Best Practices - Beneficiaries

Best Practices - Beneficiaries

You need to build relationships with all your clients’ beneficiaries. This will ensure you can help them when they inherit those assets or grow their own wealth.

Because of this, it is important to track them in G5.

Record

Each beneficiary should have their own contact record. Mark their Source (a Custom Field) as Beneficiary. They should be part of their parent’s household until they have formed their own household.

To read more about creating new contact and household records:  https://billgoodmarketing.zohodesk.com/portal/en/kb/articles/adding-households-contacts-and-companies .

What Status to Assign?

Each beneficiary should be assigned a status denoting their relationship with your office, like all other contacts and households. This is usually:

  • Client: A beneficiary that has their own accounts with your practice or still falls within their parent household.
  • Prospect: A beneficiary who has expressed interest in your services.
  • Lead: A beneficiary that you know about, but have not yet been introduced to.

Hierarchy

With the contact created, map the beneficiary relationship with the benefactor. This should be done in the beneficiary’s contact record, so you can use a filter to find everyone who is a beneficiary of a certain individual.

To read more about relationship mapping:  https://billgoodmarketing.zohodesk.com/portal/en/kb/gorilla-5/relationship-mapping .

Opportunity

You should not create an opportunity for the benefactor’s assets the beneficiary stands to inherit. That should only be entered in as an opportunity when the benefactor passes away.

When you do create an opportunity for a beneficiary account, the Benefactor should be in the For field of the opportunity. The Beneficiary should be added as a Contact to it.

To read more about opportunities:  https://billgoodmarketing.zohodesk.com/portal/en/kb/gorilla-5/opportunities .


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