Trust Accounts

How_to_Handle.jpg

Observation:

Being an effective financial advisor requires having a comprehensive knowledge of all forms of assets a client or prospect owns or may own in the future. This oftentimes includes assets in a Trust Account. Thankfully, Redtail has an intuitive way of adding trust accounts and linking them to all parties involved.

Directions:

1. Hover over Quick Add, click "Contacts", and choose the contact Type "Trust".

Screen_Cast_2021-07-19_at_11.26.10_AM.gif

2. Enter the contact information and details for your Trust. When complete, click "Save Trust" at the very bottom of the screen. Screen_Cast_2021-07-19_at_11.29.48_AM.gif

*Redtail Trainer Recommendation*

Consider adding statuses or categories to your database that are specific to trust accounts. This will help later when running advanced searches in your database for trust accounts. For assistance adding statuses or categories to your database, review the following resources:

Can I add additional Contact Statuses to my database?

Can I add additional Contact Categories to my database?

Recommendations for segmenting your contacts using Status and Category

3. Add Membership Options to your database specific to Trust records

Note: You must be a Database Admin to create Membership Options for your database.

Screen_Cast_2021-07-21_at_10.53.29_AM.gif

*Redtail Trainer Recommendation*

Here are the two Membership Options that Redtail Trainers would recommend adding to your database for linking an Individual contact to a Trust contact via Memberships:

mceclip0.png

mceclip2.png

4. Open Memberships and add any contacts that have relationships to the trust

Screen_Cast_2021-07-21_at_10.42.33_AM.gif

*Redtail Trainer Recommendation*

Membership options between trusts and individual contacts are different than those you use to link individual contacts to other individual contacts. It is likely that you will need to create membership options specific to trust type contacts. For more information about adding in Membership Options click HERE.

5. Add assets to the Trust using Accounts

Screen_Cast_2021-07-21_at_10.56.49_AM.gif

6. Add in the assets for the Accounts by going to the Account Details Page

Screen_Cast_2021-07-21_at_10.59.56_AM.gif*Redtail Trainer Recommendation*

Sometimes you will need to enter in assets that do not have shares, such as adding in a cash balance. For those instances, enter in the shares value as 1 and use the price field to indicate the value of the asset. Likewise, you can also enter in the value of the account by using the field "Face Value" located in the General Info box under Account Details. Note that Face Value will appear under the Accounts Section of the Trust Account but will not be calculated toward the Trust Portfolio Balance.

blobid0.png

7. Link Accounts in the Trust to its owner's contact record using "Joint Owner"

Screen_Cast_2021-07-21_at_11.10.06_AM.gif

Why add contacts as Joint Owner?

Adding a joint owner to the accounts in the Trust gives you the best of both views: a view of the account from the Trust's contact record and a view of the account from the Individual's contact record. If you are having trouble viewing a joint account on an Individual's contact record, be sure that the account options are set to "Show Non-primary Joint Accounts". Click HERE for more information.

8. Add other important trust details using User Defined Fields

Screen_Cast_2021-07-21_at_11.20.21_AM.gif

For assistance creating User Defined Fields for your database, review How do I add new User Defined Fields to my database?

Result:

Keeping track of Trust contacts in your database will help you maintain a comprehensive knowledge of all forms of assets a client or prospect owns or may own in the future. This will ultimately lead to a better client experience and higher client satisfaction.

Download a PDF version of these instructions below! 

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments

Powered by Zendesk