Accounts

Accounts

Overview

Actions

Field Descriptions

Sub-panels/Related Information

Availability
  • Standard
  • Professional
  • Enterprise

Overview

Use the Accounts module to record a client’s investment accounts, liabilities, and other assets. All users can view accounts.

Actions

Follow the instructions below to perform tasks such as creating, editing, importing, and exporting Account records.

To…

Then…

Create an Account record

  1. Access the Accounts Create form using one of the following:
    • Click Create Accounts from the Navigation menu.
    • Click Accounts on the Quick Create menu.
    • Click Create New on the Accounts List View.
  2. Complete the Accounts Create Form. See Field Descriptions for information about each field. Fields that have an asterisk (*) are required; you must enter data in the field to save the Account record.
  3. Click Save to save the record and view its detail page, or click Cancel .

Display a list of accounts

Click Accounts > View Accounts.
The Accounts List View displays.

Display the details for an account

Click the account in the Accounts List View.
The Accounts Detail View displays.

Edit account information

  1. Access the Accounts Edit View by doing one of the following:
    • Click Edit in the Accounts Detail View.
    • Click the edit icon (pencil) associated with the Account record in the Accounts List View.
  2. Update the account information. See Field Descriptions for information about each field.
  3. Click Save to update the Account record.

Suppress one or more Account records

  1. In the Accounts List View, click the Selection box associated with the record(s) you want to suppress.
  2. Click Suppress.
    A confirmation box displays.
  3. Click OK.
    The Account records are suppressed.

You can also suppress a single Account record by clicking Suppress on the Accounts Detail View.

Manage records in a sub-panel

See Manage related information in sub-panels.

Update information related to multiple accounts

  1. In the Accounts List View, click the Selection box associated with the records you want to update.
  2. Click Mass Update in the Actions dropdown.

For more information, see Editing and suppressing multiple records.

Duplicate account information

Click Duplicate in the Accounts Detail View. Duplication is a convenient way of creating a similar Account record. You can change and save the information in the duplicate record to create a new Account record.

Find and merge duplicate records

Follow the instructions in Merging duplicate records.

Import Accounts records

  1. Click Accounts > Accounts > Import Accounts from the Navigation menu.
  2. Follow the instructions in Importing data.

Export records

  1. In the Accounts List View, click the Selection box associated with the records you want to export.
  2. Click Export in the dropdown and follow the instructions in Exporting data.

Field Descriptions

Account Profile tab

On the Account Profile tab enter the information for the following fields. Fields that have an asterisk (*) are required; you must enter data in the field to save the Account record.

Account Name*

Enter a descriptive name to use when referencing the account.

Client

Click the client associated with the account from the Client Popup List View (displays upon clicking the Selection arrow) or the list of clients matching the character(s) you enter.

Account Type

Click the category to which this account belongs on the Account Type Popup List View (displays upon clicking the Selection arrow) or the list of categories matching the character(s) you enter.

Used in reporting, this field is required if the account is to appear in net worth statements. To add or edit account types see Account Types.

Ownership Type*

From the dropdown, click the item describing how the account is owned. This field is required if the Account is to appear on net worth statements.

Account Number

Enter the unique account number or certificate number assigned by the financial institution including all punctuation such as hyphens. The Account Number will be used to match account-related imports so it must match any external systems in use by the firm.

Owner

If the account is owned by a single individual, click the owner from the Contacts Popup List View (displays upon clicking the Selection arrow) or the list of owners matching the character(s) you enter.

Custodian

Click the financial institution that holds the asset or liability from the Companies Popup List View (displays upon clicking the Selection arrow) or the list of companies matching the character(s) you enter.

Value

Enter the most current value of the asset or balance of the account.

Value Date*

Click in the Date Selector (or enter the date) on which the account value was updated. This is a mandatory field.

Description

Enter additional details about the account.

Teams*

By default, your private team is assigned as the primary team.

To change the primary team assignment, click the team on the Teams Popup List View (displays upon clicking the Selection arrow) or the list of teams matching the character(s) you enter.

To assign additional teams to the Account, click add ( + ) and click the team as described above.

This is a mandatory field.

For more information on assigning teams, see Assigning Users and Teams to Records.

Settings tab

On the Settings tab check the boxes associated with the following fields if they apply to this account.

Managed Asset

The account is managed by the firm.

RMD
(Required Minimum Distribution)

The account is subject to Required Minimum Distributions. This applies to tax-deferred or tax-free accounts where the account owner is at least 70.5 years old OR where the account owner inherited the account from someone else.

Discretionary

The client has given the firm trading authority for this account.

Withdrawal Rate Asset

The account is to be included when calculating the client’s rate of withdrawals from financial assets.

LPOA
(Limited Power of Attorney)

The client has signed a limited power of attorney form, often included as part of a discount brokerage application.

FPOA (Custody)
(Full Power of Attorney)

The client has signed a full power of attorney form. This means that the firm has custody of client funds, usually in a trustee capacity.

Include on Account Policy

The account should be included on the client’s Account Policy.  Account Policy is a simplified version of an Investment Policy Statement.  

Margin Account

This is a brokerage account in which the broker lends cash to purchase securities.

EFT
(Electronic Funds Transfer)

This account has electronic funds transfer capability.

Checkwriting

The client has the ability to write checks against this account.

Qualified Plan

The account is an employer-sponsored retirement plan that qualifies for special tax treatment.

Policy tab

On the Policy tab enter the information for the following fields or check the box if it applies to the account.

Investment Policy

Enter a description of the overall investment policy for this account.

