Households · the family or economic group seen whole

A household groups several parties into one family or economic group and shows the group's consolidated wealth, always broken out by currency. It is the view a relationship manager needs when the client is not one person but a house with a spouse, children, a holding company and an operating business.

Seen one party at a time, a wealthy family looks like a handful of mid-sized clients. Seen whole, it is the most important relationship in the book. The household exists to correct that distortion: it brings together the parties that belong to the same house or the same economic group and adds up what they hold, so the conversation and the priority are sized correctly.

When to use it

• A family with accounts in the names of spouses and children, where deciding is a joint act.
• A business owner who appears as a person and also as a shareholder of one or more organizations.
• An economic group with a holding company and operating businesses, where the relationship is a single one.
• A manager's book that has to be prioritized by the real size of the house, not by the size of each account.

How to build one

1. First register, on the Parties screen, every person and organization that will make up the group. A household groups parties that already exist.
2. Open Households in the Financial Services menu.
3. Type the household Name and click Add household.
4. Select the household in the list to open the consolidated view.
5. In the Members block, pick the party, note their role in the group if you want to, and click Add.
6. Repeat for each member. The consolidated view updates as members come in.

Adding the same party twice does not create a duplicate: the system reads it as an update to that party's role inside the group.

How the consolidated balance is calculated

The consolidated figure adds up the mirrored accounts of the parties who are members, and the sum is done per currency, separately. Reais add to reais, dollars add to dollars, and nothing is converted along the way. Mixing currencies at a rate the system picked would produce a pretty, wrong number, which is why the Consolidated balance block shows one line per currency, with how many accounts went into each.

Accounts that cannot join the sum are skipped, and the screen says how many, in the notice about accounts skipped for being closed or for having no balance or no currency. That notice is deliberate: a consolidated figure that hides what it left out is worse than no consolidated figure at all.

Limits and permissions

• The screen only exists with the Financial Services vertical enabled in Settings, Verticals.
• The consolidated view depends on mirrored accounts. If the parties have no mirrored account on the Parties screen, the block says there is no balance to consolidate.
• A mirrored balance carries the age of the data. A consolidated view built on accounts marked Stale is an old snapshot, and the Parties screen shows that account by account.
• A party can belong to more than one household, which covers the case of a business partner who also has a family of their own.
• A household under legal hold cannot be deleted.

Frequently asked questions

• Does removing a member delete the party? No. Removing takes the party out of the group; their record and their accounts stay intact.
• Does deleting the household delete the clients? No. The grouping and the consolidated view go away, and nothing else.
• Why is the consolidated figure zero? Almost always because the members have no mirrored account, or because the accounts were mirrored with no balance and no currency.
• Can I convert everything into a single currency? No, and that is by design. The consolidated view shows each currency on its own line so it never invents an exchange rate.
• Does the household change who can see what? No. Access is still whatever your user profile grants, and the grouping opens no new door.

Open this article inside the system →