A standard person account object is the best option for representing the bank’s customers within its

Salesforce instance. A person account is a type of account that represents an individual rather than a

company. Person accounts are a hybrid of the account and contact objects, combining their

characteristics into one. They allow the bank to store information that applies to humans, such as

first and last names, email, phone, address, etc. When a person account is created, a contact is

automatically created and associated with the account. Person accounts are the Salesforce official

model for representing an individual and can be used alongside business accounts for B2B and B2C

activities. In Financial Services Cloud, person accounts can be used for a simplified, customizable user

experience1. A person account can also have related opportunities, which are potential sales or

revenue-generating events. This way, the financial advisor can access a customer’s record and see all

potential business opportunities related to each individual customer2.

The other options are not suitable for the bank’s scenario. A standard lead object is a prospect or

potential customer who has expressed interest in the bank’s products or services, but has not yet

qualified as a sales opportunity. A lead can be converted into an account, a contact, and an

opportunity when it is ready to be pursued3. However, the bank does not need to use leads to track

its customers, as they are already existing customers who have accounts with the bank. A standard

opportunity object is a sales or revenue-generating event that is related to an account. An

opportunity can have multiple stages, products, amounts, and probabilities of closing. An

opportunity can also be linked to a campaign, which is a marketing initiative to generate leads or

contacts4. However, the bank cannot use opportunities alone to represent its customers, as they are

not standalone objects, but rather depend on accounts. A standard account object is a company or

organization that the bank does business with. An account can have multiple contacts, which are the

people who work at the account and interact with the bank. An account can also have related

opportunities, cases, activities, and other records5. However, the bank does not have any corporate

or business customers at this time, so using standard accounts would not reflect the nature of its

individual customers.

Reference:

Convert Salesforce Business Accounts to Person Accounts, In Financial Services Cloud, Person

Accounts can be used for a simplified, customizable user experience.

Person Accounts - Salesforce, Person Accounts Sales Cloud Basics Content Close Select Filters Product

Area Feature Impact Edition Developer Edition Enterprise Edition Essentials Edition Professional

Edition Unlimited Edition Experience Salesforce Classic Mobile Lightning Experience Done 632

Results Configure Access to Thanks Badges Set Up WDC Configure Thanks in the Chatter Publisher

and Salesforce Mobile App… Build a Culture of Recognition with WDC Manage WDC Enable or

Disable WDC Settings WDC Editions and Permissions Skills Limitations Skills Customization

Recommended WDC Profiles Recommended WDC Permission Sets Enable WDC Features Configure

WDC Assign WDC Only User Licenses Assign WDC Licenses Configure WDC Features Assign a WDC

Administrator Create a Support Case Considerations for Setting Up WDC Thanks and Skills Features

Assign Publisher Layout to Profiles Assign WDC User Feature Licenses Assign WDC Profiles Assign

WDC Permission Sets Endorse a Skill Via Record Detail Pages Add a Skill Via Record Detail Pages

Remove a Skill Via Record Detail Pages Schedule Reminders to Update Opportunities View a List of

the Accounts or Opportunities in Your Territories Things to Know About Enterprise Territory

Management Territory Type Priority Optimizing Your Territory Model Continuously Designing

Territory Models Territory Model Managing Territories Enterprise Territory Management Concepts

Planning and Managing Territories Territory Model State Territory Type Territory Hierarchy Bird’s-Eye

View of Planning and Managing Territories Report on Territories with Assigned Users Report on

Territories Without Assigned Accounts Run Assignment Rules for a Territory Reporting on Territories

Report on Users Not Assigned to Territories Report on Summarizable Account Fields by Territory

Enterprise Territory Management Identify Territory Users by Territory Role Territory Run the

Opportunity Territory Assignment Filter Preview Territory Assignments for Accounts Report on

Accounts Assigned to Territories Manage Territories with Enterprise Territory Management View and

Manage Assignment Rules at the Territory Model Level Enterprise Territory Management: What’s

