Real Financial-Services-Cloud Exam Questions are the Best Preparation Material
Practice on 2024 LATEST Financial-Services-Cloud Exam Updated 172 Questions
To become a Salesforce Financial Services Cloud Accredited Professional, candidates must have a strong understanding of the financial services industry, as well as experience working with Salesforce's FSC platform. Financial-Services-Cloud exam consists of 60 multiple-choice questions that must be completed within 90 minutes. To pass the exam, candidates must score a minimum of 68%, which demonstrates their ability to effectively implement FSC solutions for their clients.
NEW QUESTION # 91
The Salesforce Admin of Lake Tahoe Wealth Management Company needs to update an existing, published Action Plan Template to accommodate a change in the firm's annual client review process. What steps should the Admin take to make that change?
- A. Edit the published Action Plan Template directly.
- B. Clone the existing Action Plan Template and make any necessary changes on the new Action Plan Template.
- C. Set the Action Plan Template to "Inactive" and then make changes to the template, as necessary.
Answer: B
Explanation:
Explanation
To update an existing, published Action Plan Template, the Admin should clone the existing Action Plan Template and make any necessary changes on the new Action Plan Template. This is because published Action Plan Templates cannot be edited directly or set to inactive4. Cloning an Action Plan Template creates a copy of it with a new name and ID, which can then be modified and published4. Verified References: 4
NEW QUESTION # 92
The Salesforce Admin of Lake Tahoe Wealth Management Company needs to update an existing, published Action Plan Template to accommodate a change in the firm's annual client review process. What steps should the Admin take to make that change?
- A. Edit the published Action Plan Template directly.
- B. Clone the existing Action Plan Template and make any necessary changes on the new Action Plan Template.
- C. Set the Action Plan Template to "Inactive" and then make changes to the template, as necessary.
Answer: B
NEW QUESTION # 93
How can the Salesforce Administrator make sure that highly sensitive Life Events or Business Milestones will not be shown until the event actually happened?
- A. Delete the value from the Event Type picklist on the Life Event Object or the Milestone type on the Business Milestone object
- B. Remove the Event or Milestone from the Lightning Component in the Developer Console.
- C. Hide the Event or Milestone on the Events & Business Milestones Lightning Component page properties.
- D. Life Events are part of the FSC managed package, therefore the Salesforce Admin must contact Salesforce Support to remove the Event from the Lightning Component.
Answer: C
NEW QUESTION # 94
An insurance company aims to improve a call center's productivity. A detailed analysis discovered that agents spend a lot of time capturing data while adding and updating beneficiary details. Capturing premium payment details (payment date and frequency) is another time-consuming task. Which action should a Financial Services Cloud consultant take to resolve the issue?
- A. Provide a better user interface by building Lightning web components for beneficiary data and payment information.
- B. Install an Insurance Data AppExchange package.
- C. Utilize Insurance Flow Templates.
- D. Create an Action Plan Template for capturing beneficiary data and payment information.
Answer: C
Explanation:
Explanation
A Financial Services Cloud consultant can suggest utilizing Insurance Flow Templates to resolve the issue of improving the call center's productivity and reducing the time spent on capturing data for beneficiary details and premium payment details. Insurance Flow Templates are prebuilt flow templates that guide users through the steps of creating or updating insurance policies and beneficiaries in Financial Services Cloud. The templates can be customized to suit the specific needs and requirements of the insurance company. By using Insurance Flow Templates, the call center agents can streamline their data entry process and provide better service to their customers.
References:
[Insurance Flow Templates]
[Customize Insurance Flows]
NEW QUESTION # 95
What type of record access can an administrator grant (2 answers)
- A. Read/Write/Delete
- B. Read/Write only
- C. Read only
- D. Read/Write/Transfer
Answer: B,C
NEW QUESTION # 96
What feature does a Salesforce Administrator need to enable so users can see all the referrals for the members of a group?
- A. Group Member Referrals
- B. Referral Group Process Builder
- C. Referrals Rollups
- D. Referral Scoring
Answer: C
NEW QUESTION # 97
Lake Tahoe Bank would like to reslricl their Financial Services Cloud users from viewing certain types of milestones that might be irrelevant to their customers or might cause negative sentiment. How can the Salesforce Admin implement such a requirement?
