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 uses the Wealth Management component. The Wealth Management component enables:

Creation and management of households.
Creation and management of products of interest.
Maintenance and tracing of 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 relationship category. Household relationships are established in the Relationship 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:

Configuring PeopleSoft Enterprise CRM to recognize the Household object and allow it to interact with other objects.
Extending the Organization application class to manage the Household object.
Enabling the Business Object Search feature to quickly look up Household objects.

Note. In PeopleSoft Enterprise CRM Client Management 8.9, 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. In order to solve this complexity relationships are established between 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. Once a client record has been created, if the FA goes to the Relationships tab and selects the Household category for a new relationship, a Household object gets created automatically in the background.

Household objects can also be created 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 financial advisor is associated. It is a product that a client has expressed interest in, whatever its association. A product of interest can be created from either the Client component or from the Person component. Any financial advisor 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.

Security is delivered so that financial advisors 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 product of interest is converted, the record is marked as inactive. The button that is used to convert the referral appears as read-only the next time that the product of interest record is opened.

Referral management is a process within a financial services organization used to track referrals of new customers and referrals of existing customers to other lines of business. A referral is a type of lead where 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 Customer A is not the most profitable customer, they add value because of the number of referrals they bring. when a referral is created, an email is sent 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, an email is sent 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 FA's 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 allows the institution to take the steps possible to retain the client.

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

Recovery Team

By default, all members of the account team are added to the recovery team. The account team has a Type field that is used to distinguish between regular account team members and members assigned specifically 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 have the ability to create customized recovery plan templates.

Managing Households

This section discusses the pages used to manage households.

Pages Used to Manage Households

Page Name	Object Name	Navigation	Usage
Household	RD_HOUSEHOLD	Wealth Management, Add Household	View existing households or create new households.
Members	RD_HOUSEHOLD_MBRS	Wealth Management, Household, Members	View or add members to the household.
Tasks	RD_HOUSEHOLD_TASKS	Wealth Management, Household, Tasks	Work, view, and add tasks to be completed.
Notes	RD_HHLD_NOTE	Wealth Management, Household, Notes	See Working with Notes and Attachments.

Maintaining Households

Access the Households page.

Household Value

How much the household is worth. The monetary value the household represents for the financial institution.

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 that comprise 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.

Maintaining Notes

Access the Notes page.

Notes are displayed only for the household relationship. These notes will not show up for the individual members of the household.

Managing Products of Interest

This section discusses the pages used to manage products of interest.

Pages Used to Manage Products of Interest

Page Name	Object Name	Navigation	Usage
Products of Interest	RBW_POI	Wealth Management, Search Products of Interest Wealth Management, Add Product of Interest Customers CRM, Search Client, Client, Client Summary, Products of Interest Cusotmers CRM, Search Client, Client Summary, Products, Products of Interest	Tracks products the client has expressed interest in, or that the financial advisor has recommended.

Working with Products of Interest

Access the Products of Interest page.

Accessing products of interest through the Wealth Management component brings you directly to the Product of Interest page. To see client summary information, you must select the Client link

on the Product of Interest page.

Accessing the Products of Interest page through the Client component takes the user to the Client page first, where then products of interest can be selected.

Type of Interest	These values are configurable. When the Type of Interest is Equity stock fields are shown. When the Type of Interest is Product Under Management the product prompt is shown.
Convert to Referral	Select this button when the client is ready to purchase the product. A referral will be assigned to the appropriate line of business, and pursued.

Managing Clients at Risk

This section discusses the pages used to manage clients at risk.

Pages Used to Manage Clients at Risk

Page Name	Object Name	Navigation	Usage
Clients at Risk	RBW_CLIENT_AT_RISK	Wealth Management, Search Clients at Risk, Clients at Risk Wealth Management, Add Client at Risk, Clients at Risk Customers CRM, Search Client, Risk Summary, Clients at Risk	View the client risk records.

Maintaining Clients at Risk

Access the Clients at Risk page.

Accessing clients at risk through the Wealth Management component brings you directly to the Clients at Risk page. To see client summary information, you must select the Client link

on the Clients at Risk page.

Accessing the Clients at Riks page through the Client component takes the user to the Client page first, where then clients at risk can be selected.

Managing Recovery Tasks

Access the Recovery Tasks page.

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

The Task Details page is used to identify individual tasks that need to be performed as a step in the prevention of losing the client.

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