Contents

Introduction

Review pending activities & add termination details

 

Introduction

Client offboarding is part of the client lifecycle for wealth advisors. Tamarac CRM allows you to document the offboarding process and capture critical information when a client relationship is terminated. The SEC requires RIAs to keep records of terminated client data. In Tamarac CRM, you can easily capture and report on this information.

To make your audits faster and easier, the Compliance Clients—Terminated This Year report view on the Accounts page lists all the clients that were terminated for your firm in the current year.

Note

If enabled, the Client Termination Power Automate flow template automates a task that lists suggested offboarding steps when you update the Termination Date for a client. For more information, see Automate client offboarding with Power Automate.

Review pending activities & add termination details

Prior to terminating the client relationship, review the account to determine if there are any pending activities that still need to be completed.

Once the account is deactivated, it will be removed from your active accounts view—for example, Clients – Active and All Active Accounts. To view an inactive account, you can choose the All Inactive Accounts view or search for the inactive account in the quick search bar at the top of your current view.

Deactivated accounts are no longer included in business intelligence reports and dashboard modules.

Best Practice

Add termination details and deactivate each of the underlying financial accounts held by the terminating client. For more details on terminating financial accounts, visit Client Offboarding - Closing Financial Accounts.

To add termination details and deactivate an account, follow these steps:

  1. On the side menu, under Clients, select Accounts.

  1. Under Name, select the desired account record.

    For steps to search for an account record, see Search on record pages.

  2. In Timeline, review any open activities. If needed, select Main actions and choose Open Record to complete the activity details and Mark Complete.

    If you no longer need to take action on an open activity, select Main actions and choose one of the following options:

    • Close Activity. Complete the activity and maintain the historical record.

    • Delete. Permanently remove the activity from the account record.

  1. Select Administration.

  1. Complete the following fields:

Field Name More Information
Terminated Date Date the client terminated services with you.
Terminated Value Value of the financial accounts for this client at the time of termination.
Termination Reason Reason client terminated services.
Termination Note Any additional details about why the client terminated services with your firm.

  1. In the command bar, select More command for Account and choose Deactivate. This saves your changes and deactivates the account.