- A. The Salesforce Admin can manage sensitive Life Events using Permission Sets.
- B. The Salesforce Admin can hide the life Event or Business Milestone type, by removing it from the Event Type picklist.
- C. The Salesforce Admin can hide sensitive Life Events on Ihe Life Events component on the Lightning Page using the Properties pane.
- D. The Salesforce Admin can manage sensitive Life Evenls using sharing rules.
Answer: C
Explanation:
The Salesforce Admin can hide sensitive Life Events on the Life Events component on the Lightning Page using the Properties pane. The Life Events component is a Lightning component that displays a timeline of life events and business milestones for a client or a group. The Admin can use the Properties pane to customize the component and select which event types to show or hide on the timeline.
NEW QUESTION # 98
A financial services company would like its users to be able to relate two business accounts. What should the administrator configure to meet the requirement?
- A. Create a new Account Reciprocal Role for the required value.
- B. Update the Role picklist on the Account-Account Relationship object with new value.
- C. Create a new Contact Reciprocal Role for the required value.
- D. Update the Role picklist on the Account-(?ontact Relationship object with new value.
Answer: B
Explanation:
Explanation
To configure Financial Services Cloud to allow users to relate two business accounts, the administrator should update the Role picklist on the Account-Account Relationship object with new value. The Role picklist is a field on the Account-Account Relationship object that defines the type of relationship between two accounts, such as Household Member, Business Owner, Trustee, or Friend. The Role picklist is used to filter and display the account-account relationships in the Actionable Relationship Center (ARC). To update the Role picklist, you need to go to Setup > Object Manager > Account-Account Relationship > Fields & Relationships > Role and add or remove values according to your business needs. Verified References: : Salesforce Help Article
[10] : Salesforce Help Article [11]
NEW QUESTION # 99
What can an administrator configure for users on the search results? (3 answers)
- A. Fields being searched on for each object.
- B. Number of records displayed for each object.
- C. Columns displayed for each object.
- D. Filters by which users can narrow down results
- E. Objects included in the search
Answer: A,B,C
NEW QUESTION # 100
What will happen when a user attempts to log in to Salesforce from an IP outside the users profile but within the organization-wide trusted IP range?
- A. The user will be able to log in after the computer is activated.
- B. The user will not be able to log in at all.
- C. The user will be able to log in after answering the security question.
- D. The user will be able to log in without activating the computer.
Answer: B
NEW QUESTION # 101
What capability included in the Financial Services Cloud license can assist bankers in focusing on the most promising referrals?
- A. Referral Routing Rules
- B. Referral Approval Processes
- C. Einstein Referral Scoring for Financial Services Cloud
- D. Intelligent Need-Based Referrals and Scoring
Answer: A
NEW QUESTION # 102
What does the Salesforce Admin have to install to provide users access to referral dashboards and reports?
- A. Salesforce CRM Dashboards
- B. The unmanaged extension package for Intelligent Need-Based Referrals and Scoring
- C. The managed extension package for intelligent Need-Based Referrals and Scoring
- D. Einstein Analytics for Financial Services
Answer: B
Explanation:
Explanation
The unmanaged extension package for Intelligent Need-Based Referrals and Scoring provides users access to referral dashboards and reports, as well as referral scoring and routing features.
NEW QUESTION # 103
A major Japanese bank is expanding geographically and opening additional branches in Asi a. As such, they hired a regional consulting firm to implement Financial Services Cloud (FSC) locally.
What are the two expectations from implementing multi language features in FSC?
- A. Bankers in Japan have been accessing FSC in Japanese, but the new bankers in China will be accessing FSC in Chinese.
- B. Referrals in Singapore and Hong Kong will be shared in English, but in Macau, referrals will be shared in Portuguese.
- C. In Tokyo branches, the names of the Account, Prospect & Contact are in Japanese, but the package Advisor, Personal Banker, D Relationship Manager, and Client Associate profiles are in English.
- D. In Seoul, South Korea, the branch managers will be reviewing their FSC dashboards every morning in Korean, while their colleagues in " Shanghai, China, will be doing so in Chinese.
Answer: A,D
Explanation:
The following expectations are from implementing multi language features in FSC:
Bankers in Japan have been accessing FSC in Japanese, but the new bankers in China will be accessing FSC in Chinese. This expectation means that FSC supports multiple languages and allows users to choose their preferred language for their user interface and data display.
