Families is the highest entity within Engage that represents a summary entity that sits on top of the Relationship hierarchy. It is simply used to relate and aggregate multiple Relationships together. Families will include Relationships and Contacts, allowing users to see the overall highest level of connections among all records.

For example, this can be helpful if a client departs. The Family entity will help to identify the potential impact of the client/account/portfolio/etc. departure and how it relates to other connected Relationships.

Creating New Families

The main way to create a Family is to go to Menu > Families > +New

 

From here, you enter the requested and required information about the Family.

What's in a Family?

General

• Family Name*
• Total Market Value 🔑
• Total Market Value (supervised)
  • Last  Updated
• Net Worth
  • Last Updated
• Valuation Date 🔑
• Total Market Value (unsupervised)
  • Last Updated
• Wallet Share %  🔑
• Primary Contact†
• Secondary Contact†

Reference Panel

• Relationships†
• Family Members (Contacts)†
• Portfolios†
• Accounts†

† - Record must be created before it can be assigned.

🔑 - Field is calculated, cannot be updated manually.

Activities Plus

Administrative

• Created On 🔑
• Created By 🔑
• Modified On 🔑
• Modified By 🔑
• External ID 🔑
• Owner*

Related

• Related - Info & Activities
  • Activities
  • Audit History
  • Financial Accounts
  • Portfolios
• Related - Clients & Financials
  • Relationships
  • Contacts
  • Connections

Recommended Use Cases

This is a relatively light entity from a functionality point of view.  Because of this, the recommended use case is simply to relate multiple households to each other.  Why does anyone want to do this?

• Denoting aggregated billing for better AUM fee breaks.
• Share of multi-generational wallet
• Relationship context (example: Tim and Jill are children of and beneficiaries to Bob's source of wealth)
• Internal notes that pertain to the family