Householding and Relationship Groups are a great feature of FSC as it gives you the ability to associate more than just family members to a household. One of the biggest challenges that advisors and bankers face is keeping the business when assets get passed from one generation to the next. If you don’t know your client’s kids, chances are high that they will work with someone else when they are in a position to invest and/or inherit.
Within FSC, there is a very robust householding feature where you can associate many people to a household. Naturally, the parents and kids would be associated, but what about an aunt or grandfather? For each person associated to the household, you are able to determine who is the primary head of the household and whether the household they belong to is their primary household. What this allows you to do is to associate more people to a household and better understand the relationship between each person. For each member, you can specify what information rolls up to the household. Should each person’s financial accounts roll up? What about the open and completed activities? You may have an aunt that lives with your client, but her financial accounts should not roll up. FSC provides this capability.
Additionally, you are able to designate for the household, or for each member of the household, the names of their CPA, lawyer, etc. In setting up these relationships, you can use reciprocal roles to define that Fred Smith is your lawyer and you are his client. By doing this, you then have the capability to look at Fred Smith’s record and see all of his clients.
With every contact, you have the ability to associate them to more than just the household. Your contact could work at a company, be on the board of a non-profit, and volunteer time for a charity. This gives you the ability to see all of the touchpoints that you could have with your client to build more meaningful relationships.