Short answer
A household in Salesforce Financial Services Cloud groups the people who share a financial relationship, such as a couple and their dependants, into one record. Advisors see combined assets, accounts, goals and activity at the household level, and assets under management roll up to it.
Households (FSC) explained
Each household has members, usually person accounts, with roles such as primary member. Financial accounts can be owned by individuals, jointly, or by trusts and entities linked to the household, and roll-up rules total balances without double counting. Relationship maps show the household alongside extended family and professionals such as attorneys and CPAs.
How households are modelled is one of the first design decisions in any wealth management implementation, because reporting, service and compliance all depend on it.
How Vantage Point helps: we design household models for RIAs and banks and migrate household data from Redtail, Wealthbox and spreadsheets.
Frequently asked questions
What is a primary member of a household?
The person designated as the main contact for the household. Some reports and roll-ups use the primary member to attribute activity and relationships.
How are joint accounts handled?
Joint accounts are linked to each owner through financial account roles, and roll-up settings make sure the balance is counted once at the household level.