The following activities should be prioritized by the implementation team during planning for designing the Financial Services Cloud implementation:
Prepare for integrations with transactional systems, external data sources, custodians, and any other platforms that the company's business relies on. Integrations are the connections or interactions that allow data or functionality to flow between different systems or platforms. You should prepare for integrations with your existing or new systems or platforms that support your business processes, such as transactional systems, external data sources, custodians, or other platforms. You should also consider the integration methods, tools, requirements, and challenges that you will need to address during the implementation.
Beyond the preconfigured settings, evaluate whether they need advanced customizations. Customizations are the changes or modifications that you make to Salesforce to meet your specific business needs or preferences. You should evaluate whether you need advanced customizations beyond the preconfigured settings that Financial Services Cloud provides out of the box, such as custom objects, fields, formulas, validation rules, workflows, triggers, or components. You should also consider the impact, benefits, and risks of your customizations on your data model, user interface, performance, security, or maintenance.
Review the out-of-the-box capabilities and compare them to the company's current needs. Out-of-the-box capabilities are the features or functions that Financial Services Cloud offers without any customizations or configurations. You should review the out-of-the-box capabilities and compare them to your company's current needs and expectations. You should also identify any gaps or opportunities for improvement that you can address with configurations or customizations during the implementation. Verified Reference: : Salesforce Help Article [12] : Salesforce Help Article [13] : Salesforce Help Article [14]

Explanation
The following statements are true for the Financial Services Cloud Person Account Data Model:
The Person Account is a virtual object displaying data from Accounts and Contacts objects. It represents all aspects of the person and includes data such as date of birth or tax ID number. You can use Person Accounts to store information about individual people by combining certain Account and Contact fields into a single record.
The Person Account model uses the standard Account object to hold all of the details about a person.
The Account object has been extended with custom fields and a Person Account Record Type. You can use Person Accounts to simplify your data model and reduce the number of records you need to manage.

The following actions regarding functionality and features should be suggested to help guide Cumulus Insurance users through their complex business processes:
Configure Dynamic Actions for Lightning pages. Dynamic Actions are a feature that allows you to customize the actions that appear on a Lightning page based on criteria such as record type, field value,device type, or user profile. You can use Dynamic Actions to show or hide actions that are relevant or irrelevant for each stage of the business process, such as creating a case, sending an email, or generating a quote.
Enable In-App Guidance to providewalk-throughs. In-App Guidance is a feature that allows you to create prompts and guided tours that appear within the Salesforce app to help users learn new features, complete tasks, or adopt best practices. You can use In-App Guidance to provide step-by-step guidance for complex business processes, such as onboarding a customer, submitting a claim, or renewing a policy.
Use flows to remove the need for complex Lightning pages. Flows are a tool that allows you to automate business processes and guide usersor customers through screens that collect and display information. Flows can have multiple steps and branching logic that ask for different information depending on the responses.
You can use flows to simplify and streamline complex business processes, such as applying for a loan, enrolling in a plan, or changing a beneficiary. Verified References: : Salesforce Help Article [12] : Salesforce Help Article [13] : Salesforce Help Article [14]