Different or Not Available… Show Your Reps Other Users Assigned to Their Leads’ Territories Enable

Features for Enterprise Territory Management Maintain Enterprise Territory Management Find Out

Which Territories an Assignment Rule Applies To Enable Enterprise Territory Management Report on

the Accounts and Opportunities in Your Territories Explore Your Company’s Territory Model Identify

Users in Territories Assigned to Accounts Enable Filter-Based Opportunity Territory Assignment

Identify an Account’s Sales Territories Disable Enterprise Territory Management How Account

Assignment Rules Work How Do Permissions for Territories Affect Feature and Data Access?

Requirements for Assigning Opportunities to Territories Manually Assigning Opportunities to

Territories Manually Delete a Territory Model Create a Territory Model Record Preparing Sales

Management for Territory Reporting Setting Up and Managing Territory Assignments Define Default

User Access for Territory Records

Account | Object Reference for the Salesforce Platform | Salesforce …, Account | Object Reference

for the Salesforce Platform | Salesforce Developers Object Reference for the Salesforce Platform

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version 30.0) j Overview of Salesforce Objects and Fields Reference Associated Objects (Feed,

History, OwnerSharingRule, Share, and ChangeEvent Objects) Custom Objects Object Interfaces

Standard Objects AcceptedEventRelation Account AccountBrand AccountContactRelation

AccountCleanInfo AccountContactRole AccountInsight AccountOwnerSharingRule AccountPartner

AccountRelationship AccountRelationshipShareRule AccountShare AccountTag AccountTeamMember

AccountTerritoryAssignmentRule AccountTerritoryAssignmentRuleItem AccountTerritorySharingRule

AccountUserTerritory2View ActionCadence ActionCadenceRule ActionCadenceRuleCondition

ActionCadenceStep ActionCadenceStepTracker ActionCadenceStepVariant ActionCadenceTracker

ActionCdncStpMonthlyMetric ActionLinkGroupTemplate ActionLinkTemplate ActionPlan

ActionPlanItem ActionPlanTemplate ActionPlanTemplateItem ActionPlanTemplateItemValue

ActionPlanTemplateVersion ActiveFeatureLicenseMetric ActivePermSetLicenseMetric

ActiveProfileMetric ActiveScratchOrg ActivityHistory ActivityMetric ActivityUsrConnectionStatus

AdAvailabilityDimensions AdAvailabilityJob AdAvailabilityViewConfig AdBuyServerAccount

AdCreativeSizeType AdDigitalAvailability AdditionalNumber Address AdLinearAvailability

AdOpportunity AdOrderItem AdOrderItemCreativeSizeType AdOrderLineAdTarget AdPageLayoutType

AdProductTargetCategory AdQuote AdQuoteLine AdQuoteLineCreativeSizeType

AdQuoteLineAdTarget AdServer AdServerAccount AdServerUser AdSpaceCreativeSizeType

AdSpaceGroupMember AdSpaceSpecification AdSpecMediaPrintIssue AdTargetCategory

AdTargetCategorySegment AgentWork AgentWorkSkill AIApplication AIApplicationConfig

AIInsightAction AIInsightFeedback AIInsightReason AIInsightValue AiModelLanguage AIRecordInsight

AllowedEmailDomain AlternativePaymentMethod AnalyticsLicensedAsset Announcement ApexClass

ApexComponent ApexLog ApexPage ApexPageInfo ApexTestQueueItem ApexTestResult

ApexTestResultLimits ApexTestRunResult ApexTestSuite ApexTrigger ApexTypeImplementor

AppAnalyticsQueryRequest AppDefinition AppExtension ApplicationFormTemplate AppMenuItem

AppointmentAssignmentPolicy AppointmentScheduleAggr

Lead | Object Reference for the Salesforce Platform | Salesforce …, Lead | Object Reference for the

Salesforce Platform | Salesforce Developers Object Reference for the Salesforce Platform English

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