Built for advisors: a dashboard for tracking and more
We’re making it easier to track funding requests so you can stay on top of your clients’ activities.
Purpose Advisor Solutions is a technology company that enables Portfolio Managers and advisors to independently grow and scale their business. The below technology is built by Purpose Advisor Solutions and provided to Portfolio Management firms on our platform. We are advisor-driven and always put the client first.
The last time we connected, we shared our funding roadmap on what is currently in development and our plans for the future. We outlined the key areas that we wanted to focus on in order to continue to add value to your business and your client relationships. One of those areas is tracking and reconciliation — exciting, I know 😅! But it really is. It brings deeper visibility into your clients’ deposits, withdrawals, and transfers, so you easily know where they are. We are also excited because we accomplished a lot of back-end work that will make our lives easier to surface data like this in the future.
We worked with our Portfolio Management firms to establish the different phases that funding requests pass through. These phases are setting up the request, tracking and viewing the request, and last but not least, cancelling the request. From a viewing standpoint, we currently only capture part of each request and we need to display more details, so you have all the information at your fingertips. Our goal is to provide more information in your advisor portal, Advisor Center, around funding requests and where they stand — whether they have been initiated, completed, or cancelled.
So for our upcoming release, our focus is on building out the tracking and reconciliation capabilities in Advisor Center, which includes:
- Tracking and displaying the status of funding requests initiated in Advisor Center
- Viewing completed and upcoming deposits, withdrawals, and transfers-in
The new designs and interface will provide more visibility for advisors and help answer questions in real-time such as:
1. I initiated a withdrawal for my client 4 days ago. When will they receive their funds in their bank account?
2. I requested to cancel a recurring deposit for my client. Has it been fully cancelled? Can I let my client know it’s been cancelled before their next monthly payment?
3. I had requested a monthly deposit of $500 for my client. What is the current status? When will it be pulled from my client’s bank account?
4. I had requested that my client receive their 2020 minimum from their RRIF. What amount should they expect?
We currently show a consolidated view of all funding requests to our advisors and Portfolio Managers in Advisor Center that includes client name, account, amount, date, and frequency — but what’s missing is the true status of each request. We are going to continue to show all that information but also include the status right there next to it, so you know if it is in-progress, completed, or upcoming.
We can also now surface transactions that are pending client approval or are under review for compliance reasons. This empowers you with more information and transparency so you can set expectations with your clients and take any actions if needed.
This consolidated view will also include more transaction types. Now you can view the status update of transfers-in from external institutions and view upcoming payments for Income Fund accounts (RRIF/LIF/Spousal RRIF).
We’re always looking for feedback — so reach out to our team and share your thoughts!