Use person accounts to store customer information in a single record in Financial Services Cloud. Person accounts bring together fields from Account and Contact to provide a completely customizable and simplified user experience. Plus, you get the added benefits of person account capabilities, such as duplicate management, Chatter following, and single-step sharing.
Financial Services Cloud enables person accounts in trial orgs by default. However, it’s easy to enable the individual object model with a simple setup step.
If you currently use person accounts in your org, you may have the option of upgrading to Financial Services Cloud without migrating to a new org.