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Assets and Liabilities
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Types of Assets and Liabilities Manually Maintained Assets and Liabilities Linked Balance-Only Assets and Liabilities Reporting on Assets and Liabilities |
Tamarac Reporting provides you and your clients with a powerful tool for monitoring and managing custodial accounts that update with your daily sync. Because your clients have other financial accounts, assets, and liabilities that may not be held with your primary custodian, Tamarac offers the ability to add and track external assets and liabilities, and to report on them in the Net Worth report.
With assets and liabilities, you can:
Track the value of external assets and liabilities over time.
Report on the client's whole net worth.
Assets and liabilities in Tamarac reflect real-world ownership scenarios. You manage assets and liabilities within a Household and assign clients in the Household as owners.
Assets and liabilities in Tamarac can cover a wide array of financial holdings, including bank accounts, real estate, art collections, businesses, various types of loans, mortgages, brokerage accounts, and more. Throughout this page, we use assets and liabilities as a shorthand to refer to all those possible financial holdings.
Tamarac offers the following ways for you to add, track, and manage assets and liabilities:
You can manually create a record for any type of external asset or liability. You enter the information and periodically update the value. You manually maintain the balance history for manually added assets and liabilities.
You can add manual assets and liabilities on the Household Assets/Liabilities panel.
This type is best for personal property like art collections, personal loans, etc.
View manual assets and liabilities on the Net Worth report as Other Asset or Liability.
For more information, see Create, Edit, and Delete Assets and Liabilities.
Using the Yodlee integration, you can link such external assets and liabilities as bank accounts, mortgages, and real estate values. Depending on the type of link, linked accounts automatically update the value or all the transaction data for account daily.
You can link balance-only accounts on the Household Assets/Liabilities panel and on the Aggregated Accounts page.
This type is best for checking accounts, savings accounts, mortgages, etc.
View linked balance-only assets and liabilities on the Net Worth report as Other Asset or Liability. You can also see these accounts on the Aggregated Accounts page.
For more information on linked accounts, see Understanding Linked Accounts.
To link assets and liabilities, your firm must use the Yodlee Integration.
Using the Yodlee integration, you can link outside investment accounts as reconciled accounts. Reconciled accounts automatically update the value or all the transaction data for account daily and can be viewed on the Aggregated Accounts page as well as on the Accounts page. Reconciled accounts can also be used in all dynamic and PDF performance, holdings, and transactions reports.
The Aggregated Accounts page.
This type is best for held-away financial accounts like 401k accounts, 529 accounts, etc.
View linked reconciled accounts on the Net Worth report in the Account section. You can also view these accounts in all performance, holdings, and transaction reports and on the Accounts and Aggregated Accounts pages.
The Net Worth report aggregates Tamarac financial accounts, linked held-away financial accounts, assets, and liabilities into one holistic view of the client's overall net worth. Use the Net Worth report to view the assets and liabilities for a Household.
In addition, you can show your clients their assets and liabilities on dashboard tiles. Dashboard tiles allow you to add Net Worth Total, Net Worth: Assets Total, and Net Worth: Liabilities Total data points. When you create a dashboard tile with Net Worth report data, you can choose to link the tile directly to the Assets & Liabilities page.
For more information about dashboards and dashboard tiles, see Client Views - Dashboard Page and Client Views - Dashboard Tiles.
For more information about the Net Worth report and assets and liabilities, see Net Worth Report and View and Add Assets and Liabilities on the Net Worth Report.
You manage assets and liabilities in the following locations.
Add, edit, and delete manual assets and liabilities for a Household on the Household's Assets/Liabilities tab. Here, you can also change the asset or liability's type, primary owner, link status (if applicable), and current balance.
If you're on the Net Worth report and need to quickly make a change to an asset or liability, use the Manage Accounts button on the Net Worth report to open the Household's Assets/Liabilities panel without ever leaving the report page.
For more information, see Create, Edit, and Delete Assets and Liabilities.
Add, edit, or close reconciled accounts on the Aggregated Accounts page. Here, you can also upgrade balance-only accounts to be full reconciled accounts, update client credentials, and more.
For more information, see Link, Edit, or Unlink Accounts on the Aggregated Accounts Page.
Your clients can add, edit, or delete their own assets and liabilities through their client portal, if you choose to enable asset and liability management on the client portal.
When you add an Assets & Liabilities page to the client portal, clients click Assets/Liabilities in the Accounts menu to see this page:
For more information, see Allow Clients to Manage Assets and Liabilities on the Portal.