[Jan 31, 2024] Salesforce Financial-Services-Cloud Real Exam Questions and Answers FREE
Pass Salesforce Financial-Services-Cloud Exam Info and Free Practice Test
If you're looking to become a certified Salesforce FSC professional, then you'll need to take the Salesforce Financial Services Cloud (FSC) Accredited Professional exam. Financial-Services-Cloud exam is designed to test your knowledge of the FSC platform, as well as your ability to use it effectively to meet the needs of your clients. Financial-Services-Cloud exam covers a wide range of topics, including customer data management, financial planning, and client engagement.
NEW QUESTION # 96
Our Personal Banker Hank Burton wants to encourage his customers to provide required documents for a loan application. He creates Document Checklist Items that help his customers to manage file uploads to speed up loan approval. For which of the following records does Salesforce support Document Checklist Items out of the box? (Choose Three)
- A. Account
- B. Lead
- C. Opportunity
- D. Residential Loan Application
- E. Contact
Answer: A,C,D
Explanation:
The following records support Document Checklist Items out of the box in Financial Services Cloud:
Account: An Account is a record that represents a person or an organization that has a business relationship with your company. You can use Document Checklist Items to request and track documents from your account holders, such as identity proofs, tax forms, or contracts.
Residential Loan Application: A Residential Loan Application is a record that represents a request for a loan to purchase or refinance a residential property. You can use Document Checklist Items to request and track documents from your loan applicants, such as income statements, credit reports, or property appraisals.
Opportunity: An Opportunity is a record that represents a potential sale or deal for your products or services. You can use Document Checklist Items to request and track documents from your opportunity owners, such as proposals, quotes, or agreements. Verified Reference: : Salesforce Help Article 2 : Salesforce Help Article 3 : Salesforce Help Article 4
NEW QUESTION # 97
To access Financial Services Cloud Lightning Components "My Domain" must be enabled. How does the System Admin accomplish this?
- A. Go to Custom Settings and edit the Industries Settings
- B. Register a subdomam using the My Domain wizard and then deploy it
- C. Open a case with Salesforce Support
- D. Enable Communities
Answer: B
Explanation:
My Domain is a feature in Salesforce that allows you to create a subdomain for your org. You need to enable My Domain to access Financial Services Cloud Lightning Components, such as Actionable Relationship Center, Relationship Map, Life Events & Business Milestones, etc. To enable My Domain, you need to do the following:
Register a subdomain using the My Domain wizard in Setup > My Domain.
Deploy it to your users after testing it in your sandbox or developer org. Verified Reference: : Salesforce Help Article [7]
NEW QUESTION # 98
What capability included in the Financial Services Cloud license can assist bankers in focusing on the most promising referrals?
- A. Referral Approval Processes
- B. Intelligent Need-Based Referrals and Scoring
- C. Referral Routing Rules
- D. Einstein Referral Scoring for Financial Services Cloud
Answer: B
Explanation:
Explanation
Intelligent Need-Based Referrals and Scoring is a capability that helps bankers prioritize the most promising referrals by assigning a score based on the client's needs, preferences, and interactions. It also helps bankers route referrals to the best suited specialists or advisors.
NEW QUESTION # 99
To access Financial Services Cloud Lightning Components "My Domain" must be enabled. How does the System Admin accomplish this?
- A. Go to Custom Settings and edit the Industries Settings
- B. Register a subdomam using the My Domain wizard and then deploy it
- C. Open a case with Salesforce Support
- D. Enable Communities
Answer: B
Explanation:
Explanation
My Domain is a feature in Salesforce that allows you to create a subdomain for your org. You need to enable My Domain to access Financial Services Cloud Lightning Components, such as Actionable Relationship Center, Relationship Map, Life Events & Business Milestones, etc. To enable My Domain, you need to do the following:
Register a subdomain using the My Domain wizard in Setup > My Domain.
Deploy it to your users after testing it in your sandbox or developer org. Verified References: :
Salesforce Help Article [7]
NEW QUESTION # 100
Jen, the Financial Advisor at Lake Tahoe Wealth Management Company wants to modify a published Action Plan to support an additional task she needs in order to complete an annual review for a client. How should Jen do this?
- A. Use the 'task creator' tool to create a new task and associate with the existing Action Plan
- B. Create an independent Task not related to original Action Plan
- C. Contact her Salesforce Administrator and get her to make the change to the Action Plan for her.
- D. Use the Action Plan item feature to add an additional task to a published Action Plan.
Answer: D
Explanation:
Explanation
To modify a published Action Plan to support an additional task, Jen should use the Action Plan item feature to add an additional task to the published Action Plan. An Action Plan item is a construct in Financial Services Cloud that allows you to add, edit, or delete tasks in an existing Action Plan. You can use Action Plan items to customize your Action Plans according to your specific needs and preferences. Verified References: :
Salesforce Help Article 1
NEW QUESTION # 101
Rachel Addams belongs to two households:
1. The Addams household where Rachel lives with her spouse, Nigel Addams. Rachel is the client and, as such, is listed as the primary member of that household. This household is also Rachel's primary group.
