What does the "Client Onboarding" process entail in Financial Services Cloud?

The "Client Onboarding" process in Financial Services Cloud primarily involves collecting necessary documentation and information to initiate client services. This step is fundamental to establishing a relationship between the financial institution and the new client. It ensures that the institution gathers all relevant data such as identification, financial history, and risk assessment information, which are critical for compliance, assessment of the client’s needs, and providing tailored financial services and products.

This stage sets the foundation for a successful and compliant client relationship by ensuring all regulatory requirements are met and that the financial services provider understands the client’s profile. Proper onboarding helps in creating a smooth transition for clients and allows financial advisors to provide personalized services right from the outset.