Relationship Group
In Salesforce Financial Services Cloud, a grouping mechanism that associates multiple accounts and contacts into a household or business group, providing a unified view of related financial relationships.
Definition
In Salesforce Financial Services Cloud, a grouping mechanism that associates multiple accounts and contacts into a household or business group, providing a unified view of related financial relationships.
In plain English
“A Relationship Group in Salesforce Financial Services Cloud groups multiple accounts and contacts into a household or business group. It provides a unified view of related financial relationships, like a family with multiple investment accounts.”
Worked example
At Beacon Wealth Advisors, advisor Dana opens the Carter family's Relationship Group and sees, in one Financial Services Cloud view, all six members and their accounts: Mr. Carter's IRA, Mrs. Carter's brokerage, the joint trust, and three 529 plans for the kids. The relationship map shows who is the primary contact, who has signing authority, and how the accounts roll up to a household-level net worth of $4.2M. Without the Relationship Group, Dana would be jumping between six contact records and twelve account records to assemble the same picture; with it, the household is the unit of work and every related record is one click away.
Why Relationship Group matters
In Salesforce Financial Services Cloud, a Relationship Group is a grouping mechanism that associates multiple accounts and contacts into a household or business group, providing a unified view of related financial relationships. Households commonly include family members with interrelated financial accounts; business groups include related corporate entities.
Relationship groups are foundational to financial services because wealth management requires thinking at the household level, not just per-account. A client isn't just their own investment account; they're part of a financial ecosystem with spouses, children, family trusts, and other related parties. Financial Services Cloud's relationship groups model this reality, supporting the household-level analytics and advisor workflows that financial services requires.
How organizations use Relationship Group
Uses relationship groups to model households of wealth management clients with interrelated accounts.
Reports on household-level assets under management using relationship group aggregations.
Treats relationship groups as foundational to serving financial services clients correctly.
Trust & references
Straight from the source - Salesforce's reference material on Relationship Group.
- Financial Services CloudSalesforce Help
Test your knowledge
Q1. What is a Relationship Group?
Q2. Why does financial services need this?
Q3. What can a relationship group include?
Discussion
Loading discussion…