Elements has both Relationships and Companies object types to help you track your clients and business connections. These two objects track different information and are used in different ways. But which one should you use for a business relationship? Let's take a look at the features available to both objects. Below is an explanation and comparison of the two objects which will help you determine which way to track a company in the CRM.
Relationships are the hub of information in the CRM. A Relationship allows you to link other objects such as contacts, portfolios, and financial accounts together in one place. While Relationships are often used for client households and tracking activities and communications with clients, another type of relationship available is the Institutional relationship. This allows you to keep a record of companies that have investment accounts you want to track. Under an Institutional Relationship, you can add your main contacts for the company and track activities and requests related to managing the company's investments. Other important features include InTouch Service Levels which allow you to track contact and review dates, as well as Time & Expense tracking for your activities related to the relationship. A relationship record is recommended for monitoring an institution's financial details as part of your book of business.
The Companies object houses information related to COIs, vendors, custodians, and employers of your contacts. The function of Companies is to allow you to keep a record of companies for which you may need to track Due Diligence, Vendor Contracts, and Sponsorships. A Company record is recommended for companies you have a contractual relationship with or who employ your clients, but do not wish to track any financial account details.
Note: A contact cannot be associated only with a Company. Contacts can't be "orphaned", or a Private Contact, and must be the Direct Contact of at least one Relationship. See more information about Contacts here.
|Financial Account Aggregation||X|
|Time & Expense||X|
|InTouch Service Levels||X|