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Create, Close, and Delete Accounts
Below are basic details about the process of creating and closing accounts in Advisor View.
Accounts are not created in Advisor View. Instead, add the account to your portfolio accounting system and it will sync to Advisor View.
For details, contact your Tamarac service team.
To capture client data that doesn't come in through your regular feed as a standard account, you can create alternate accounts that use Tamarac and outside data. These accounts help you report on different types of account than you might be able to with the Tamarac financial account.
Partial ownership accounts allow you to separate holdings within an account so you can report on them separately. Your Tamarac account data is the data source for these accounts.
For more information:
Demonstration accounts allow you demonstrate account values to your clients or potential clients using real assets that have been stripped of all identifying information. The data for demonstration accounts comes from your Tamarac accounts.
For more information:
With the Yodlee integration, you can create reconciled accounts on the Aggregated Accounts page. These accounts outside financial data into Tamarac. You can find reconciled accounts on the Accounts page and the Aggregated Accounts page.
For more information:
An account is closed if there's a date shown in Closed Date, found on the Account Settings panel. For more information and details on the impact of using Closed Date, see Closed Date.
You can enter current or previous dates. For partial ownership accounts, the closed date is inherited from the parent account if you enter a date that is later than the parent account's closed date, or if you leave this field blank.
When you enter a closed date for an account, a confirmation request warns you that if you continue, the account's value—and the value of all manual security positions in the account—will be set to $0 as of the closed date. You'll also see a confirmation when you reopen an account, and you’ll see warnings in the upload status when closed dates are changed through a data upload.
To see accounts that are closed but still receiving custodian information, you can review the Closed and Linked Accounts daily report available on the FTP site.
For more information on the steps for closing an account when a client passes away, see Best Practices for When a Client Passes Away.
For information about re-opening a closed account, see Re-Open a Closed Account.
Financial accounts are almost never deleted from Advisor View. When a financial account closes, it is typically not deleted, since the data are included for historical reporting purposes.
If you think you need to delete an account, contact your Tamarac service team. They will help determine if this is the correct choice and, if so, will assist with the deletion.
