Financial account ownership roles with Financial Account Party
Key Takeaway
In the Financial Account Management standard objects, each client's role on a financial account, such as owner, beneficiary, or trustee, is its own Financial Account Party record that links the client's account to the financial account.
A financial account, such as a savings account, credit card, or loan, often involves more than one person or business. Each of them can relate to the account in a different way. Financial Account Party records which client is tied to a financial account and in what role. The Financial Account Management standard objects use it for ownership. The Agentforce Financial Services managed package uses a different ownership model, so you need to know which model an org uses.
Financial Account Party
Financial Account stores information about a client's financial instruments, such as investment accounts, bank accounts, and credit cards. Financial Account Party is a junction object between Account and Financial Account. You use it to connect a business or individual client's account to a financial account. Each Financial Account Party record also defines that client's relationship to the financial account, such as owner, beneficiary, or trustee.
Priya Nair holds an investment account and names her son Arjun as its beneficiary. Priya and Arjun each have a person account. The investment account gets two Financial Account Party records. One links Priya's person account to the investment account with the role Owner. The other links Arjun's person account to the same investment account with the role Beneficiary.