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Use Household Solution for Unified Financial Relationship Management
Discover how Household Solution features work in harmony to provide real-time financial insights and a simplified administrative experience.
Use Case: The Parker Household Wealth Transition
A financial advisor wants to ensure that when John Parker retires, the firm retains the family's assets as they transition to his daughter, Lily, while also managing the family’s current complex debt and investment needs.
- Establish a single source of truth: The financial advisor creates person account records for John, Mary, and their daughter Lily. Using group memberships, they are linked into the Parker Household. This allows the system to treat them as separate accounts for privacy, but a single unit for strategy.
- Navigate the household ecosystem: Using the Actionable Relationship Center (ARC) feature, the financial advisor can see more than just the Parker family. They see that John’s Business Account (Parker Consulting) and his Lawyer (David Green) are all connected. This visual map prevents the financial advisor from asking redundant questions and reveals that David Green is a center of influence for other potential clients.
- Track life's transitions: On the client’s profile, Life Events and Milestones act as the
financial advisor's radar.
- John's Milestone: Future retirement planning triggers a discussion on the investment strategy to ensure long-term financial readiness.
- Lily's Milestone: College Graduation triggers a First Investment conversation, preventing her from taking her future wealth to a competitor.
- Capture Institutional Memory: The financial advisor holds a Family Estate Strategy meeting. Using Interaction Summaries, the financial advisor logs the meeting notes. They record that John wants to prioritize Lily’s ROTH IRA. Because these summaries are linked to the Household, any other associate in the firm can step in and understand the family’s goals without a briefing.
- Derive financial insights: Using record rollup and summary rollup data, the financial advisor can see big financial picture for Parker household. As soon as John’s Investment Account gains value, that win is rolled up to the Parker household level.
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