Financial Services - Account and Contact Record Types

Financial Services comes packaged with four different Account Record Types and two Contact Record Types:

Account

• Business: This Record Type should be used when you want to create an Account that represents a business or an organization that is not a Client.  As an example, you may want to create an Account using the Business Record Type to keep track of partners or competitors.
• Household: This Record Type should be used when you want to group Clients together. As an example, you may want to create a Household Account when you have multiple Clients that live in the same household (e.g. married couple).  The Household will act as a container for the Clients allowing you to summarize financial data.
• Individual: This Record Type should be used when creating Accounts that represent a Client. Note: when you create an Account using this Record Type a related Contact record is also created (with the Individual Record Type) to represent the Contact part of the Client. When the individual account record type is used you will not be able to manually associate contact records with the account.
• Institution: This Record Type should be used instead of the Individual Record Type when your Client is an institution.

Contact

• Business: This Record Type should be used when you want to create a Contact for a Business Account.
• Individual: This Record Type is reserved for Contact records that are automatically created when users create an Account using the Individual Record Type.

For more information please check:
Create and Configure Custom Record Types for Individuals and Groups