Salesforce Financial Services Cloud Exam Answers 8

Practice Exam Salesforce - Financial-Services-Cloud Question #:120 Which step is required to give a group of users access to aFinancial Deal? A. Change organization-wide defaults (OWD) sharing on the Financial Deal object to Public Read/Write. B. Create a Financial Deal permission set and assign it to the users that should have access to Financial Deals. C. Share a financial dealrecord with a group by adding them as participants to the record from the Financial Deal Participants related list, D. Update Industries Settings to give users access to the Financial Dew object. Answer: C Explanation To give a group of users access to a Financial Deal, you need to share a financial deal record with a group by adding them as participants to the record from the Financial Deal Participants related list. The Financial Deal Participants related list is a custom related list on the Financial Deal object that allows you to add users, groups, or queues as participants of a financial deal. Participants can have different roles and access levels for a financial deal, such as Owner, Collaborator, Viewer, or Approver. By adding a group as a participant, you can grant access to all the members of that group for a specific financial deal. Verified References: : Salesforce Help Article [6] : Salesforce Help Article [7] Question #:121 Which 3 out of the box capabilities come with Financial Services Cloud Lead & Referral Management? A. Referral Conversion B. Assigning a Referral C. Round Robin Referral Routing D. Accepting a Referral E. Referral Automated Approvals Answer: A B D Explanation The following out of the box capabilities come with Financial Services Cloud Lead & Referral Management: Referral Conversion: This capability allows you to convert a referral to an opportunity, a contact, or an account. You can use this capability to track the progress and outcome of a referral and measure its impact on your business. Practice Exam Salesforce - Financial-Services-Cloud Assigning a Referral: This capability allows you to assign a referral to another user, queue, or line of business. You can use this capability to route a referral to the appropriate person or team who can best meet the customer’s need or interest. Accepting aReferral: This capability allows you to accept a referral that is assigned to you or your queue. You can use this capability to acknowledge that you have received a referral and are ready to work on it. Verified References: : Salesforce Help Article 1 : Salesforce Help Article 3 : Salesforce Help Article 5 Question #:122 What are the three building blocks of Flow Orchestration? A. Steps B. Blocks C. Stages D. Processes E. WorkItems Answer: A C E Explanation The following are the building blocks of Flow Orchestration: Steps: Steps are discrete units of work that can be performed by a user or a system within a flow orchestration. Steps can have different types, such as user input steps, system action steps, decision steps, or subflow steps. Steps can also have different attributes, such as name, description, icon, input variables, output variables, or preconditions. Stages: Stages are logical groupings of steps that represent phases or milestones within a flow orchestration. Stages can have different attributes, such as name, description, icon, entry criteria, exit criteria, or completion actions. Work Items: Work Items are instances of flow orchestrations that track the progress and statusof each execution. Work Items can have different attributes, such as name, description, owner, assignee, due date, priority, status, stage history, or step history. Verified References: : Salesforce Help Article [7] : Salesforce Help Article [8] : Salesforce Help Article [9] Question #:123 Lake Tahoe Bank has branch offices in many countries around the world and they are planning to roll out Financial Services Cloud. Which of the 2 considerations does the Salesforce Admin have to keep in mind when it comes to dealing with multiple currencies? A. Practice Exam Salesforce - Financial-Services-Cloud A. For each user, the user currency must correspond to the default currency for the user's locale B. The Salesforce Admin can enable or disable multiple currencies if needed C. When filtering by currency values in reports or list views, users must specify a currency ISO code, such as USO or GBP. before the value. D. When multicurrency is enabled in FSC. advanced currency management is also available Answer: C D Explanation Multicurrency is a feature in Salesforce that allows you to work with multiple currencies in your org. If you enable multicurrency in FSC, you need to consider the following: When filtering by currency values in reportsor list views, users must specify a currency ISO code, such as USD or GBP, before the value. For example, USD500 or GBP300. When multicurrency is enabled in FSC, advanced currency management is also available. This feature allows you to track historical exchange rates and apply them to opportunities and forecasts. Question #:124 In Financial Services Cloud, what is the criteria for commas and symbols to be displayed correctly on theFinancial Account Summary component? A. User currency must match org default currency. B. Account currency must match org default currency. C. User's locale must match user's currency. D. User's locale and language must match user's currency. Answer: C Explanation The criteria for commas and symbols to be displayed correctly on the Financial Account Summary component is that user’s locale must match user’s currency. The locale is a setting that determines how dates, times, numbers, and currencies are formatted and displayed for a user. The currency is a setting that determines how monetary amounts are formatted and displayed for a user. By matching the user’s locale with their currency, FSC can ensure that commas and symbols are displayed correctly on the Financial Account Summary component