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 all of the available fields when adding an account. Dependent upon the Type of account you are adding, not all of these fields will be necessary or available for all Types of accounts.
We'll complete all available account fields, just as an example of how to do so, since we cannot predict what actual Account Type you may be adding. 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 from the Left Menu Bar when within a contact record:
Next, click the Add Account option in the top-right corner of the client's Accounts page:
You'll then see the Add Account modal:
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 accommodate 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: click inside this box to select from available options. If you don't see the Type you are looking for, you can select Other.
- Manager: this is a freeform field you would want to complete if you check off the Managed box above to the right of this field.
- 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.
- Tax Qualified: check this off if the account is Tax Qualified.
- Tax Qualified Type: select the Tax Qualified Type from the menu when clicking inside this box, if applicable.
- Discretionary: check this off if applicable.
- Managed: check this off if applicable.
- Held Away: check this off if applicable.
Account Assets
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:
There are two fields you will need to complete here for the value to show up for the account — those fields are highlighted above.
Shares: enter "1" (or the actual number of shares)
Price: enter the account balance (or the actual price per share)
Those are the only fields required to add a Balance for the manually added account. Of course, you may have information for all of the available fields.
Here's an example of a completed version of the Add Account Asset dialog:
After completion, click Add Account 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 several options when clicking the Actions menu for an Asset here:
- Edit — this option will bring up the same modal that you see when adding an asset, displaying the information you've already entered and providing you the opportunity to edit that information.
- Delete — this will allow you to delete an Asset for an account.
- AdvisoryWorld: Generate factsheet — access to generate a complementary Advisory World Fact Sheet for the asset.
- Morningstar: Morningstar Report (HTML) and Investment Detail Report (PDF) — access to these reports from Morningstar where applicable.
Basic Information
This area displays the information you entered when adding the account. You can click "edit" in its upper right corner to update any of that info.
Beneficiaries
To add Account Beneficiaries, just click the Add option and you'll see the below:
The Name and Percentage fields are freeform fields. If you click inside the Beneficiary Type box, you can select Primary or Contingent for each beneficiary you add. After adding your information, click Add Beneficiary 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 click the beneficiary's name.
Account Riders
To add a Rider, just click the Add option and enter a Rider Name, Face Amount, Anniversary and/or Reminder Date for the Rider:
After completion, this might look like the below:
Account Agents
To add an Account Agent, click the Add button, where you can then enter Agent Name, Number and Type, as well as indicating whether they are the Primary Agent:
After completion, this area might look similar to the below:
You can click the Agent's name to edit or delete the Agent.
Ownership Information
To edit the Ownership Information, just click the Edit option and you'll see the below:
Enter your desired information. Note that the Owner, Joint Owner, Insured and Insured 2 fields are search fields. If you begin typing a contact name, you should see options pop up that match what you've typed to that point. In order to enter a name in these fields, they must have a contact record within your database.
After completion, your Ownership Information section might look similar to the below:
To make further edits, just click the Edit option in the top right corner of the section.
Strategic Allocation Model
To edit the Strategic Allocation Model, just click the Edit option and you'll see the below:
Enter your desired information. Note that when clicking inside the Objective, Time Horizon and Risk Tolerance boxes you'll see your available choices. You can make new Objectives available so that they will show up here - see this post for details. For the remaining fields, you can simply type in a number of years.
After completion, your Strategic Allocation Model section might look similar to the below:
To make further edits, just click the Edit option in the top right corner of the section.
Account User Defined Fields
If a field you want to track for your accounts is not one of the available fields in Redtail, you can add your own Account User Defined Fields. To learn how, click here. Once you've added a field or fields in that area, they will be available to choose from when clicking Add in this area:
Then, after selecting your desired field, you can select the appropriate value:
After selecting your field and value and clicking Add Account UDF, this section might look similar to the below (but based upon your database's account UDFs:
To make edits to or delete an account UDF, just click the Actions menu to the left of its name.
Best Interest Dates
To add Best Interest Dates, just click the Add option and enter those dates when you have them:
After Form CRS has been delivered and signed, this section might look like the below:
Note: these two fields can updated in bulk for selected accounts from your Accounts by Contact Report. They can also be included as fields in any Custom Exports you create.
Account BICE Dates
To add Account BICE Dates, just click the Add option and enter any that apply:
The Next Due Date will fill automatically based upon the Date Signed you enter. After completion, this section might look like the below:
Account Dates
To add Account Dates, just click the Edit option and enter any that apply:
The Issue Date will transfer from the General Information widget if you've already entered it there. After completion, this section might look like the below:
General Information
To edit the General Information, simply click the Edit option. You'll then see the below:
After completion the General Info section for the account might look similar to the below:
To make further edits, just click the Edit option in the top right corner of the section.
Coverage Information
To enter any desired Coverage Information, just click the Edit option, enter your data and save. When done, this might look similar to the below:
Note: if the Product Type for an account is a form of insurance, you will see some additional fields in the Coverage Information section, such as "Age At Insured" and/or "Length of Term."
Payment Information
To edit the Payment Information, simply click the Edit option. You'll then see the below:
After completion this section might look similar to the below:
To make further edits, just click the Edit option in the top right corner of the section.
Account Activities
If you need to create an Activity associated with this account, just click the number displayed in the Activities area of the Other section. You'll then see the Pending Activities area for the account:
Click Add Activity there, enter any relevant details and save the Activity.
You'll then see that the Activities box in the Accounts Other area will reflect the new activity in terms of the number of total activities displayed there. Again, you can click the number to see all Pending Activities for the account.
Account Notes
If you need to add a Note for this account, just click the number displayed in the Notes area of the Other section. You'll then see any other Notes tied to the account (if any):
Click Add Note there, enter your Note and save it. You'll then see the Note displayed. If you return to the Details page for the account, you'll also see this new note reflected in the number under Notes in the Other section, and can click that number to see the actual Note (as well as any others linked to the account).
Account Documents
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, you can select the Actions menu for the Document to link it to an existing account for the contact. Or, you can click the number in the Documents box shown above and follow the same procedure shown in that link to upload a document. Using either method the document will then be linked to the account and represented by a number shown in this box. You can then click that number to see all documents currently linked to the account and use each Document's Actions menu to download the document or unlink it from the account.
Transactions
To add a Transaction for an account, click the Add option in this section's upper right corner. You'll then see the below:
After completion this section might look similar to the below:
To add further transactions, just click the Add option in the top right corner of the section.
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