What is in a Contact Profile?
Depending on your subscription level, your contact profiles include dashboards that breakdown your contacts' financial lives as well as actions you can take. All dashboards and actions are described below. Watch the below video to learn what a client profile entails.
This dashboard will show you which of your contact’s accounts are assets and liabilities. If they do not have any accounts listed, use the + Add Account button to add accounts. Notice that advisers can only add property, insurance, and manual accounts. Your contacts can use the Link your account option in their dashboard to aggregate accounts directly from their institutions. The History chart will display the contact’s overall net worth performance over time. Use the date range tools to isolate particular areas of time to see how their net worth performed. At the bottom of the page you can toggle over to see which sub categories of assets and liabilities their accounts fall under.
Click on the triangle shaped button to expand on the sub category to see which accounts are classified under the sub type. Asset accounts can be classified as cash, property, or investments. Liabilities can be classified as credit cards or loans. Each account will show the account name, the type of account it is, today’s balance, and day change. Day change represents the amount each account has changed in value and percentage day by day. Net worth total is a valuable way for you to see what property your clients and prospects own and the amount of debt they have. By knowing these facts, your clients and prospects can have the confidence that you can make customized recommendations suited for their situation.
The Investments Dashboard will show you how many investment accounts your client or prospect has, the total balance for all their investments, and the combined day change value and percentage. Day change indicates the total amount of percentage their investment accounts went up or down from one market day to the next.
The dashboard provides you the most up-to-date account data possible. Typically you will see the previous market day’s closing value the day you login to view your client or prospect’s investment activity. In other words, when you login on a Tuesday morning, you are typically viewing Monday’s closing information. The Asset Allocation chart provides a global breakdown of what asset classes all of their investment portfolios fall into. This breakdown will allow you to understand their overall investment picture and the type of assets their money is invested in, helping you see if their assets are invested to your recommendation.
The Performance chart will display the contact’s overall investment performance over time. Use the date range tools under the chart to isolate particular areas of time to see how their investments performed. The very bottom of the page shows each account individually. Not only will you see the investment accounts you manage, but also any investment accounts they added with the + Add Account feature.
You can add more by pressing the + Add Account button. Notice that advisers can only add property, insurance, and manual accounts. Your contacts can use the Link your account in their dashboard option to aggregate accounts directly from their institutions. If you do not see the investment account(s) you managed, be sure to ask your Firm Admin to connect those accounts to the client profile. You can see each individual investment accounts’ balance and day change. If you click the triangle shaped button you can expand to see the holdings that make up their investment account including the holding names, symbols, amount of shares, value of combined shares, and the day change for each holding.
The accounts page is where you can see all your contact’s added accounts. Specifically, the accounts the added with the Link your account option that creates a feed from the institution to the dashboard. Those these accounts map to their respected dashboards, this allows you to see them all in one place and perform needed maintenance such as updating the account type, monitoring the account balances, and verifying the last time the accounts were updated by the aggregator. The reason you have the ability to update the account type is because the aggregator sometimes send the account with the wrong account type.
The vault is designed your clients and prospects to store and secure essential documents. Depending on your subscription, you can access these documents and help your contacts create folders, organize and even upload files that you share want to share with them. You can upgrade to access this feature from within the dashboard. Once you are in the vault, click the + Add button. You will have two options: File Upload or New Folder. If you press File Upload, the files will be saved to that client’s vault but not in a folder. Click New Folder to add a folder. Name the folder something that makes it clear to identify by your client. For example, if it’s a folder where you want to store all their tax documents for the year 2017 name the folder “Tax Documents 2017”.
Once you name the folder, you cannot go back to rename it so be sure to name it correctly the first time. You will have to go back and press the garbage can icon to the far right of the folder name to delete and create one with the name you prefer. Keep in mind your clients and prospects may store files and create folders that they do not want to share with you. If your client or prospect ever reports that they shared a document with you but you cannot see it, make sure that they have shared it with you. They will see a person icon populate next to the folder to help them identify if a document or folder has been shared with you. Now click the folder. Once you are in the folder, click the + Add to upload a file into the folder. You can use the middle action item to redownload the document. You can also click the document to view it.
