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Wealth Management > Households
Households
Use the Household pages to create, update, and track household records. You can also use the Household pages to add appointments, tasks, opportunities and service requests directly associated with the household.
A household is a group of contacts generally sharing a common link or association such as a family (parents and children) who live at the same address within the same house. A household allows contacts to be grouped together and can track the contact groupings, allowing a contact to be grouped in to one or more households or contact groups. Financial institutions and individual users, such as bankers, advisors and relationship managers, have many different uses for grouping contacts. The related information for households can be accumulated from the contacts who are linked to the household.
A household provides valuable segmentation information on the household as a whole, as well as a summary of information about the household member contacts. You can use the Households pages to identify and capture demographic information about a household. You can also use the Household pages to review customer’s financial accounts, products, and contact information that is associated with that household. This information allows you to assess customers’ data.
Grouping all of a client’s accounts by household allows a financial institution to identify a client’s value to the organization and seek opportunities to cross-sell and upsell additional products and services to the client, such as homeowner’s insurance and loans for children’s education. In addition, the ability to view all of a customer's financial accounts by household allows a financial institution to view the household’s overall financial position.
Subaccounts and Related Information for Households
You can use the Household pages to identify and profile a household. You can also use the Household pages to review a household's subaccounts and other related information including:
- Contacts. Contacts can be related to a household. On the Household page, you can view all contacts related to a household. For information on contacts, see Contacts.
- Activities. Appointments or tasks can be related to a household either directly, or through the household contacts. On the Household page, you can view all the activities related to a household, and you can create new activities directly for the household. When you create a new appointment or task from the Household page, the values for Household Name and Primary Contact of the household are used by default. For more information on activities, see Activity Fields.
- Opportunities. Opportunities can be related to a household either directly, or through the household contacts. On the Household page, you can view all the opportunities related to a household, and you can create new opportunities directly for the household. When you create a new opportunity from the Household page, the values for Household Name and Primary Contact of the household are used by default. For more information on opportunities, see Opportunities.
- Service Requests. Service requests can be related to a household either directly, or through the household contacts. On the Household page, you can view all the service requests related to a household, and you can create new service requests directly for the household. When you create a new service request from the Household page, the values for Household Name and Primary Contact of the household are used by default. For information of service requests, Service Requests.
- Claims. Claims can be related to a household. On the Household page, you can view all claims related to a household. For information on claims, see Claims.
- Financial Plans. Financial plans can be related to a household. On the Household page, you can view all financial plans related to a household. For information on financial plans, see Financial Plans.
- Policy Holders. Policy holders can be related to a household. On the Household page, you can view all policy holders related to a household. For information on policy holders, see Policy Holders.
- Financial Account Holders. Financial account holders can be related to a household. On the Household page, you can view all financial account holders who are related to a household. For information on financial account holders, see Financial Account Holders.
- Household Team. Users can be part of the team related to a household. On the Household page, you can view all team members (users) related to a household.
NOTE: Your company administrator determines which tabs are available to you. If your job responsibility does not include tracking household information, the Households tab might be excluded from your setup.
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