Writing one client change into every system that holds it
A client moves house. The address changes in the relationship system, because that is where the note was taken, and nowhere else. Statements keep arriving at the old address. The planning tool still models the former state of residence. The invoice carries a stale address. A marriage, a legal name change, a new trusted contact and a change of employer all behave the same way. One fact, a fixed set of destinations, and one destination that wants a signed form while every other one wants a field.
The account application comes back not in good order because of a missing initial, and the whole signature cycle runs again.
The custodian holds the assets and is the record. The advisory firm runs a relationship system alongside it, plus a portfolio and reporting system, plus a planning tool, and the same client identity is entered into each because there is no shared key between them.
- Wealthbox
- Redtail
- eMoney Advisor
- DocuSign
When this is the wrong thing to build
Pick something else if the practice runs one custodian and one system that already pushes demographics both ways. Propagation is worth building where the custodian form is the slow link, and even then the write has to be confirmed at the far end, because a queued form is not a completed change.
The constraint that shapes it
Books and records rules require preservation of communications relating to advice and recommendations, and to the movement of funds, in an accessible place, for a defined period with the earliest portion held locally. More on how this sector works.
One change of state, written everywhere it belongs, once. Read what this shape is, or start from one of these.
- Keeping a status change from being typed four times
- Closing a matter in every system that still holds it
- Retiring old equipment from every record naming it
- Writing one client change into every system that holds it
- Writing one staffing change into every system that grants access
- Keeping an endorsement change from being typed twice
- How do I update a client address at the custodian and the CRM?
- What has to be filed when a client changes a legal name?
- Where does a trusted contact get recorded for an advisory account?
- Why do client statements still go to an old address after a move?
- How do I keep household details consistent across four advisory systems?
Back to wealth management, or see how this is priced and scoped.