Individual’s account and the Household Account is managed through the Account-Contact Relationship (ACR) object. The ACR serves as a junction object, offering settings like defined roles, start and end dates, and how financial data should roll up to the household level.
Salesforce Financial Services Cloud household also supports various types of relationships beyond the standard Account-Contact model:
- Account-Account Relationships: Manage interactions between different accounts, such as businesses or trust funds.
- Contact-Contact Relationships: Track interactions between individual contacts, like family members or business partners.
In the Salesforce Financial Services Cloud household, an account must have a direct relationship with a contact so that every interaction and piece of financial data can be traced to a specific account.
Person Accounts and Individuals meet this requirement by serving as both an account and a contact. All other relationships managed through ACR, Account-Account Relationship (AAR), and Contact-Contact Relationship (CCR) objects are considered secondary.
Supercharge Salesforce Financial Services Cloud Household with Email Integration
Email integration with Salesforce Financial Services Cloud household can really boost your client’s communication efficiency. Most email tools, however, don’t mesh well with Salesforce Financial Services Cloud household because it organizes contacts into households rather than accounts. That’s where Match My Email comes in handy.
Match My Email is built to fit perfectly with Salesforce Financial Services Cloud household’s structure. It syncs emails directly to any Salesforce record, including households, without the typical problems you’d find with other tools.
With a standard subscription, you get this customized syncing at no extra cost. Plus, you’ll also get:
- Improved Privacy Settings: Customize who can see what. Managers can view their emails and those of their team, but team members can’t see the manager’s emails.
- MultiMatch Capability: Match emails to multiple records directly or through roll-ups, thanks to a unique scripting language.
- Advanced Matching: Sync emails using email addresses, domain names, subject line keywords, or body tags. This is great for project-related emails.
- Deduplication: Avoid duplicate emails in Salesforce. Even if someone sends an email to multiple team members, Salesforce only uploads one copy.
- Activity Tracking: Generate detailed metadata for each email, giving insights into user activities and client interactions.
- Attachment Filtering: Filter out unwanted attachments and inline images, keeping your Salesforce records tidy.
- Keyword Filter: Prevent certain emails from entering the Salesforce by using specific keywords.
- Secondary Email Addresses: Sync emails to multiple addresses within a single record, perfect for users with various email identities.
Ready to see Match My Email in action? Contact us today for a live demo!