according to the user’s preferences and expectations Question #:125 The Salesforce Admin of Lake Tahoe Wealth Management Company needs to update an Practice Exam Salesforce - Financial-Services-Cloud 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. Set the Action Plan Template to “Inactive” and then make changes to the template, as necessary. C. Clone the existing Action Plan Template and make any necessary changes on the new Action Plan Template. Answer: C Explanation To update an existing, publishedAction Plan Template, the Admin should clone the existing Action Plan Template and make any necessary changes on the new Action Plan Template. Thisis 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 Question #:126 What actions can a Wealth Advisor take from the Life Events card7 A. Create Case B. Create Lead & Referral C. Open an Account D. Request Record Approval E. Create Opportunity Answer: B D E Explanation 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 prospect or a referralrecord 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 action creates anopportunity 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 Practice Exam Salesforce - Financial-Services-Cloud 32. Question #:127 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. Action Plan Creator B. Specific User C. Account Team D. Role E. Queues Answer: E Explanation To assign a task to the next available Advisor, the Admin should use Queues as theassignment 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 pickup the task when they are available. Question #:128 A consulting firm is asked to add Events and Milestones to a Lightning record page to give financial advisors deeper insights into their customers' lives. What should the consultant configure to enable advisors to capture Once-in-a-Lifetimeevents and, at the same time, prevent users from accidentally creating more than one event of such an event type? A. Once-in-a-Lifetime event types B. Special event types C. Single event types D. Unique event types Answer: D Explanation To enable advisors to captureOnce-in-a-Lifetime events and prevent users from accidentally creating more than one event of such an event type, the consultant should configure Unique event types. Unique event types Practice Exam Salesforce - Financial-Services-Cloud are event types that can only be created once for each contact or individual, such as birth, death, or marriage. By using Unique event types, the consultant can ensure that advisors can capture important life events for their customers and avoid duplication or inconsistency. Question #:129 A financial services company needs a custom field for reporting when relating two-person accounts to each other. Which object should the Financial Services Cloud consultant configure the custom field on? A. Account Contact Relationship B. Contact-Contact Relationship C. Person Account D. Account Account Relationship Answer: D Explanation To configurea custom field for reporting when relating two-person accounts to each other, the Financial Services Cloud consultant should configure the custom field on the Account Account Relationship object. The Account Account Relationship object is a junction objectthat links two accounts together and defines their relationship type and role. By configuring a custom field on the Account Account Relationship object, the consultant can capture additional information about how two-person accounts are related to each other and use it for reporting purposes. Question #:130 Cumulus Insurance has a franchise business model with a large number of franchisees who operate independently but report to regional managers who are Cumulus employees. The company would like the franchise owners and their employees to have access to the Cumulus Salesforce Financial Services Cloud (FSC) instance. The company plans to use the Role Hierarchy and sharing rules to implement this.What should the architect at Cumulus Insurance be aware of for this solution? A. Franchise users will need to switch their browsers to a platform that supports Lightning Web Components. B. Salesforce FSC only allows 1,024 public groups. C. Theadministrator can define up to 300 total sharing rules for each object. D. Franchise users can have multiple roles in the hierarchy. Answer: C Explanation Practice Exam Salesforce - Financial-Services-Cloud The architect at Cumulus Insurance should be aware of the limitation that the administrator candefine up to 300 total sharing rules for each object when using the Role Hierarchy and sharing rules to implement the franchise business model. Sharing rules are a way of granting additional access to records based on criteria, such as record owner, role,or field values. The Role Hierarchy is a way of organizing users into a hierarchy that reflects the reporting structure of the company. The Role Hierarchy and sharing rules can be used together to control the access and visibility of records for differentusers in Financial Services Cloud. However, there is a limit of 300 sharing rules per object, which means that the administrator may need to use other methods, such as public groups or manual sharing, to grant access to records beyond this limit. References: [Sharing Rules] [Role Hierarchy] [Sharing Rule Limits] Question #:131 For which three objects are Rollup By Lookup (RBL) summaries are available? A. Life Events B. Financial Accounts C. Assets and Liabilities D. Contacts E. Claims Answer: B C D Explanation Rollup By Lookup (RBL) summaries are available for the following objects: Financial Accounts, which are records that represent financial products or services that a client owns or uses1. Assets and Liabilities, which are records that represent the value of what a client owns or owes1. Contacts, which are records that represent individuals who are associated with an account3. Question #:132 While working for an insurance client implementing Financial Services Cloud, an API integration between