Working with Wealth Management

This chapter provides overviews of the Wealth Management component, household relationships, products of interest, and clients at risk, and discusses how to:

• Manage households.

• Manage products of interest.

• Manage clients at risk.

Understanding the Wealth Management Component

PeopleSoft Enterprise Client Management enables you to:

• Create and manage households.

• Create and manage products of interest.

• Maintain and track clients at risk.

Understanding Household Relationships

A household is an association of related persons (consumers). Every client is an individual person (consumer) in the system. Household is a type of business object and it is a relationship category as well. You establish household relationships on the Client Summary tab or Relationships tab of the Client component. A household is an organization business object. It extends the Organization class of the revised Business Object Relationship Model and Customer Data Model Application Class Hierarchy.

Three major steps are required to manage the Household object in PeopleSoft Enterprise CRM:

• Configure PeopleSoft Enterprise CRM to recognize the Household object .

• Extend the Organization application class to manage the Household object.

• Enable the Business Object Search feature to quickly look up Household objects.

  Note. In PeopleSoft Enterprise CRM Client Management , the Household is not available in the BO search, nor allowed to interact with other transactions.

Modeling a Household

Relationships in the Household category are different from other relationships. Not only is the client related to the other household members; the other household members are all related to each other. This reciprocity is not necessarily true for the other relationship categories. For example, Bob is related to his attorney and to his accountant, but there is no implication that the attorney and the accountant are related. To solve this complexity, relationships are established between the household and the members, not among the members themselves.

The client focus can be changed from one household member to another without having to create the household relationships again. This complexity is hidden from the user. After a client record has been created, if the financial advisor (FA) accesses the Relationships tab and selects the Household category for a new relationship, the system creates a Household object automatically in the background.

You can also create Household objects manually.

Understanding Products of Interest

This section provides an overview of products of interest.

Products of Interest

A product of interest may or may not be from the institution with which the FA is associated. It is a product in which a client has expressed interest, whatever its association. A product of interest can be created from either the Client component or from the Person component. Any FA can enter any client's product of interest. A product of interest can be one of three types: a financial product offered by the management, a specific equity, or a product offered by another institution.

The PeopleSoft system includes security so that FAs can see products of interest for any of their clients. A wealth management administrator can see all product of interest records.

Referrals

Wealth management products of interest can be converted into referrals. When the system converts the product of interest, it also marks the record as inactive. The next time that you access the product of interest record, the button that is used to convert the referral appears as display-only.

Referral management is a process within a financial services organization that is used to track referrals of new customers and referrals of existing customers to other lines of business. A referral is a type of lead whereby a person refers another to the institution. The person who made the referral is tracked as the source of the lead. Part of the value calculation of a given customer may be that although that customer is not the most profitable customer, they add value because of the number of referrals that they bring. When a referral is created, the system sends an email to the Assigned To person. If the referral is not assigned, the Wealth Management administrator can search on unassigned referrals and manually assign them. Again, the system sends an email to the Assigned To person.

Call List

Correspondence management generates a call list. A sample template is provided. A call list is created for each row selected in the configurable product of interest search. Attachments that adhere to the correspondence management usage rules are sent along with the call list.

Understanding Clients at Risk

It's critical for FAs to determine when they are at risk of losing a client. In the Wealth Management industry, each client has significant net worth. Tracking when and why a client is at risk enables the institution to take the steps possible to retain the client.

FAs can subscribe to the notification engine if they want to be notified of their clients at risk. Upon determining that a client is at risk, PeopleSoft Enterprise Client Management determines the client impact. The system provides the FAs with a graphical view of direct and indirect clients that could be in jeopardy because of a particular client's at-risk status. When a client is placed at risk, the system automatically assigns a recommended recovery team. The system assigns a plan of recovery to that team based on the type of risk that is assigned to the client. The PeopleSoft system provides a recovery plan for the Employee Termination risk reason (type). The system notifies the recovery team of each new activity on an at-risk client record.

Recovery Team

By default, the system adds all members of the account team to the recovery team. The members of the recovery team also have different permissions than those of the account team.

Recovery Plan

The recovery plan shows all the tasks to be performed as an attempt to retain a client. System administrators can create recovery plan templates.

Managing Households

This section discusses how to:

• Maintain households.

• Manage members.

• Manage tasks.

• View opportunities.

• Maintain notes.

Pages Used to Manage Households

Maintaining Households

Access the Household page.

Financial Summary

Managing Members

Access the Members page.

Relation	Define and view how the member is related to the client.
Holdings	View the monetary value held by individual members in the household.

Managing Tasks

Access the Tasks page.

The Tasks page shows all the tasks for all the members in the household.

To access the Task Details page, select a subject from the Tasks list.

Viewing Opportunities

Access the Opportunities page.

View opportunities associated with the household.

Maintaining Notes

Access the Notes page.

The system displays notes only for the household relationship, not for the individual members of the household.

See Working with Notes and Attachments.

Managing Products of Interest

This section discusses how to work with products of interest.

Page Used to Manage Products of Interest

Working with Products of Interest

Access the Product of Interest page.

This is the main page for product of interest information. To see client summary information from this page, you must select the Client link.

When you access the Products of Interest page through the Client component, the system displays the list of products of interest that client has—here you can select products of interest and drill down to the main product of interest page.

Managing Clients at Risk

This section discusses how to:

• Maintain clients at risk.

• Manage recovery tasks.

Page Used to Manage Clients at Risk

Maintaining Clients at Risk

Access the Clients at Risk page.

To view client summary information from this page, select the Client link.

When you access the Clients at Risk page through the Client component, the system displays the list of risks associated with the client, where you can drill down to arrive at this page and view the details of the risk record. Risks are set up either manually or when the account team members are terminated.

Managing Recovery Tasks

Access the Recovery Tasks page.

To access the Task Details page, select a subject on the Recovery Tasks page.

Use the Task Details page to identify individual tasks that need to be performed to prevent losing the client.

See Working with Tasks.