Financial advisors often struggle with efficiently managing client data, especially when it comes to viewing and organizing information about clients within a household. This can lead to time-consuming processes, potential errors, and difficulty in providing personalized client service.

Advisors need a way to quickly access and edit client information in a structured and organized manner to better serve their clients and streamline their workflow.

Inefficient Client Data Management Negatively Impacts Advisor Performance

A study by ThinkAdvisor highlights that financial services firms struggle significantly with data management. Two-thirds of firms reported difficulties in accessing research data, and 64% indicated that their data was scattered across too many disparate systems.  This fragmentation hampers their ability to make timely, well-informed decisions, ultimately affecting client service and operational efficiency.

Additionally, as revealed in a survey detailed by Michael Kitces for Financial Planning, inefficient data management is a significant barrier for advisors, as it complicates the process of creating comprehensive financial plans for clients.  Without the ability to bypass this barrier, Kitces writes that “it’s impossible to ultimately make informed recommendations.”

The Barrier Buster: CircleBlack’s Household Grouping Feature

CircleBlack’s new Household Grouping feature on the Advisor Dashboard addresses these challenges. It allows advisors to view all clients associated with a household grouping directly from the Household Dashboard, including Client Name, Relationship, and Total Assets. Additionally, all columns in this table are sortable, and advisors can quickly edit information related to clients.

A Household Grouping table in the Advisor Dashboard now gives advisors the ability to easily view and edit all clients associated with a Household grouping from the Household Dashboard.

View and Edit All Clients within an Associated Household

Advisors don’t have time to navigate through multiple screens and manually compile information about clients within a household. Such a process is time-consuming and prone to errors, making it difficult to maintain accurate and up-to-date client records.

With CircleBlack’s Household Grouping feature, advisors can access a unified view of all clients within a household directly from the Household Dashboard. This table includes sortable columns for Client Name, Relationship, and Total Assets, making it easy to organize and prioritize information. Advisors can also quickly edit client information, ensuring that records are always current and accurate.

The new Household Grouping table brings efficiency, clarity, and ease to your practice, allowing you to better serve your clients and streamline your operations.

Key Highlights of the Household Grouping Feature

1. Comprehensive Client View:

• Unified Dashboard: Easily view all clients associated with a Household grouping directly from the Household Dashboard.
• Detailed Information: Access critical client details at a glance, including Client Name, Relationship, and Total Assets.

2. Enhanced Organization and Efficiency:

• Sortable Columns: All columns in the table are fully sortable, allowing you to organize and prioritize information according to your needs.
• Quick Edits: Effortlessly edit client information directly from the dashboard, ensuring that your client data is always up-to-date and accurate.

3. Improved Client Management:

• Streamlined Workflow: Simplify workflows with an intuitive interface that reduces the time spent on administrative tasks.
• Enhanced Client Relationships: Quickly access and manage client details, enabling you to provide a more personalized and responsive service.

Benefits of Householding Accounts

• Time Savings: Spend less time navigating through client information and more time focusing on strategic advisory activities.
• Increased Accuracy: Maintain accurate and up-to-date client records with ease, reducing the risk of errors and improving client trust.
• Better Client Insights: Gain deeper insights into your clients’ relationships and assets, helping you make informed decisions and deliver superior service.