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Households Overview

Households functionality allows financial advisors to organize clients into family-based groups for comprehensive financial planning and management.

What are Households?​

Households are organizational units that group related clients together under the management of a single advisor. This structure helps advisors:

  • Organize families by grouping spouses, children, and extended family members
  • Streamline planning by managing family finances as a cohesive unit
  • Improve coordination through family-based financial strategies
  • Enhance reporting with household-level analytics and insights

Key Features​

Household Management​

  • Create Households: Set up new households with descriptive names and purposes
  • Edit Households: Modify household information, advisor assignments, and status
  • Delete Households: Remove households when they're no longer needed (with proper warnings)
  • Household Status: Activate or deactivate households as needed

Client Organization​

  • Add Clients: Assign clients to appropriate households
  • Remove Clients: Move clients between households or remove them entirely
  • Client Lists: View all clients assigned to each household
  • Client Search: Find specific clients within households

Advisor Assignment​

  • Single Advisor: Each household is managed by one advisor
  • Advisor Changes: Reassign households to different advisors as needed
  • Advisor Information: View advisor details and contact information

Household Structure​

Household Properties​

  • Name: Unique identifier for the household
  • Description: Additional context about the household's composition
  • Advisor: The advisor responsible for household management
  • Status: Active (operational) or Inactive (archived)
  • Creation Date: When the household was established
  • Client Count: Number of clients assigned to the household

Household Relationships​

  • One-to-Many: One advisor manages multiple clients within a household
  • Client Assignment: Clients can be assigned to one household at a time
  • Household Isolation: Households operate independently of each other

Use Cases​

Family-Based Organization​

Group family members together for comprehensive financial planning:

  • Nuclear Families: Spouses and dependent children
  • Extended Families: Multi-generational households including grandparents
  • Blended Families: Step-families and complex family structures
  • Single-Parent Families: Single parents with dependent children

Life Stage Organization​

Organize households by life stage and financial needs:

  • Young Families: Newly married couples starting their financial journey
  • Growing Families: Families with children requiring education planning
  • Empty Nesters: Couples whose children have left home
  • Retirement Households: Seniors planning for or in retirement

Wealth-Based Organization​

Group households by wealth level and service needs:

  • High-Net-Worth Households: Families requiring specialized wealth management
  • Middle-Income Households: Families with standard financial planning needs
  • Emerging Wealth Households: Families building their financial foundation
  • Legacy Households: Multi-generational wealthy families

Benefits​

For Advisors​

  • Better Organization: Structured approach to family-based client management
  • Improved Efficiency: Streamlined processes for family financial planning
  • Enhanced Focus: Dedicated attention to specific household needs
  • Clearer Responsibilities: Defined scope for each household relationship

For Clients​

  • Unified Planning: Comprehensive family financial strategies
  • Coordinated Service: Advisors focused on household-level goals
  • Better Communication: Family-based communication strategies
  • Improved Experience: Organized and efficient family service delivery

For Organizations​

  • Scalable Structure: Framework that grows with family relationships
  • Performance Tracking: Household-based metrics and analytics
  • Resource Allocation: Efficient distribution of advisor resources
  • Quality Control: Consistent service standards across households

Getting Started​

Prerequisites​

  • Households Permission: Access to households functionality
  • Advisor Role: Must be an advisor to manage households
  • Client Access: Ability to view and manage clients

First Steps​

  1. Create your first household with a clear family focus
  2. Add clients to the household based on family relationships
  3. Review household details to ensure proper setup
  4. Edit household information as needed for optimization

Best Practices​

Household Design​

  • Clear Purpose: Define specific family goals for each household
  • Appropriate Size: Balance household size with advisor capacity
  • Logical Grouping: Group clients with genuine family relationships
  • Flexible Structure: Design households that can adapt to family changes

Household Management​

  • Regular Reviews: Periodically assess household composition and effectiveness
  • Client Movement: Move clients between households as family relationships evolve
  • Advisor Assignment: Ensure advisors have appropriate expertise for their households
  • Status Management: Use inactive status instead of deletion when possible

Documentation​

  • Household Descriptions: Provide clear descriptions of household composition
  • Naming Conventions: Use consistent naming patterns for households
  • Change Tracking: Document significant changes to household structure
  • Performance Notes: Record observations about household effectiveness

Integration with Other Features​

Assessments​

  • Households can be used to organize family assessment workflows
  • Household-based assessment reporting and analytics
  • Streamlined assessment management for family members

Goals​

  • Household-based goal setting and tracking
  • Shared goals across household members
  • Household performance metrics related to goal achievement

Vision Statements​

  • Household-level vision and mission statements
  • Aligned family vision statements within households
  • Household-based vision tracking and reporting

Support and Resources​

Documentation​

Getting Help​

  • Contact your system administrator for permission issues
  • Refer to the troubleshooting sections in individual guides
  • Use the in-app help features for context-specific assistance

Future Enhancements​

The Households functionality continues to evolve with planned improvements:

  • Advanced Analytics: Household performance metrics and insights
  • Bulk Operations: Efficient management of multiple family members
  • Household Templates: Pre-configured household structures for common family types
  • Collaboration Features: Enhanced household-based communication tools
  • Integration Improvements: Better connectivity with other system features