Key Terms in Financial Services Cloud
Certain terms can have multiple meanings within a financial services context. It’s important to clarify what we mean when you encounter terms such as account or client in our app.
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- Account
- Account can refer to a client, household, or business. Not to be confused with a
financial account.
For example, the firm creates a new account record for the Thompson family to manage all their business, including their individual investment accounts and a family trust.
- Client
- A person or organization that does business with your firm in the past, present, or
future. See also person.
For example, the financial advisor adds Robert Cummings as a new client after he signs a service agreement with the firm.
- Customer
- Used interchangeably with client. See also person.
For example, a support agent reviews the case history for Robert Cummings, who’s an active customer of the firm.
- Financial account
- An investment account, bank account, insurance policy, or other type of financial
account. In some financial services applications, financial accounts are the central unit
of organization. Other applications, including Financial Services Cloud, treat clients or
family groups as the central unit.
For example, Robert's retirement savings account and his wife Sarah's personal checking account are both recorded as financial accounts.
- Household
A type of relationship group that includes people and business entities who have direct relationships with one another. Within this group, financials are summarized at the household level. Salesforce doesn’t track directly how members within a household are related. Roles within a household, such as client, spouse, or dependent, define relationships.
People associated with the household but outside of it are related contacts, such as lawyers, accountants, or tax planners. Organizational entities that are associated with a household but don’t roll up any financials to the household are related accounts. These related accounts include businesses or households.
In client and household profiles, household (relationship group) members appear together. These members are clearly separated from other associated entities or extended relationships.
For example, The Cummings Household is a relationship group that includes Robert Cummings, his wife Sarah, and their two kids. Each of them can own financial accounts. Members of the household are separated from their extended relationships, like their financial planner Maria and Robert’s business, Cumming’s Innovations.
- Individual
- See person.
- Person
- A client, customer, prospect, or contact whose details are maintained by your firm.
Financial Services Cloud stores data about people using either an individual or person
account model.
For example, a new person account record is created for Susan Thompson, an individual who recently opened a new brokerage account.
- Prospect
- A person or organization with the potential to become a client.
For example, the financial advisor identifies Maria Rodriguez as a prospect after she expresses interest in their wealth management services.