In Seoul, South Korea, the branch managers will be reviewing their FSC dashboards every morning in Korean, while their colleagues in Shanghai, China, will be doing so in Chinese. This expectation means that FSC supports multiple languages for reports and dashboards and allows users to view them in their preferred language.
NEW QUESTION # 104
Where should a Salesforce Administrator go to add custom icons to the Life Events and Business Milestones?
- A. Lightning Page Layout > Life Events and Business Milestones Lightning Component > Page Icon Properties
- B. Setup > User Interface > icons > Life Events and Business Milestones
- C. Setup > Custom Code > Static Resources
- D. Setup > Financial Services > Icons > Life Events and Business Milestones
Answer: B
NEW QUESTION # 105
Lakeshore Lending Company wants to create a community so borrowers can fill out their mortgage application online. Which template should they use?
- A. FSC Client Portal Template
- B. Mortgage Application Community Template
- C. Customer Service Template
- D. Help Center Client Template
- E. Mortgage Portal Template
Answer: E
NEW QUESTION # 106
What benefits do Flows for Financial Services Cloud offer to support customer onboarding? (Choose Two)
- A. Flows enable customers to schedule appointments via customer communities, motxie apps. or websites.
- B. Flows provide step-by-step guidance for common service requests, such as change of address, or change of beneficiary, without the need to * navigate to different screens.
- C. Flows enable customers to book appointments with the nght specialist at the right time and place through self-service scheduling
- D. Flows enable customers to schedule appointments via customer communities, mobile apps. or websites.
- E. Flows systematically capture and visualize important customer Life Events to drive more personalized and need-based engagements.
Answer: A,B
Explanation:
Flows provide step-by-step guidance for common service requests, such as change of address, or change of beneficiary, without the need to navigate to different screens. Flows can simplify and streamline the customer onboarding process by automating tasks and collecting information in an easy and intuitive way. You can use Flows to create service requests that capture the customer's details and update the related records in one place.
Flows enable customers to schedule appointments via customer communities, mobile apps. or websites.
Flows can integrate with Experience Cloud sites, mobile apps, or websites to provide self-service options for customers. You can use Flows to create appointment scheduling forms that allow customers to book appointments with the right specialist at the right time and place. Verified References: :
Salesforce Help Article 3 : Salesforce Help Article 4
NEW QUESTION # 107
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. Opportunity
- B. Lead
- C. Contact
- D. Residential Loan Application
- E. Account
Answer: A,D,E
Explanation:
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 References: : Salesforce Help Article 2 :
Salesforce Help Article 3 : Salesforce Help Article 4
NEW QUESTION # 108
Which three standard fields are available to track a customer's retirement gial progress?
- A. Target Date
- B. Contributions
- C. Total Value
- D. Actual value
- E. Target value
Answer: A,D,E
Explanation:
Explanation
The following standard fields are available to track a customer's retirement goal progress:
Actual value, which is a currency field that represents the current value of the goal.
Target value, which is a currency field that represents the desired value of the goal.
Target Date, which is a date field that represents the expected date of achieving the goal.
NEW QUESTION # 109
The Salesforce Admin at Lake Tahoe Wealth Management Company wants to ensure that the advisors at his firm can quickly see the most important client data in the Actionable Relationship Center (ARC). What must the Admin configure for each object to display the most important fields on the side panel of ARC?
- A. Lightning Record Pages
- B. Search Layout
- C. Page Layout
- D. Field Sets
- E. Compact Layout
Answer: E
Explanation:
Explanation
To display the most important fields on the side panel of ARC, the Admin must configure the Compact Layout for each object. The Compact Layout is a layout that determines which fields appear in key places in Salesforce such as record highlights areas, list views, lookup dialogs, and global search results. The Admin can use the Compact Layout to select up to 10 fields that are most relevant for each object and display them on the side panel of ARC
NEW QUESTION # 110
What are the valid organization-wide default options for the Account Object?
- A. No Access
- B. Private
- C. Public Read/Write/Transfer
- D. Public Read/Write/Delete
Answer: B
NEW QUESTION # 111
The Salesforce Admin at Lake Tahoe Bank is implementing Financial Services Cloud and wants to roll up customer data at the client and group levels. What functionality can Rollup By Lookup (RBL) provide for this requirement?
