Discover how to effectively manage financial account sharing in Salesforce Financial Services Cloud with our in-depth guide. This article delves into best practices for setting up secure and efficient sharing models, ensuring compliance with financial regulations while enhancing collaboration among team members. Learn how to configure role hierarchies, sharing rules, and account teams to control access to sensitive financial data.

Whether you’re an admin or a financial advisor, this comprehensive resource provides step-by-step instructions to optimize data sharing strategies within the Financial Services Cloud. Unlock the full potential of Salesforce to deliver personalized client experiences while maintaining data security and integrity.

Salesforce Financial Services Cloud (FSC) is designed to help financial institutions manage client relationships more effectively. One crucial aspect of FSC is Financial Account Sharing, which allows for secure and flexible access control to financial account records. This tutorial will guide you through the process of setting up and managing financial account sharing in FSC.

Understanding Financial Account Sharing

In financial services, it’s common for multiple advisors or team members to collaborate on a single client’s portfolio. Financial Account Sharing enables you to define who can view or edit financial account records, ensuring compliance with privacy regulations and enhancing collaboration.

Prerequisites

  • Salesforce Financial Services Cloud must be enabled in your org.
  • You should have System Administrator permissions or equivalent.

Step-by-Step Guide

Step 1: Enable Team Access to Financial Accounts

  1. Navigate to Setup:
    • Click on the gear icon and select Setup.
  2. Go to FSC Settings:
    • In the Quick Find box, type Financial Services Cloud and select Settings.
  3. Enable Team Access:
    • Locate Enable Team Access to Financial Accounts and toggle it on.
    • Click Save.

Step 2: Configure Sharing Settings

  1. Navigate to Sharing Settings:
    • In Setup, search for Sharing Settings.
  2. Set Financial Account Sharing:
    • Find Financial Account in the list of objects.
    • Ensure that Default Internal Access is set to Private.
    • Click Edit if changes are needed, then Save.

Step 3: Create a Role Hierarchy (If Not Already Defined)

  1. Navigate to Roles:
    • In Setup, search for Roles.
  2. Set Up Roles:
    • Click Set Up Roles.
    • Define roles such as Financial Advisor, Assistant, Manager, etc.
    • Assign users to these roles accordingly.

Step 4: Define Account Teams

  1. Open an Account Record:
    • Navigate to the Accounts tab and select a client account.
  2. Add Team Members:
    • Scroll to the Account Team related list.
    • Click Add.
    • Select users and assign them roles (e.g., Financial Advisor, Assistant).
    • Set Access Levels for each team member (Read/Write or Read Only).
    • Click Save.

Step 5: Share Individual Financial Accounts

  1. Navigate to Financial Accounts:
    • Go to the Financial Accounts related list on the client account.
  2. Select a Financial Account:
    • Click on a specific financial account record.
  3. Manage Sharing:
    • Click on the Sharing button (may be under a dropdown).
  4. Add Sharing:
    • Click Add to share with users or groups.
    • Select the user or group.
    • Set the Access Level (Read/Write or Read Only).
    • Click Save.

Step 6: Utilize Sharing Rules (Optional)

For broader sharing settings, you can create sharing rules.

  1. Navigate to Sharing Settings:
    • In Setup, search for Sharing Settings.
  2. Create a New Sharing Rule:
    • Scroll to Financial Account Sharing Rules.
    • Click New.
  3. Define the Rule:
    • Rule Name: Enter a descriptive name.
    • Rule Type: Choose between Based on record owner or Based on criteria.
    • Define Criteria: If based on criteria, set the conditions (e.g., Account Type equals “Investment”).
    • Select Users to Share With: Choose roles, groups, or users.
    • Access Level: Set the desired level.
    • Click Save.

Step 7: Test the Sharing Settings

  1. Login as a Team Member:
    • Use Login As to access Salesforce as a team member.
  2. Verify Access:
    • Navigate to the client account and check if the financial accounts are accessible as per the sharing settings.
  3. Adjust as Necessary:
    • If access isn’t correct, revisit the sharing settings and make adjustments.

Best Practices

  • Least Privilege Principle: Grant the minimum access necessary for team members to perform their roles.
  • Regular Audits: Periodically review sharing settings to ensure compliance.
  • Documentation: Keep records of your sharing configurations for compliance and troubleshooting.

Use Case Example

Imagine a scenario where a Financial Advisor and an Assistant need different levels of access to a client’s financial accounts.

  • Financial Advisor:
    • Needs full access (Read/Write) to manage the client’s portfolio.
  • Assistant:
    • Needs read-only access to prepare reports but shouldn’t make changes.

Implementation:

  1. Assign Roles:
    • Assign the Financial Advisor and Assistant to their respective roles.
  2. Set Up Account Team:
    • Add both to the Account Team with their roles and set access levels accordingly.
  3. Configure Sharing:
    • Ensure that the Financial Advisor has Read/Write access.
    • Set the Assistant’s access to Read Only.

Conclusion

Financial Account Sharing in Salesforce Financial Services Cloud is a powerful feature that enhances collaboration while maintaining data security. By carefully configuring sharing settings, roles, and account teams, you can ensure that each team member has appropriate access to client financial accounts.