What are Relationships?
Relationships is the main object in Elements.
Relationships is the center of information representing a group of Portfolios, a list of Financial Accounts, or a Household. Relationships can also represent an institution, client, or business that is a center of influence. A Relationship usually has attributes like addresses and contact information for the Relationship, Primary and Secondary Contacts, a Relationship Team (who manages the actual relationship), and needed compliance and service information about the Relationship. It is a hub that has connections to other objects in Elements such as Portfolios, Financial Accounts, Activities (Email, Tasks, meeting notes) regarding the relationship, and Contacts related to the relationships and other interested parties.
Relationships also reflect important dates such as Last Contacted On, Last Review Date, Last ADV Date, and Next Review Date. The Next Review Date is calculated based on the review frequency specified on the Relationship as compared to the Last Review Date entered as an Activity.
Primary Components of a Relationship
Primary Contact indicates the leading person associated with the Relationship, where Secondary Contact and COI Primary Contact are additional contacts that can be associated with the Relationship. There are also Direct Contacts and Indirect Contacts associated with a Relationship, and you can find the definitions of these here.
Relationship team is a group of users that is designed to track who is responsible for the specified relationship and their associated positions. This allows for easy communication about a Relationship among the relationship teammates. Some examples of Team Role names include Advisor, Associate Advisor, Client Service, Investment Manager, Operations, or Associate.
Portfolios are groups of Financial Accounts which are generally associated with the Portfolios or Groups you have created on your Portfolio Management System. Activities and Details can be associated with Portfolios, as well as financial allocation information based on the assets within the Portfolio.
As a best practice, it is recommended to track requests on Relationships, rather than Financial Accounts, Portfolios, or Contacts. This will allow all activities and requests to be associated with the highest object within Element's Object Hierarchy.