Salesforce Financial Services Cloud objects are the building blocks that help financial institutions manage and organize their data. Designed with the financial industry’s unique needs in mind, these objects facilitate efficient data handling and client relationship management.
Whether you’re in banking, wealth management, or insurance, the financial services cloud objects combine the power of Salesforce’s powerful CRM with features tailored to financial services, making it easier to provide personalized financial advice and manage client information.
In this article, we’ll break down the role of objects and how they can make your life easier and your client interactions more effective.
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ToggleOverview of Salesforce Financial Services Cloud Objects
In Salesforce, objects or “entities” serve as the backbone of your data structure. They help you organize and store data effectively. Each object contains fields and records representing various pieces of information. There are two main types of objects in Salesforce: standard objects and custom objects.
Standard objects are the ones Salesforce provides out of the box. They include things like Account, Contact, Lead, and Opportunity. These basic building blocks help you manage your business data with pre-configured to handle common scenarios.
On the other hand, users create custom objects to fit unique business requirements. For example, if you’re managing a wealth management firm, you might create custom objects to track client portfolios or specific financial transactions. These custom objects allow you to tailor Salesforce to your exact needs.
For the Salesforce financial services cloud, objects like Account can store detailed client information, while custom objects might help you track individual investments or insurance policies. Using standard and custom objects lets you streamline your operations and manage your client relationships more effectively.
Key Standard Objects in Salesforce Financial Services Cloud Objects
Numerous standard objects exist in the Salesforce financial services cloud. However, these are the most important:
Account
In the Salesforce financial services cloud, the Account object is the central hub for all client details. It represents entities such as individual clients or businesses. For financial institutions, this object is essential for tracking everything from contact information to account status and relationship history, keeping all the crucial client data organized in one spot.
Contact
The Contact object is linked to the Account object and represents individuals related to an account. It is essential for managing the personal details of clients and key contacts within a client organization and helps maintain detailed records of all interactions.
Opportunity
The Opportunity object is explicitly tailored for the financial services sector. It tracks potential revenue-generating events, such as deals or sales of financial products and services. This object helps financial advisors manage their sales pipeline and forecast revenue, making it easier to keep an eye on potential business growth.
Investment Account
The Investment Account object helps manage the various investment accounts a client holds. It includes fields for account types, balances, ownership, and status. This object is key for financial advisors to monitor and manage client investments effectively, providing a clear picture of their financial health.
Financial Plan
The Financial Plan object creates comprehensive financial plans for clients. It includes fields for goals, strategies, and progress tracking, allowing advisors to map out and monitor the steps needed to help clients achieve their financial objectives.
Financial Goal
The Financial Goal object helps advisors set and track specific financial targets for clients. Whether they’re saving for a home, education, or retirement, this object allows them to define goals, set target amounts, and monitor progress, ensuring clients stay on track to meet their financial milestones.
Financial Account Role
This object clarifies the roles individuals or entities have in relation to a financial account. It specifies whether someone is the primary owner, joint owner, or beneficiary. This detailed role tracking ensures clear account management and ownership structures, so it’s easier to understand who’s involved with each account.
Revenue
The Revenue object tracks income generated from client financial accounts, such as interest, dividends, or gains from investments. Keeping a detailed revenue record helps financial institutions analyze and report on the financial performance of their client’s portfolios.
Lead
In the Salesforce financial services cloud, the Lead object tracks potential clients or business opportunities. It includes fields for capturing initial contact information and interaction history, helping financial advisors follow up and convert leads into clients or opportunities effectively.
Insurance Policy
The Insurance Policy object manages all the details of a client’s insurance coverage, including policy types, coverage amounts, premiums, and beneficiaries. This object helps advisors keep track of all aspects of a client’s insurance portfolio, ensuring they provide comprehensive service and management.
Referral
The Referral object tracks recommendations and introductions made to potential clients. It ensures that the referral process is managed, following up on and tracking leads generated through referrals in the sales pipeline.
Action Plan
The Action Plan object helps manage and automate tasks and activities that clients need to complete. It includes predefined steps and timelines, ensuring that all necessary actions are taken to meet client needs and regulatory requirements.
User
The User object represents individuals within your organization. It includes details like user roles, permissions, and login information so that each user has the appropriate access to data and functionality within the Salesforce financial services cloud objects.
Custom Objects in Salesforce Financial Services Cloud Objects
You can also create custom objects if the standard objects don’t meet your requirements. Custom objects in the Salesforce financial services cloud give you the flexibility to customize the platform to meet your specific needs. These objects are user-defined, so you can capture and manage data unique to your operations.
Common custom objects created by financial institutions include:
- Holdings: Tracks individual investments within an investment account, such as stocks or bonds, detailing information like the ticker symbol, shares, and market value.
- Securities: Represents tradeable financial instruments, like stocks or bonds, including fields for the symbol and security name.
- Assets and Liabilities: Manages items not included in financial accounts, like real estate or debts, providing a comprehensive view of a client’s financial situation.
Of course, it takes a strategic approach to use custom objects effectively. We recommend these best practices when opting to use them:
- Define Clear Objectives: Before creating custom objects, clearly define the business problems you want to solve or the specific data you need to capture. This ensures they are purposeful and aligned with business goals.
- Use Naming Conventions: Adopt consistent naming conventions for custom objects and fields to make them easily identifiable and manageable. This helps keep your FSC environment organized and clear.
- Plan Relationships: Think about how custom objects will relate to standard objects and other custom objects. Properly defined relationships help maintain data integrity and ease of access.
- Leverage Automation: Use Salesforce automation tools like Process Builder, Flow, and Apex triggers to automate tasks related to custom objects. This boosts efficiency and reduces manual work.
- Document Everything: Keep detailed documentation for all custom objects and their fields, including their purpose, relationships, and any automation rules. This is essential for ongoing maintenance and for onboarding new team members.
Understanding Object Relationships and Data Models in Salesforce Financial Services Cloud Objects
Salesforce financial services cloud objects use their data model as the blueprint for how data is structured. It includes objects, fields, and the relationships between them, so it’s important to understand how these relationships work.
Types of Relationships
Salesforce uses different types of relationships to connect objects in your dataset. These include:
- Lookup Relationships: These link two objects loosely. For example, a Contact might have a lookup relationship to an Account, allowing flexibility without strict dependency.
- Master-Detail Relationships: These create a tighter bond between objects. For instance, if an Account is deleted, all related Financial Accounts (with a master-detail relationship) are also deleted.
- Hierarchical Relationships: Specific to the user object, these define a hierarchy among users, such as managers and subordinates.
Why Understanding the Data Model Matters
You need to grasp the data model and object relationships in Salesforce financial services cloud objects for several reasons, including:
- Data Integrity: Proper relationships ensure data integrity and consistency across the system. For instance, ensuring every financial account is linked to the correct client account prevents data discrepancies.
- Efficiency: Automating data relationships reduces the need for manual data entry and maintenance, improving operational efficiency.
- Insights and Analytics: A well-structured data model facilitates better analytics and reporting. Relationships between objects allow for more insightful data analysis, crucial for making informed business decisions.
- Customization: Knowing the data model lets you customize exactly how you need it. For example, you can create custom objects and define their relationships to capture unique data relevant to your organization.
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