Saturday, December 4, 2021

FAQ: Advisor Dashboard & Reporting

Advisors are able to add a trust account for any existing client with just a few clicks. If you’d like to open a trust account for a prospect you’ll first need to invite them to open an Individual Taxable or any of the three available IRA accounts. Once the client opens the account they’ll appear in the Clients tab of your Advisor Dashboard. Follow the steps below to invite them to a trust account.

Note: The trust will not be visible in your advisor dashboard until your client consents to the agreements. Once required information and documents have been submitted, trust approval can take up to five business days to complete. You and the client be notified of the reviews outcome via email, please let us know if you’d like any named trustees added to the account.

  1. To define the initial account type and portfolio strategy please choose Invite Client > Complete on client’s behalf
  2. Select the account type and purpose and continue
  3. Select your preferred portfolio strategy from the dropdown then set the target allocation
  4. Confirm your client’s details and send.

For an existing, funded client on the platform:

  1. On the Client page of the advisor dashboard, click into the household (or client) in which you would like to make a portfolio strategy change.
  2. Scroll down to the goal on which you’d like to change the portfolio strategy and click the Edit button that corresponds to the portfolio as shown in the image below
  3. Select the portfolio strategy and the asset allocation. You can also view a tax impact preview of the change before implementing here.
  4. Confirm the portfolio strategy change.
  5. The system will automatically execute trades in a tax minimizing manner to reach the new target allocation.

Am I able to access information related to my clients’ accounts on the platform?

Yes, you are able to access information related to your clients’ accounts–including, holdings, balances, and performance information–via the advisor dashboard.

How do I remove a client’s accounts from my firm?

Please follow the steps below to remove the client from your firm’s client list:

  1. Log onto the advisor dashboard
  2. Select the client from the Clients list
  3. Click Settings and scroll down to “Household Actions”
  4. Click “Remove this household” and complete the confirmation modal by checking the box and clicking “Remove Household”

Reporting

How do you calculate returns?

We use a standard time-weighted return to calculate percentage returns for each goal on the Summary page, and to display returns over time on the Performance page. This return can be thought of as the amount one dollar would have changed if it was invested at the same time as a first deposit.

The time-weighted return is unaffected by deposits to and withdrawals from an account, and allows for easy assessment of clients’ investments, and a fair comparison with other investments.

Is performance data generated on the platform?

Yes, performance reporting is embedded on the client interface. Performance reporting for all client portfolios on the platform is available and the user can select the period of time in question. Additionally, daily performance is also included. Advisors are able to view performance data for all client accounts through the impersonation feature on the advisor dashboard.

How are statements sent to my clients? Can I access these statements as well? If so, how?

Statements are automatically loaded to your clients’ portals. We also send your clients an email once their statements are ready.

You can access your clients’ statements via the impersonation feature on the advisor dashboard. On the “Summary” page, select the “Log in” button next to the client that you want to view statements for. Once logged in as the client, select the “Activity” tab. A full archive of your client’s statements is available on the “Statements” sub-tab.

Where do clients find tax forms if they have multiple accounts, e.g. a personal account and a trust account?

Tax forms are available on the Activity page for each account a client holds. If clients have multiple accounts, they will need to visit the Activity page for each separate account in order to download their respective tax forms.

Where can I find my clients’ 5498 tax forms? When will they be available?

Your clients’ 1099 tax forms are automatically imported to their client portals in mid-February, in both CSV and PDF formats. We will notify them via email when these are ready.

The forms are not available prior to February due to the 30-day window related to certain TLH+ requirements, which carry through the end of January. Additionally, we need final confirmations on distributions from fund providers regarding their dividend payout classifications. Betterment strives to provide tax forms well in advance of the deadline when possible.

Does Betterment for Advisors generate the tax forms for my clients’ accounts?

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