11 key Salesforce Financial Cloud Objects for the finance industry

Salesforce Financial Services Cloud (FSC) introduces a set of specialized objects designed to cater to the unique needs of the finance industry, enhancing customer relationship management within banks, wealth management firms, insurance companies, and other financial institutions. These objects are tailored to manage complex relationships and financial data, offering a 360-degree view of the customer. Here are some of the key entities or “objects” specific to Salesforce Financial Services Cloud:

1. Financial Account: Represents an individual account that a client holds, such as checking accounts, savings accounts, investments, or loans. This object stores details about the account type, balance, and ownership.
2. Financial Account Role: Defines the role or relationship of a contact (person) to a financial account, such as account holder, authorized signer, or beneficiary, providing clarity on the individual’s involvement with the account.
3. Financial Goal: Represents a client’s financial goals or objectives, such as saving for retirement, purchasing a home, or funding education. This object helps advisors track progress towards these goals.
4. Financial Plan: A comprehensive plan that outlines strategies for achieving the client’s financial goals. It can include investment strategies, risk management, and other financial planning aspects.
5. Household: An object used to group individuals who are part of a single household, allowing for the management of shared financial goals, accounts, and other relevant information.
6. Insurance Policy: Represents an insurance contract between the policyholder and the insurer, detailing the terms, coverage, beneficiaries, and other critical information about the insurance agreement.
7. Investment Account: A type of Financial Account specifically designed for managing investment-related accounts, including brokerage accounts, retirement accounts, and others.
8. Loan: Represents details of a loan, including the principal amount, interest rate, term, and repayment schedule. This object is vital for managing and tracking loans within financial services.
9. Opportunity (Customized for FSC): While Opportunity is a standard Salesforce object, in Financial Services Cloud, it’s customized to track sales and service opportunities specific to financial products and services, such as opening a new account or selling an insurance policy.
10. Referral: Captures information about referrals, including who made the referral, the target individual or organization, and the status of the referral. This is crucial for tracking new business opportunities.
11. Relationship Group: Similar to the Household object, but more flexible, allowing for the grouping of individuals and organizations into custom relationship groups beyond traditional household structures.

These objects, among others, are integral to Salesforce Financial Services Cloud, enabling financial institutions to manage complex customer relationships, accounts, and services efficiently. Salesforce FSC is designed to provide a holistic view of the customer, support financial planning and advisory services, and streamline operations across the financial services landscape.

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