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Wealth Management > Financial Accounts

Financial Accounts

Use the Financial Account pages to create, update, and track any type of financial account. Financial accounts are typically the financial accounts of a contact or business that the financial institution manages. However, financial accounts can also track all financial accounts of a contact or business, including those accounts at other financial institutions.

NOTE: Your company administrator determines which tabs are available to you. If your job responsibility does not include tracking financial account information, the Financial Accounts tab might be excluded from your setup.

A financial account is a record of the financial transactions between financial institutions. It contains financial products for which the financial institution has a specific fiduciary responsibility. Financial accounts provide a structure for financial institutions to manage both contact and business relationships.

NOTE: Within Oracle CRM On Demand Financial Services Edition, Account is renamed Business Account. Business accounts represent a legal entity such as a business, company, or trust. They provide parent and child relationships to support divisions, departments, and other complex legal structures.

You use financial accounts to track any financial accounts types, such as savings, checking, mortgage, certificates of deposit, credit cards, demand deposit accounts, investments, loans, retirement, education, and so on.

Using financial accounts, financial institutions can move from financial account-centric to client and household-centric relationships. Using this feature, you can access high-level financial account information that is contained in the Financial Account Type, Balance, and Joint fields to support client and household-centric relationships, including activities, opportunities, service requests, and calendars. Financial accounts also support accounts hierarchies and subaccounts. These hierarchies allow the grouping of accounts into portfolios. You use the grouping of accounts to group financial accounts into portfolios. The following figures show some examples of hierarchies. Figure 1 shows a parent and child relationship for a financial account. Figure 2 shows a portfolio account and financial account relationship. Figure 3 shows a financial account and subaccount relationship.

You can use the Financial Account pages to identify and profile a financial account. You can also use the Financial Account pages to review a financial account's subaccounts and other related information including:

• Financial Account Holders
• Financial Account Holdings
• Financial Transactions
• Financial Plans
• Policies
• Opportunities. On the Financial Account pages, you can view all opportunities related to a financial account.
• Activities. On the Financial Account pages, you can view all activities related to a financial account.
• Service Requests. On the Financial Account pages, you can view all service requests related to a financial account.
• Leads. On the Financial Account pages, you can view all leads related to a financial account.