2. The Symonds household. This household belongs to Rachel's parents, but Rachel manages their finances.
Rachel is considered the beneficiary of this household.
In addition, Rachel's household has a related account, the Addams Charitable Trust, and a related contact, Ivan
M. Kohl, attorney at law.
What should be the relationships between the parties when the Financial Services Cloud consultant sets up Rachel's person account?
1.Primary Group Household - Addams Household
Primary Member - Rachel Addams
Spouse - Nigel Adams
Trustee - Addams Charitable Trust
Household - Symonds Household
Primary Member - Neil Symonds
Beneficiary - Rachel Addams
Related Accounts - Addams Charitable Trust
Related Contacts - Ivan M. Kohl
A financial services company needs to transform the individual data model to person accounts in Financial Services Cloud (FSC), and its consulting partner is helping decide the sequence of the user stories in the design phase.
What should the implementation team do as the top priority during planning?
- A. Configure Person Account record types.
- B. Enable a person account in a sandbox.
- C. Enable person accounts in FS
- D. Perform a data backup.
Answer: D
Explanation:
Explanation
The relationships between the parties when the Financial Services Cloud consultant sets up Rachel's person account should be as follows:
Primary Group Household - Addams Household
Primary Member - Rachel Addams
Spouse - Nigel Adams
Trustee - Addams Charitable Trust
Household - Symonds Household
Primary Member - Neil Symonds
Beneficiary - Rachel Addams
Related Accounts - Addams Charitable Trust
Related Contacts - Ivan M. Kohl
NEW QUESTION # 102
What standard object has a one-to-many relationship with the account object? (3 answers)
- A. Lead
- B. Opportunity
- C. Contact
- D. Campaign
- E. Case
Answer: B,C,E
NEW QUESTION # 103
Which three Group Member data points can be rolled up to the Group level?
- A. Referrals
- B. Loans
- C. Financial Goals
- D. Tasks
- E. Approvals
Answer: A,B,D
NEW QUESTION # 104
Which three of the following statements are correct about the Actionable Relationship Center Manager (ARC)?
- A. ARC displays up to 5 related lists that have a configured compact layout.
- B. ARC is certified to work with Person Accounts and Individual Accounts.
- C. The Association Type picklist controls the account-account relationship that display in the ARC.
- D. To enable users to see the ARC, you will need to add the component for ARC to the page layout.
- E. The Salesforce Admin has to create a permission set for granting access to the ARC - FSC Lightning component.
Answer: A,C,D
Explanation:
Explanation
The following statements are correct about the Actionable Relationship Center Manager (ARC):
To enable users to see the ARC, you will need to add the component for ARC to the page layout. The ARC is a Lightning component that can be added to any Lightning page that supports components, such as record pages, app pages, or Home pages. You can use the Lightning App Builder to drag and drop the ARC component to the desired location on the page layout.
ARC displays up to 5 related lists that have a configured compact layout. The ARC shows a graphical representation of the account-account relationships for a selected record, as well as related lists of other records that are associated with the account, such as contacts, financial accounts, or opportunities. The ARC can display up to 5 related lists at a time, and each related list must have a compact layout configured to show relevant fields.
The Association Type picklist controls the account-account relationship that display in the ARC. The Association Type picklist is a field on the Account Relationship object that defines the type of relationship between two accounts, such as Household Member, Business Owner, Trustee, or Friend.
The ARC uses this field to filter and display the account-account relationships for a selected record. You can customize this picklist to add or remove values according to your business needs. Verified References: : Salesforce Help Article 3 : Salesforce Help Article 4 : Salesforce Help Article 5
NEW QUESTION # 105
Which three referral metrics are tracked with custom components included in Financial Services Cloud?
- A. Expressed interests
- B. My Approved Referrals
- C. Referrals Assigned to me
- D. My Top Referrers
- E. Web to Lead Referrals
Answer: A,C,D
Explanation:
Explanation
The following referral metrics are tracked with custom components included in Financial Services Cloud:
Expressed interests: This metric shows the number of referrals that have a specific expressed interest, such as a mortgage, a credit card, or a checking account. You can use this metric to understand the customer needs and interests that generate the most referrals.
My Top Referrers: This metric shows the top referrers who have created referrals for you, ranked by the number of referrals and the conversion rate. You can use this metric to identify and appreciate your best sources of business.
Referrals Assigned to me: This metric shows the number of referrals that are assigned to you and their status, such as New, In Progress, or Closed. You can use this metric to monitor and manage your referral pipeline and prioritize your follow-up actions. Verified References: : Salesforce Financial Services Cloud User Guide, page 40. : Salesforce Financial Services Cloud User Guide, page 41. : Salesforce Financial Services Cloud User Guide, page 42.
