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 a Sole 401(k) account for a client.
First, you'll need to go to the client's Accounts page within Redtail, accessible under the Contact Overview menu:
Next, click the Add option in the top-right corner of the client's Accounts widget:
You'll then see the Add New Account window, which will allow you to select Sole 401(k) from the Type pulldown menu, as well as allowing you to fill out other relevant information about the account:
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.
- Product: this 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 Sole 401(k) from the pulldown menu.
- Tax Qualified: check this off if the account is Tax Qualified.
- Tax Qual(ified) Type: select 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/Strategy: this 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.
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:
Note for this particular Type of account (Sole 401(k)), we've also indicated the Asset Objective, though that is not necessary in order for the Asset to be reflected in the portfolio value.
After completion, click Add Asset. The value should then be reflected for the account and in the client's Portfolio Value:
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:
- 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.
To edit the General Information, simply click the Edit option. You can then add your data and save.
To add Account Beneficiaries, just click the Add option and you'll see the below:
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:
To make edits to or delete a beneficiary, just right-click the beneficiary and select one of those two options.
In most cases you would not need to use this section with Sole 401(k) accounts, but if you do, just click the Add option to enter a Rider Name, Face Amount, Anniversary and/or Reminder for the Rider.
This area is currently not active.
To edit the Payment Information, simply click the Edit option. You'll then see the below:
After completion for a Sole 401(k) account, this edit dialog might look like the below:
Click Save Payment Information to save your entries, at which point you'd see your changes reflected:
To make further edits, just click the Edit option in the top right corner of the section.
The Open Date will pull from the General Information section, if you entered an Open Date there. If you want to add any of these additional dates, simply click the Edit option and enter your dates.
To add a note in relation to the account, just click the Add option. You'll then see the below:
After entering your Note and selecting a Master Category for the Note, this dialog might look like the below:
After completion, click Save Note. This section would then reflect the Note you added to the Account:
The Note will also show up on the main Notes page for the client:
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:
Note the option to "Complete" the activity from this area as well.
Also note: when creating a new activity from elsewhere in the database (or when editing an existing activity), you can link those to a contact's account as well.
To the right of the main areas on a client's Account Details page, you'll see the Account Card:
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.
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:
For additional information on working with accounts in Redtail, please see the posts listed here.