What distinguishes "Leads" from "Contacts" in Financial Services Cloud?

The distinction between "Leads" and "Contacts" in Financial Services Cloud is significant for understanding how to effectively manage client relationships and sales processes. Leads are considered potential clients who may have expressed interest in products or services but have not yet been engaged in a formal relationship. They represent opportunities that need to be nurtured and qualified to determine if they are a good fit for the business.

On the other hand, Contacts are established relationships with clients who have already engaged with the business, making them either current or past clients. Contacts have typically been tracked for ongoing interactions and relationship management, making them a vital part of the customer relationship management process.

This understanding clarifies the role each plays in the sales pipeline: Leads represent potential opportunities that require further assessment and engagement, while Contacts involve existing relationships that are managed actively. This distinction helps organizations prioritize their marketing and sales strategies, ensuring that Leads are effectively converted to Contacts through proper communication and follow-up.