NEW QUESTION # 106
How can the Salesforce Admin help agents who deal with a large number of customers on a daily basis, quickly scan the Life Events component and find the information they need without much effort?
- A. The Admin can customize the order of life events to be set in chronological order.
- B. The user can customize the order of life events to be set in chronological order
- C. The user can change the color of important life events to red.
- D. The Admin can change the color of important life events to red.
Answer: B
NEW QUESTION # 107
A company wants to convert its Salesforce Financial Services Cloud implementation from using the individual account model to using person accounts.
Which three things should a consultant do to prepare for the conversion?
- A. Ensure each account.phone field in the individual account record is blank.
- B. Ensure all individual account records to be converted are only linked to exactly one contact record.
- C. Ensure each individual account to be converted is not a parent account of any other account records.
- D. Update all opportunities linked to individual account records to be owned by the individual account record's owner.
- E. Test out the conversion in a sandbox, including all integrations and customizations.
Answer: B,C,E
NEW QUESTION # 108
A system administrator at Universal Containers needs to transfer records from one user to another.
What object can be transferred using the mass transfer tool? (2 answers)
- A. Leads
- B. Campaigns
- C. Accounts
- D. Quotas
Answer: A,C
NEW QUESTION # 109
The Salesforce Administrator at Lake Tahoe Bank is asked at make modifications to the Salesforce org to allow for more than one people being joint owners on a Financial Account. What will be the recommended approach to model this requirement?
- A. Map additional owners using the Actionable Relationship Center.
- B. Create lookup fields on the Financial Account object to support additional owners
- C. Map additional owners using the Financial Account Role.
- D. Map the primary owner and one joint owner to the Financial Account, because FSC, supports only two joint account owners.
Answer: C
Explanation:
To model a requirement where more than one person can be joint owners on a Financial Account, the Admin can map additional owners using the Financial Account Role. The Financial Account Role is a junction object that links a contact or an individual to a financial account and defines their role or relationship with that account. By using Financial Account Role, the Admin can add multiple owners to a Financial Account and specify their ownership percentage, primary status, and other details.
NEW QUESTION # 110
The SF admin wants to make it easier or call center agents to complete some common tasks by setting up Lightning Flows (3 correct answers)
- A. You can clone LF Templates and then customize according to your needs
- B. LF are available in multiple languages
- C. To run LF, the user needs a LF permission set license
- D. To use FSC LF, you'll need the FS Managed Package installed in the org
Answer: A,C,D
NEW QUESTION # 111
Which three processes are part of Claims Management?
- A. Payment
- B. Auto Adjudication
- C. Quoting
- D. Underwriting
- E. Reserve Management
Answer: A,B,E
Explanation:
Explanation
The following processes are part of Claims Management:
Auto Adjudication, which is a process that allows claims to be processed automatically without human intervention, based on predefined rules and criteria. Auto adjudication can improve the efficiency and accuracy of claims processing and reduce operational costs.
Reserve Management, which is a process that involves estimating and setting aside funds for future claims payments. Reserve management can help insurers manage their cash flow and solvency and comply with regulatory requirements.
Payment, which is a process that involves disbursing funds to claimants or providers after a claim has been approved. Payment can involve different methods, such as check, electronic funds transfer, or debit card. Payment can affect the customer satisfaction and retention rate of insurers.
NEW QUESTION # 112
A Salesforce Admin is configuring a new Action Plan Template. One task in that template needs to be picked up by the next available Advisor. What assignment logic should the Admin use when configuring this template task?
- A. Account Team
- B. Role
- C. Action Plan Creator
- D. Queues
- E. Specific User
Answer: D
Explanation:
Explanation
To assign a task to the next available Advisor, the Admin should use Queues as the assignment logic when configuring the template task. Queues are collections of records that can be assigned to multiple users who share workloads and responsibilities. By using Queues, the Admin can ensure that any Advisor who is part of the Queue can pick up the task when they are available.
NEW QUESTION # 113
What capability included in the Financial Services Cloud license can assist bankers in focusing on the most promising referrals?
- A. Referral Approval Processes
- B. Intelligent Need-Based Referrals and Scoring
- C. Referral Routing Rules
- D. Einstein Referral Scoring for Financial Services Cloud
Answer: B
Explanation:
Intelligent Need-Based Referrals and Scoring is a capability that helps bankers prioritize the most promising referrals by assigning a score based on the client's needs, preferences, and interactions. It also helps bankers route referrals to the best suited specialists or advisors.
NEW QUESTION # 114
Which statement is true regarding an approval process? (2 answers)
- A. A delegated approver can reassign approval requests
- B. The approval history related list can be used to track the process
- C. An assignment rule defines the approver for each process step
- D. An approval action defines the result of record approval or rejection
Answer: B,D
NEW QUESTION # 115
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