The Cash Flow dashboard shows the credits coming in and the debits going out for “spending” accounts such as checking and credit cards, as well as savings accounts to help measure what the contact is taking in and out of savings. This dashboard should allow you to understand how your contact spends and saves. If they do not have any accounts listed, use the + Add Account button to add accounts. Notice that advisers can only add property, insurance, and manual accounts. Your contacts can use the Link your account option in their dashboard to aggregate accounts directly from their institutions. Use the chart to breakdown their spending patterns within 30 days, 12 weeks, 6 months, and the maximum time period presented. At the bottom of the page you can see the accounts listed and expand to see the transactions themselves.
Your users have the ability to add goals from within their dashboard for matters like retirement, college savings, special events, and buying a home. Watch the below video to learn how your clients create goals.
You can view these goals and create them for the customer depending on your subscription. You can upgrade your subscription within the dashboard to unlock this feature. The dashboard will use a needs based calculation to tell your contact what they need in funds to obtain their goals. Click here to see the equations and variables within the dashboard used to calculate the need calculation. Depending on your subscription, you may also be able to see these goals. If not, you can upgrade to access this information. The Goals Dashboard shows you the total amount of goals your contact has, how much they have toward their goal, how much they need, and the percentage of how far along for completing all of their goals (excluding life insurance goals). When you hover over each goal, you will see the specifics of what they have saved toward each goal, what they need to fulfill it, and the percentage of how far along they are to completing that goal.
The today line represents today’s date. Any time a goal’s bar is filled to the today line, your contact is on track as of today for meeting their goal. Any time a goal’s bar is not filled up to the today line, they are off track. This would indicate a need of more accounts to be assigned to the goal. Any time a goal’s bar is filled past the today line, your contact is technically over track and could reallocate accounts to other goals. This is a great time to communicate with your client or prospect on what they could do differently to get the most out of their funds as it pertains to their goals. The goals are also ranked by priority. If you do not see any goal information, you can use the + Add Goal button to add goals for your contact. It’s also important as an advisor to be able to explain how the need is value is calculated. The below section reviews how each goal type is calculated.
The Insurance Dashboard is where all your contact’s insurance policies are tracked. The Overview tile gives you a summary of how many insurance policies they have among life, long term care, and long term disability. When you scroll down to Policies, you can see the policies listed and click into them to obtain the specifics added by the client or prospect. If there are no policies you can use the + Add Insurance button to add their insurance policy information. The Coverage chart shows the amount of life insurance your contact needs versus what they have. Projecting life insurance need helps your clients and prospects plan for the “just in case.”
Take yourself as an example. What if you were to unexpectedly pass away? Would your family have enough to get by without your provided income? The life insurance goal calculates the amount your family would need for your annual income to be replaced in the event that you unexpectedly aren’t able to provide that income from your current age to the age you plan to retire. For example, if you are 40 today, have a retirement goal for 50, and you make $85,000 annually, the insurance goal calculates how much you need to replace $85,000 annually over the next ten years. The age your client or prospect sets for their retirement goal in their dashboard is used for the retirement age in the insurance goal. If your client or prospect has not set a retirement goal in their dashboard, then the end date defaults to 60. All life insurance policies added to the contact profile apply toward the have amount displayed in the chart.
Liquidity position is an important aspect of your contacts' financial lives. Liquidity describes the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset's price. In other words, if you withdraw money from an account, you will not suffer a penalty or fee. Accounts that are considered liquid are checking accounts, saving accounts, and brokerage accounts. It's up to you on what to recommend, but typically a certain amount of income is recommended to be in liquid accounts for day to day spending, in the case of an emergency, and if your contact loses their job. Some advisers recommend a percentage of income or 3 months, 6 months, or 12 months.