Introduction
It is simpler to handle a client's investment portfolio when all of their family's investments are linked together under a family head. Creating a Family of the Clients allows financial advisors to link multiple clients as a family, providing them with a collective view of their holdings, transactions, and reports. In this article, we will walk you through the steps to create a family of clients.
Why You Should Create a Family and Assign a Family Head?
Organising clients into a family structure provides a comprehensive view of their collective investments, making financial planning more effective. Here’s why creating a family and a family head is beneficial:
Invest On Behalf of Family Members
Create Goals for Family Members
Consolidated Portfolio View
Efficient Financial Planning
Consolidated Report View
Centralised Management with a Family Head
How to Create a Family and Assign a Family Head:
There are two ways to assign a family head
From the Client's Menu
From the Duplicate Finder Menu
Create Family from the Clients Menu:
The Clients Menu helps you manage all your clients' profile details. You can view your clients' list, navigate to their portfolio, and perform various actions
Actions that can be performed here are -
Creating a Family
Assigning a Relationship Manager or Sub-Broker
Enabling/Disabling online transactions
Enabling/Disabling lock profile
Activate/Deactivate Login
Path: Go to Broker Dashboard > Clients
Here, you can view the list of all clients.
Search and select the investors that need to be grouped.
Select "Set Family Head" from the Action dropdown.
Now, select the investor you want to assign as the Family Head, then click on the Apply button at the top right of the table.
Once Yes is clicked, the selected investor will be assigned as the Family Head, and the other investors will be grouped under them.
Visual Walkthrough:
Create Family from the Duplicate Finder Menu:
This is useful when you want to search for a group of investors using different parameters and assign a Family Head among them.
Path: Go to Broker Dashboard > Data Management > Duplicate Finder
Here you will see a list of different parameter types.
After selecting a parameter, click Apply.
A list of all clients will appear and be grouped according to the selected parameters.
For example, after selecting Mobile Number as a parameter, a list will be created with different groups of clients having the same phone number.
Select all the clients for which the action needs to be performed.
After selecting all the clients, a Proceed button will appear. Click Proceed to continue.
After clicking Proceed, the next screen will appear, where you will see the option "Choose Action."
From the drop-down menu, select the "Set Family Head" option.
After selecting "Select Family Head," choose one client to assign as the family head. The rest will be grouped under the selected client.
Click the Apply button after selecting the client name.
A confirmation pop-up will appear. Click "Yes" to complete the action, and your request will be processed.
Set Family Head in Bulk from Duplicate Finder
Use the Bulk Action Mode to set the Family Head for multiple clients at once. This saves time by assigning family heads in one go.
After the Duplicate Clients List is generated, turn the Bulk Action Mode toggle button to Yes.
After the Bulk Action Mode is enabled, the checkboxes will change to radio buttons.
Select one client from each group to assign as the Family Head. Once selected, the "Set Family Head" button will appear.
Click on "Set Family Head" and then click "Apply."
After clicking "Apply," a pop-up will appear, and your request will be processed shortly.
