Short answer
Financial accounts are the Financial Services Cloud records that represent a client's real-world accounts, such as brokerage, retirement, deposit, loan or insurance accounts, with their balances and holdings. Financial account roles link each account to its owners, joint owners and beneficiaries.
Financial Accounts (FSC) explained
Financial accounts are usually populated from a custodian, core banking or portfolio system rather than typed in. Holdings, transactions and balance history can sit beneath them. Financial account roles record who owns or benefits from each account, which drives household totals and client views.
Getting roles right prevents the common problem of assets being counted twice when a couple holds a joint account.
How Vantage Point helps: we design FSC financial account models and the custodian or core integrations that keep balances current.
Frequently asked questions
Should advisors enter balances manually?
No. Balances and holdings should come from the custodian or core system through an integration so they are accurate and current.
What is a financial account role?
A record linking a person or entity to a financial account with a role such as primary owner, joint owner or beneficiary.