In this article

  • Watch a 3 minute video on Milestone Tracking
  • Overview
  • How to Designate a Milestone
  • Milestones Tracked in Household Index

Overview

Track the reason for your interest in the Household as an audit trail.

  • Milestone functionality in Asset-Map tracks key household advice delivery interactions associated with advisor efforts around clients and prospects.
  • A drop-down selection box will automatically appear within the Asset-Map Platform when certain common household functions are performed, such as accessing a household for the first time in a predetermined number of days, or upon generating a comprehensive report.
  • The current list of Milestones include:
    - Discovery/Profile: Use this to memorialize the early phases of a prospect interaction with Asset-Map.
    - Strategy Meeting: Use this to indicate that the client is in the phase of considering strategies, planning, implementation or actions.
    - Client Review: Use this anytime you are providing a review experience with a client or check-in to discuss their overall financial well-being. Typically annual or ad hoc reviews satisfy this milestone.
    - Casework/Research: Use this milestone when you are investigating opportunities or updating information.
    - Other: Use this milestone when you want to indicate that there is something you know is worthy of tracking, however does not meet the definitions provided to you above.
  • Use the Household Index view of all your accessible households to filter and search on the Milestone (MS) and Last Milestone Columns to see what households need attention.

How to Designate a Milestone

An advisor will be prompted to assign a milestone to a household under the following circumstances:

  1. When accessing the household summary page for any household which has not had a new Milestone assigned within a predetermined number of days.
  2. When an advisor generates an Asset-Map comprehensive report for a household for the first time in a predetermined number of days.
  3. When an advisor elects to manually assign a Milestone to the household, via the new button on the details tile within the Household Summary page.

Once assigned, the recent Milestone and assignment age will appear on the Asset-Map household details tile, within the Household Summary page (see below), which is also where advisors can manually launch the Milestone drop-down box in order to update the current milestone status.

Milestones Tracked in Household Index

As advisors utilize the Milestone functionality in Asset-Map, the ability exists to search for clients based on Milestones within the Asset-Map Household Index. For example, an advisor can create and save their own Column layout, which includes the ‘Milestone’ value and ‘Last Milestone’ assigned date columns, allowing them to easily view all of their households and quickly sort and filter them based upon a specific milestone status.

Having this functionality will support our ability to track and measure Client Reviews (along with the other categories), which is an important metric under the SEC commission’s Best Interest Regulations (RegBI) on key principles underlying fiduciary obligations. This includes those regulations that apply to investment advisors under the Advisers Act, while providing specific requirements to address certain aspects of the relationships between broker-dealers and their retail customers. The Milestone option may help mitigate risk to Financial Professionals and their firms.


Tags: client, prospect, meetings, review, milestone, milestones, strategy, profile, tracking, tracker, household index, filter, column, date


8/2020

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