- A. Rollups for multiple joint owners are not supported
- B. Rollup By Lookup (RBL) displays associated records for Financial Accounts. Financial Goals, and Opportunities.
- C. An RBL rule displays summary calculations of financial account information, such as account balances.
- D. When you edit a financial account record or primary Group membership, the Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the client and Group levels.
- E. RBL calculations can not be disabled when importing data into your Salesforce org.
Answer: B,C,D
Explanation:
The functionality that Rollup By Lookup (RBL) can provide for rolling up customer data at the client and group levels are as follows:
An RBL rule displays summary calculations of financial account information, such as account balances, net worth, total assets, total liabilities, and so on1.
When you edit a financial account record or primary group membership, the Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the client and group levels1.
Rollup By Lookup (RBL) displays associated records for Financial Accounts, Financial Goals, and Opportunities on the client and group pages1. Verified Reference: 1
NEW QUESTION # 112
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. Opportunity
- B. Lead
- C. Contact
- D. Residential Loan Application
- E. Account
Answer: A,D,E
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 # 113
What should a Financial Advisor use to model the relationship between a business contact and a client that is modeled as a person account?
- A. Account-Contact Relationship and the Reciprocal Role
- B. Contact-Contact Relationship and the Reciprocal Rote
- C. Account-Account Relationship
- D. Reciprocal Role
Answer: B
Explanation:
A Contact-Contact Relationship is a construct in Financial Services Cloud that allows you to model the relationship between two contacts, such as a business contact and a client that is modeled as a person account. The Reciprocal Role is a field on the Contact-Contact Relationship object that defines how each contact relates to the other. Verified Reference: : Salesforce Financial Services Cloud Implementation Guide, page 64.
NEW QUESTION # 114
Lake Tahoe Bank wants their customer reps to be able to see client records such as Person Accounts, but want to restrict access to Financial Accounts to protect the privacy of their clients. Which two steps can an admin take to ensure that all users see Person Accounts, but only specific users can view Financial Accounts?
- A. Change Organization-wide Defaults (OWD) shanng on the "Financial Accounts' object to Public Read/Write'.
- B. Change Organization-wide Defaults (OWD) sharing on the 'Financial Accounts* object to Private'.
- C. Grant users access to the Financial Account object with permission set
- D. Change Organization-wide Defaults (OWD) sharing on the 'Person Accounts" object to 'Controlled by Parent.
Answer: B,C
Explanation:
To ensure that all users see Person Accounts, but only specific users can view Financial Accounts, the Admin should take the following steps:
Grant users access to the Financial Account object with permission set, which is a collection of settings and permissions that give users access to various tools and functions. The Admin can use permission sets to grant access to the Financial Account object and its fields to specific users or groups of users1.
Change Organization-wide Defaults (OWD) sharing on the 'Financial Accounts' object to Private', which is a setting that determines the baseline level of access that users have to records they do not own or share. By setting the OWD sharing on the 'Financial Accounts' object to Private', the Admin can ensure that only the record owners and users above them in the role hierarchy can view the Financial Accounts. Verified Reference: 1
NEW QUESTION # 115
How should developers configure customized nodes for display in ARC?
- A. Select Use LWC from the node Display tab to show the node in a Lightning Web Component
- B. Reference the Lightning WebComponent in the Display properties of the custom ARC relationship graph
- C. Reference the FlexCard in the Display properties of the custom ARC relationship graph
- D. Select Use FlexCard from the node Display tab to show the node in a FlexCard
Answer: B
Explanation:
To configure customized nodes for display in ARC, developers should reference the Lightning Web Component in the Display properties of the custom ARC relationship graph. A Lightning Web Component is a custom framework for creating reusable web components that run natively in browsers and leverage modern web standards. A custom ARC relationship graph is a metadata type in Financial Services Cloud that defines how account-account relationships are displayed in ARC, such as node shape, color, size, label, or icon. You can use Lightning Web Components and custom ARC relationship graphs to create customized nodes for ARC that show additional information or functionality for each account. Verified Reference: : Salesforce Help Article [9] : Salesforce Help Article [10]
NEW QUESTION # 116
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