Salesforce and a risk control system has been configured. The consultant is asked to ensure the correct profiles and permissions were set up for this connection. Which two steps should the consultant take? Practice Exam Salesforce - Financial-Services-Cloud A. Update the System Administrator profile to include the API Only User. B. Create a dedicated Integration User. C. Assign the integration user to the System Administrator profile. D. Create a new customprofile and ensure API Only is selected. Answer: B D Explanation To ensure the correct profiles and permissions for an API integration between Salesforce and a risk control system, the consultant should do the following steps: Create a dedicated Integration User that will be used to authenticate and authorize the API calls between Salesforce and the risk control system. The Integration User should have a unique username, password, and security token that are not shared with other users or systems. The Integration User should also have the minimum permissions and access settings required to perform the integration tasks. Create a new custom profile and ensure API Only is selected. The API Only option restricts the user from logging in to the Salesforce user interface, but allows the user to access the Salesforce API. The custom profile should also have the appropriate object permissions, field-level security, record types, page layouts, and other settings that are relevant for the integration. The custom profile should be assigned to the Integration User. Question #:133 A System Administrator has received a note from one of theportfolio managers that the ActionableRelationship Center (ARC) is not visible when the portfolio manager was trying to set up relationships between two accounts. The portfolio manager has also mentioned that other colleagues in the same role have accessto it and are able to use it to manage their customer's relationships. What is a possible cause for this? A. The portfolio manager has not been given the permissions that enable users to view and manage ARC B. The portfolio manager does not have access tothe Lightning page that has the ARC component added C. The portfolio manager does not have access to the account records that he is trying to create for. D. The ARC Component has not been added to the page layout Answer: A Explanation A possible cause for why theportfolio manager cannot see ARC when trying to set up relationships between two accounts is that he has not been given the permissions that enable users to view and manage ARC. To access ARC, users need to have certain permissions and settings enabled intheir user profile or permission set, Practice Exam Salesforce - Financial-Services-Cloud such as: View Setup and Configuration Customize Application Manage Custom Permissions Financial Services Cloud Standard User Financial Services Cloud Admin If any of these permissions or settings are missing, users maynot be able to see or use ARC properly. Verified References: : Salesforce Help Article 5 Question #:134 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 change the color of important life events to red. C. The Admin can change the color of important life events to red. D. The user can customize the order of life events to be set in chronological order Answer: C Explanation The Admin canchange the color of important life events to red by using custom CSS in a Lightning App Builder theme layout component. This way, the agents can quickly scan the Life Events component and find the information they need without much effort. The color red can draw attention and indicate urgency or importance for certain life events. Question #:135 To access Financial Services Cloud Lightning Components "My Domain" must be enabled. How does the System Admin accomplish this? A. Register a subdomam using the My Domain wizard and then deploy it B. Open a case with SalesforceSupport C. Enable Communities D. Go to Custom Settings and edit the Industries Settings Answer: A Practice Exam Salesforce - Financial-Services-Cloud 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 CloudLightning 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] Question #:136 Lake Tahoe Bank is migrating customer records from the Individual Model to Person Accounts. Which threesteps should a Data Architect take to ensure a successful migration? A. Ensure Person Accounts is enabled on the org B. Configure your Person Account record types m the Indrvidual Record Type Mapper. C. Enable 'Individual to Person Account Migration' in Custom Settings. D. Use a CSV field to map PersonRecordTypeld to the Person Account RecoroTypeld and use Data Loader to update Client Records E. Log a case with Salesforce to perform the conversion from the indrvkJual Model to Person Accounts. Answer: A B D Explanation The following steps are required to migrate customer records from the Individual Model to Person Accounts in Financial Services Cloud: Ensure Person Accounts is enabled on the org. You need to have Person Accounts enabled before you can convert Individual Model records to Person Accounts. You can enable Person Accounts by contacting Salesforce Support or by using the Enable Person Accounts option in Setup > Account Settings. Configure your Person Account record types in the Individual Record Type Mapper. You need to map your existing Individual Model record types to the corresponding Person Account record types. You can do this by using the Individual Record Type Mapper option in Setup > Financial Services Settings. Use a CSV file to map PersonRecordTypeId to the Person Account RecordTypeId and use Data Loader to update Client Records. You need to update the Client records with the correct PersonRecordTypeId value that matches the Person Account RecordTypeId value. You can do this by using a CSV file andData Loader to perform a bulk update operation. Verified References: : Salesforce Help Article 1 : Salesforce Help Article 2 : Salesforce Help Article 3