03 Apr Optimize Salesforce FSC with Rollup Relationships
When using Salesforce Financial Services Cloud (FSC), the golden rule is to create a unified view of your client. In this article, we will explore how Rollup relationships can help your teams find the right data points faster and easier to optimize their daily operations in Salesforce FSC.
- What is a Rollup relationship?
A Rollup is a relationship between where information from one data table (called Objects in Salesforce) is rolled-up as a sum, average, count, and more, and appears on the second data table – For example, you may want to see on a Client record (Account object) the “Total Claims Amount” for all Active Claims related to this Client.
Rollups materialize in the form of a Salesforce field (specific data point) for example “Total Loan Balance”, “Total Client Assets”, “Number of Active Insurance Policies”…etc.
The important pre-requisite for a Rollup relationship to exist is that the two data tables (the object from which you are pulling information from, and the one on which you want to showcase the information) have a relationship to one another. For example, a Claim record in Salesforce will have a field that “lookups” to the correct Client record.
- Leverage FSC Standard Rollups
Salesforce Financial Services Cloud (FSC) comes with built-in rollups designed to provide a consolidated view of client-related data at a glance. These standard rollups aggregate information from related Salesforce (Data tables) and display it on the Account (Client) record, enabling your teams to quickly assess critical metrics without navigating to multiple records.
Examples of Standard FSC Rollups:
- Total Client Assets: Displays the sum of assets owned by the client across all related records.
- Number of Financial Accounts: Tracks the total number of financial accounts tied to the client.
- Number of Household Members: Counts all related household members linked to the account.
These Rollups run when a new record is created (For example a new Financial Account, Insurance Policy, or Claim being created in Salesforce) and when the specific field (data point) it measures is edited (For example the Balance of a Loan Account is updated).
FSC Rollups can be enabled and configured from your Setup panel through your Financial Services Cloud Settings.
- Supplement with Custom Rollups
While FSC’s standard rollups address many common scenarios, some organizations have unique requirements that demand additional customization. This is where tools like Rollup Helper or Declarative Lookup Rollup Summaries (DLRS) come into play.
Example Use Case:
Suppose your organization wants to track the “Total Balance as Joint Owner” for Banking Accounts where there is more than one Joint Owner. This metric may not be included in the FSC default rollups (which can accommodate the scenario of only having one Joint Owner) but is essential for capturing a client’s joint ownership financial information.
For this type of scenario, you want to create a custom Currency field called “Total Balance as Joint Owner” that will be displayed on the Account (Client) record. Then, you can use a tool like Rollup Helper or DLRS to create a custom Rollup relationship between the Financial Account Role record – which shows the role that a member has in an Account – and the Account (Client) record.
This way, if one Banking Account has 3 different Joint Owners, you will be able to see the “Total Balance as Joint Owner” on the Account (Client) record of each of the 3 Joint Owners.
- Customize with new Data Relationships
In some cases, your business might require storing and aggregating data that doesn’t fit into FSC’s standard object model. For such scenarios, creating Custom Objects and Rollups can provide a robust solution.
When to Consider Custom Data Relationships:
- You need to track metrics unique to your business, such as “Client-Specific Project Value” or “Annual Philanthropic Contributions.”
- The standard FSC objects cannot accommodate additional fields or data structures without significant compromise.
For such scenarios, you might want to consider creating a new Custom Object in Salesforce to store your data, and custom Rollups to showcase the information on the Account (Client) record.
Customizing with new data relationships ensures that your Salesforce FSC environment evolves alongside your business needs, accommodating specialized metrics and insights.
Conclusion
Rollup relationships are a powerful tool to enhance your Salesforce Financial Services Cloud environment, offering a unified view of client data. By leveraging standard rollups, supplementing them with custom solutions, and creating new data relationships where necessary, your organization can optimize data visibility and improve decision-making. Implementing these recommendations ensures that your advisors have the deeper insights they need to deliver exceptional client experiences and drive business success.
How We Can Help
As a Salesforce Certified Implementation Partner, Offprem Technology specializes in helping businesses identify, implement, and optimize the Salesforce solutions that align with their goals.
When it comes to FSC Rollups, we provide guidance, customization, and training to create a unified client view in Salesforce. Contact us today to schedule a call!