When upgrading to Elements Major Release 2 2023, you may receive an error message:

This error means that necessary picklist fields are missing from the New Business object and must be added before installation. 

Here are the steps to update the picklist fields in Setup.

1. From Setup>Home tab, click on the Object Manager tab and type the keyword New Business in the Quick Find search bar on the right side. Select New Business

2. Select Fields & Relationships

3. Type the keyword New Business Type in the Quick Find search bar and click the custom field label

4. Scroll down to the Values section. Ensure all the following values are available and active:

• Company
• Distribution Channel
• Distribution team
• Financial Account
• Investment Account
• Portfolio
• Relationship

Once complete, install the new release again.