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Understand Partial Ownership Accounts
Percentage ownership allows you to provide a clear picture of jointly owned accounts without lengthy manual processes—you can create a partial ownership account that derives financial value and information from a real financial account in your system so that you'll have the same granularity and flexibility you have with all our reporting.
For clients who have current or future partial ownership of an account, Tamarac Reporting's partial ownership features allow you to quickly and accurately give clients a view of their full financial worth.
When you create an ownership account, everything about the parent account is split according to the settings you define, and it is then rebuilt into the new accounts. Our ownership accounts are full and complete accounts that can be:
Reported on individually or as part of groups.
Added to client portals (make sure you create a new client portal for the partial owner if you provide access to reporting—this ensures the safety of other client data).
When adding partial ownership accounts to client portals, make sure you create a new client portal for the partial owner. This ensures the safety of other client data.
Added to billing groups.
You will be able to look back at the history of any partial ownership accounts—for example, to see when a new partner was added or when a trust fund was updated.
A father creates a trust account and the beneficiaries are his four children. Each child has equal ownership in that trust account. In Tamarac Reporting, you can create four percentage ownership accounts and give each 25% ownership of the parent account, allowing you to report on each account individually. In this case, Child D has 25% ownership in Trust Account.
These percentage ownership accounts can be placed into groups for rebalancing and those assets can be accounted for during the rebalance process. Here, Child D is added to the Jones Group.
There are no prerequisites for enabling percentage ownership. Contact your Tamarac Service Team to request this feature.
To enable partial ownership reporting, follow these steps:
On the Accounts menu, click Accounts.
Click the account you want to use as the parent account for your partial ownership accounts.
Click the Ownership tab under the Advanced menu. You will only see this tab when you edit an account. If you are editing a group, this tab is unavailable.
Select the Enable ownership reporting check box.
You can also use partial ownership accounts to create generic demonstration accounts. These accounts are based on actual assets under your management, but can be created without any personal data, allowing you to show actual assets without compromising client confidentiality.
We recommend building a Household, clients, and client portal specifically for demonstrations so that you can assign all of your generic demonstration accounts to one safe location.
For more information on creating generic demonstration accounts, see Create Generic Demonstration Accounts.
The Ownership Account Type saved search filter allows you to find ownership or parent accounts. Filtering out ownership accounts will allow you to maintain a clear picture of actual assets under your management and preventing duplication.
This filter is available for the following search types:
Accounts
Accounts and Groups
It is also available for account set saved searches and composite saved searches.
You can control who creates and manages ownership accounts by managing roles on the User Management page.
When this feature is enabled, your administrator will need to add Ownership permission for the appropriate users. For any new Accounts permissions assigned after that, it will be granted by default, although you can manually exclude the permission if desired.
There are a few limitations built in for ownership accounts. To ensure that your accounts will maintain logical and accurate reporting:
Manual Security snapshots cannot be added to ownership accounts because they're generated as a function of the parent account.
To maintain the integrity of composites, you cannot add ownership accounts to your composites.
Percentage ownership accounts can be integrated into rebalancing and trading activities, allowing you to include that account's allocations within a group. Because the partial ownership account is a portion of a larger parent account, you won't trade in that account itself, but you can use the holdings in that account to make trading and rebalancing choices.
Percentage ownership accounts enabled for rebalancing are automatically given the Restrict All Securities restriction, although the parent account retains its existing settings. Do not remove this restriction. If you do, trades could be recommended and placed within percentage ownership accounts.
Once you create a partial ownership account, you can include that account in rebalancing and trading activities by selecting the Allow Rebalancing option on the Account Settings panel. If you don't plan on monitoring this account for rebalancing triggers, you can clear this check box.
To create a partial ownership account or demonstration account, see Create, Edit, or Delete Partial Ownership Accounts.
You can manage partial ownership when you edit an account—the Ownership panel provides options for enabling and creating partial ownership accounts, as well as setting up distributions for the partial owners.
For more information, see Create, View, and Delete Ownership Account Distributions.