Reinvest Dividends

Check to reinvest equity dividends generated by the account.

Policy Date

Click in the Date Selector (or enter) the date on which the policy became effective.

Target Return

Enter the target rate of return for this account.

Investment Objective

Click the client’s investment goal for this account from the drop-down list.

Risk Tolerance

Click the level of risk the client finds acceptable.

Withdrawal Requirement

Click the age at which withdrawals must begin, or the client’s liquidity needs.

Allocation Stocks

Enter a range for the acceptable percentage of the account invested in stocks.

Target Stocks

Enter the desired percentage of the account invested in stocks.

Allocation Bonds

Enter a range for the acceptable percentage of the account invested in bonds.

Target Bonds

Enter the desired percentage of the account invested in bonds.

Allocation Cash

Enter a range for the acceptable percentage of the account invested in cash.

Target Cash:

Enter the desired percentage of the account invested in cash.

Reinvest Interest

Click the checkbox to reinvest interest income.

Reinvest Capital Gains

Click the checkbox to reinvest capital gains received on the account.

Cash tab

On the Cash tab enter the information for the following fields.

Cash Balance

Enter the amount of cash in the account.

Cash Balance High $

Enter the largest amount of cash acceptable in this account.

Cash Balance Low $

Enter the minimum amount of cash acceptable in this account.

Cash Balance Date

Click in the Date Selector (or enter) the date on which the cash balance was updated.

Cash Balance High %

Enter the largest amount of cash acceptable in this account as a percentage of the current account value.

Cash Balance Low %

Enter the minimum amount of cash acceptable in this account as a percentage of the current account value.

Account Mgmt tab

On the Account Mgmt tab enter the information for the following fields.

Account Website

Enter the URL used for online account management.

Rep Name

Enter the name of the person at the financial institution to contact regarding this account.

NOTE:  Recording the username and password for an online account is generally deemed to constitute custody by regulatory authorities.

Username

Enter the username used to manage the account.

Rep Phone

Enter the account representative’s phone number.

Password

Enter the password to manage the account.

Rep Email

Enter the account representative’s email address.

PIN
(Personal Identification Number)

Enter a PIN or secondary password for sites with multiple authentication factors.

Rep Fax

Enter the account representative’s fax number.

Routing Number

Enter the routing transit number for bank accounts.

Master Account

Enter the master account number assigned by the financial institution to aggregate client accounts.

Master account numbers are often assigned by custodians. It is a way for these custodians to group all advisor accounts together. When a custodian sends us a file it may contain multiple accounts. Some advisers have both discretionary and non-discretionary accounts. The custodian will assign separate master account numbers for each. That is to say, there will be a master account number for all discretionary accounts, and another master account for non-discretionary accounts.

Billing tab

On the Billing tab enter the information for the following fields, or check boxes if they apply to the account.

Billed Account

Click the checkbox if the firm will debit fees from this account.

Billing Policy Date

Click on the Date Selector (or enter) the date the billing policy was last updated.

Billing Policy

Enter a description of the policy applied to this account for billing.

Billing Exceptions

Enter any exceptions to the billing policy such as excluded positions.

Billed Amount

If the account is billed at a flat rate, enter the amount to be billed.

Billed Percent

If the account is billed on a percentage basis, enter the percent value.

Loan tab

On the Loan tab enter the information for the following fields.

Initial Amount

Enter the original amount of the account. In the case of a loan, this is the amount borrowed.

APR
(Annual Percentage Rate)

If the account is a loan, enter the annual percentage rate.

Maturity Date

Click on the Date Selector (or enter) the date the account comes due; e.g., if the account is a loan or CD.

Term

Enter duration of the loan in months.

Payment Frequency

If the account is a liability, click how often payments are made.

PMI
(Private Mortgage Insurance)

If the account is a mortgage, enter the private mortgage insurance amount.

Payment

Enter the monthly payment amount, total principal plus interest.

Misc tab

On the Misc tab, enter the information for the following fields.

APY
(Annual Percentage Yield)

If the account earns interest, enter the annual percentage yield.

Commission Schedule

If commissions apply to the sale of this asset, select the commission schedule.

History tab

On the History tab, enter the information for the following fields and check boxes that apply to the account.

Date Opened

Click on the Date Selector (or enter) the date the account was opened.

Source of Funds

Enter the source of funds for an investment such as inheritance, sale of property, or employment income.

Cost Basis Date

Click on the Date Selector (or enter) the date of the cost basis.

Cost Basis

Enter the original value or purchase price of an asset.

The purpose of the cost basis field is to hold a static cost basis for something that rarely changes in value; e.g., a piece of land, or for an apartment building. Cost basis for securities is dynamic, and should be maintained in a portfolio management system.

Original Owner

Enter the full name of the original account owner. This is especially important for inherited RMD accounts.

Original Owner Date of Birth

Click on the Date Selector (or enter) the date of birth of the original account owner.

Original Owner Date of Death

Click on the Date Selector (or enter) the date of death of the original account owner.

Closed

Click the checkbox if the account has been closed but is being saved for reference.

When an account is closed, update the Value in the Overview section to zero (0) and set the Value Date (in the Overview section) to the date the account was closed.

Date Closed

Click on the Date Selector (or enter) the date the account was closed.

Closed By User

Click the person who closed the account on the User Popup List View (displays upon clicking the Selection arrow) or the list of users matching the character(s) you enter.

Sub-panels/Related Information

Client sub-panels include:

Account Histories

Account Owners

Beneficiaries

Positions

Transaction Schedule

Transactions

Trustees

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