From the Life Events card, a Wealth Advisor can take the following actions:

Create Lead & Referral: This action creates a lead record for a new prospector a referral record for an existing client based on the life event information.

Request Record Approval: This action initiates an approval process for the life event record to ensure compliance and quality standards.

Create Opportunity: This actioncreates an opportunity record to track the potential revenue from the life event. Verified References: : Salesforce Financial Services Cloud User Guide, page 30. : Salesforce Financial Services Cloud User Guide, page 31. : Salesforce Financial Services Cloud User Guide, page 32.

A gap analysis is a key step in identifying different business processes and outlining encompassing system flows based on the existing environment when setting up Salesforce Financial Services Cloud (FSC). A gap analysis is a method of comparing the current state of a system or process with the desired future state and identifying the gaps or differences between them. By conducting a gap analysis, a consultant can understand the customer’s painpoints, requirements,and expectations and design a solution that leverages the best practices and features of Salesforce FSC.

The following steps are needed to document the requirement for digitizing and automating the customer onboarding process following the discovery session:

Document the business process flows. You need to document the current and future state of the business process flows for customer onboarding, such as the steps, inputs, outputs, decisions, and dependencies involved in each flow. You can use tools such as diagrams, charts, or tables to illustrate the process flows and identify the pain points, gaps, or opportunities for improvement.

Understand the journey for the multiple personas involved in the process. You need to understand thejourney for each persona that participates in or interacts with the customer onboarding process, such as the customer, the client specialist, or the manager. You can use tools such as personas, journey maps, or user stories to capture the needs, goals, pain points, and expectations of each persona and how they experience the process from their perspective.

Determine the best e-signature solution to use. You need to determine the best e-signature solution to use for collecting and processing digital signatures from customers during the onboarding process. You can use tools such as research, analysis, or comparison to evaluate different e-signature solutions based on criteria such as functionality, compatibility, security, cost, or user feedback. Verified References: : Salesforce Help Article [11] : Salesforce Help Article [12] : Salesforce Help Article [13]

The following steps should be taken by the consultant to offer a high level of customization to boost user productivity for the wealth management division:

Create a Custom Field Set solely for the Wealth Managers without affecting the Investment Bankers. A Custom Field Set is a construct inFinancial Services Cloud that allows you to define a collection of fields that can be displayed in a Lightning component, such as the Financial Summary or the Financial Account List. You can use Custom Field Sets to customize the fields that are relevant for different user groups or business scenarios, without modifying the underlying data model or page layout. You can create a Custom Field Set by goingto Setup > Object Manager > Financial Account > Field Sets and adding or removing fields according to your requirements.

Assign the Custom Field Set to the Financial Summary component. The Financial Summary component is a Lightning component that displays aggregated financial data for a selected record, such as an account, contact, or opportunity. You can usethe Financial Summary component to provide a holistic view of your client’s financial situation and goals. You can assign a Custom Field Set to the Financial Summary component by using the Lightning App Builder and selecting the Custom Field Set from theComponent Properties panel.

Assign the Custom Field Set To a Lightning component. A Lightning component is a reusable unit of user interface that can be added to any Lightning page, such as record pages, app pages, or Home pages. You can use Lightning components to enhance the functionality and user experience of your pages. You can assign a Custom Field Set to a Lightning component by using the Lightning App Builder and selecting the Custom Field Set from the Component Properties panel. Verified References: : Salesforce Help Article 1 : Salesforce Help Article 2 : Salesforce Help Article 3

A suitable use case for Flow Builder is to collect input from internal users with a form placed on a Lightning page or launched by a button. Flow Builder is a tool that allows users to automate business processes by building flows that guide users through screens, executelogic, manipulate data, and interact with Salesforce and external systems. By using Flow Builder, the system administrator can create a flow that collects input from internal users with a form and performs actions based on the input.

The following options are available to view and update Account-Account, Account-Contact, and Contact-Contact Relationships in Financial Services Cloud:

Actionable Relationship Center: This is a Lightning component that displays a list of all the relationships for a client or a group. You can use it to view, create, edit, and delete relationships.

Relationship Map: This is a Lightning component that displays a graphical representation of all the relationships for a client or a group. You can use it to visualize and navigate the relationship network.

Group Members Component: This is a Lightning component that displays a list of all the members of agroup. You can use it to view, add, and remove group members. Verified References: : Salesforce Financial Services Cloud User Guide, page 34. : Salesforce Financial Services Cloud User Guide, page 36. : Salesforce Financial Services Cloud User Guide, page38.

The following processes are part of Claims Management:

Auto Adjudication, which is a process that allows claims to be processed automatically without humanintervention, 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.

As part of the preparation for the data migration process, the administrator should run a daily backup data export for a week, then continue to run this job weekly until they are ready for data migration. This is a best practice for data migration in Salesforce that allows the administrator to identify the data they want to migrate, create templates for the data, prepare the destination org, and validate the data2. By running a daily backup data export for a week, the administrator can captureany changes or updates in the data and compare them with previous exports. By continuing to run this job weekly until they are ready for data migration, the administrator can ensure that they have the most recent and accurate data to migrate into Financial Services Cloud.Verified References: 2