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How do I manually add an account to a contact record that doesn't match one of the default Account Types?

Whether you use an account aggregating service or not to feed account data into your CRM, there may be times where you need to manually enter an account for one of your clients.  In this post, we'll take a look at adding an account with a Type of "Other" for a client.  You might need to do this if the account you want to add does not have a corresponding Account Type within Redtail CRM.

In this post, we'll complete all available account fields, just as an example of how to do so, since we cannot predict what actual Account Types you may use the "Other" designation for.  Information entered in one section may have no relation to information entered in another because of this.

First, you'll need to go to the client's Accounts page within Redtail, accessible under the Contact Overview menu:

 

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Next, click the Add option in the top-right corner of the client's Accounts widget:

 

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You'll then see the Add New Account window, which will allow you to select Other from the Type pulldown menu, as well as allowing you to fill out other relevant information about the account:

 

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Let's take a look at each of these fields.  By default, the only two fields that are pre-populated are the Type and Status fields (both of these can be changed).

  • Account Number: this is a freeform field to accomodate whatever account number you may need to enter
  • Company: this is a freeform field.  If, however, the company you are entering is already entered as the company on another account within your database, you should see it pop up as an option as you are typing in your company name.
  • Productthis is a freeform field.  If, however, the product you are entering is already entered as the product on another account within your database, you should see it pop up as an option as you are typing in your product name.
  • Type: select Other from the pulldown menu.
  • Tax Qualified: check this off if the account is Tax Qualified.
  • Tax Qual(ified) Typeselect the Tax Qualified Type from the pulldown menu, if applicable.
  • Discretionary: check this off if applicable.
  • Managed: check this off if applicable.
  • Manager: this is a freeform field you would want to complete if you check off the Managed box above it.   If the manager you are entering is already entered as the manager on another account within your database, you should see it pop up as an option as you are typing in your manager name.
  • Model/Strategythis is a freeform field.  If, however, the model/strategy you are entering is already entered as the model/strategy on another account within your database, you should see it pop up as an option as you are typing in your model/strategy name.
  • Status: your options here are Open, Closed, Pending or Under Review.
After completion, this Add New Account window might look like the below:

anao.png

Just click Add Account to attach it to the client record.  You'll then see it reflected in their Accounts section:


aao.png


There are many other pieces of individual account data that you can enter, either by double-clicking the row that contains an account, or right-clicking that row and selecting View Account Details.  Either way you'll then see the Details page for the account, divided into several sections that you can populate with relevant data.  Let's look at each of these sections below, noting that not all fields in these sections will necessarily apply to every available account Type.  Sample data will be entered for all fields for the Account Type of "Other" here, though you can certainly utilize whichever fields you choose:


Account Assets


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Note that the Balance for this manually added account is currently empty — this will always be the case for manually added accounts, but this area provides you with the opportunity to add a value which will be reflected in both the individual client's portfolio value and in the overall AUM for your database.

To do so, click Add.  You'll then see the below dialog:

There are five fields you will need to complete here for the value to show up for the account — those fields are highlighted above.

Asset Name: whatever you want to use here
Share Balance: 1
As of: Use today's date
Share price: account value
As of: Use today's date

Here's an example of a completed version of the Add New Asset dialog:

 

anaot.png

 

After completion, click Add Asset.  The value should then be reflected for the account and in the client's Portfolio Value:

 

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Note: as this is a manually added account, the Asset's value will require manual updating as necessary.

You'll see three options when right-clicking an Asset here:

 

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  • Edit Asset - this option will bring up the same dialog that you see when adding an asset, displaying the information you've already entered and providing you the opportunity to edit that information.
  • Delete Asset - this will allow you to delete an Asset for an account.
  • Show in Google Finance - if you've entered a Symbol for an asset, this will take you to that corresponding stock's information on Google Finance.


General Information

 

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To edit the General Information, simply click the Edit option.  You'll then see the below:


edit_general_information_1.png


After completion for an "Other" Account, this edit dialog might look like the below:


egio.png


Click Save General Information to save your entries, at which point you'd see your changes reflected:


gio.png


To make further edits, just click the Edit option in the top right corner of the section.


Coverage Information


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To enter any desired Coverage Information, just click the Edit option, enter your data and save.


Ownership Information


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To edit the Ownership Information, just click the Edit option and you'll see the below:


editownershipinformation.png


After completion for an "Other" Account, this edit dialog might look like the below:


eoio.png


Click Save Ownership Information to save your entries, at which point you'd see your changes reflected:


oioa.png


To make further edits, just click the Edit option in the top right corner of the section.


Account Beneficiaries


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To add Account Beneficiaries, just click the Add option and you'll see the below:

 

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The Name and Percentage fields are freeform fields.  From the Type dropdown menu you can select Primary or Contingent for each beneficiary you add.  After adding each beneficiary, click Save Beneficiary Information and you'll see your information reflected on the page.  You will need to click the Add option to add each desired beneficiary.  Below is an example of what this section might look like after you are done:

 

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To make edits to or delete a beneficiary, just right-click the beneficiary and select one of those two options.   

Account Riders


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To add a Rider, just click the Add option and enter a Rider Name, Face Amount, Anniversary and/or Reminder for the Rider.  After completion, this might look like the below:


aroa.png


Account Agents

This area is currently not active.

Payment Information


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To edit the Payment Information, simply click the Edit option.  You'll then see the below:


edit_payment_information_template_2.png


After completion for an "Other" Account, this edit dialog might look like the below:


epio.png


Click Save Payment Information to save your entries, at which point you'd see your changes reflected:


pio.png


To make further edits, just click the Edit option in the top right corner of the section.

Important Dates


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To add Important Dates, just click the Add option and enter any that apply.  The Open Date will transfer from the General Information widget if you've already entered it there.  After completion, this might look like the below:


ido.png

Account Notes


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To add a note in relation to the account, just click the Add option.  You'll then see the below:

 

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After entering your Note and selecting a Master Category for the Note, this dialog might look like the below:

 

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After completion, click Save Note.  This section would then reflect the Note you added to the Account:

 

anotesoa.png

 

The Note will also show up on the main Notes page for the client:

 

binotesoa.png 

Account Documents


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You can link documents that you upload to a client's CRM Document Storage to individual accounts attached to their record.  Once you've uploaded a document in that area, if you right-click the document, you'll see the option to "Edit Document."  If you click that option, you'll then see the below dialog:


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If you then click the arrows in the Account box, you'll see all accounts attached to the record.  Click the account you want to link the document to and then click Update Document.  You can then return to the Account Details page for the account and you'll see this document listed in the Documents section for the account:


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Note the three columns here:

  • Document Name — this displays the document filename, along with options to Download the document or remove its link to the account (which would remove it from this page but not from CRM Document Storage).
  • Category — this displays the Master Category designated for the document.
  • File Size/Date Added

Account Activities


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If you need to create an Activity associated with this account, just click the Add button here.  You'll then see an Add New Activity dialog, already linked to the account.  Just complete any relevant details and then click Save Activity.  An example of an activity attached to this account might then look like the below:


aactpif.png


Account Card

To the right of the main areas on a client's Account Details page, you'll see the Account Card:


acoa.png


The <Back to Accounts link takes you back to the client's main Accounts page.

The Account dropdown box will allow you to access Account Detail pages for any of the accounts attached to the client record.

The remaining fields here display information from the initial data entry screen for new accounts.

Contact Card

Also to the right of the main areas on a client's Account Details page, you'll see their Contact Card, which will allow you to quickly retrieve their contact info if necessary when viewing account details:


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For additional information on working with accounts in Redtail, please see the posts listed here.

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