Manage Financial Data in Conquest: Accounts Card

Learn how to efficiently manage and edit a client’s investment account data

The Accounts card enables you to set up and manage various account types that contribute to a client's net worth and financial transactions.

These include bank accounts, non-registered accounts, registered accounts, and different types of registered income funds.

Accessing the Accounts Card

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To access the Accounts Card, navigate to the client’s Current Data page and locate the Financial Data section. This is where you can view, manage, and update all investment account details for the client.

Adding an Investment Account

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The fields displayed in the Accounts card will vary depending on the type of account being created, ensuring that the relevant details for each account type are accurately captured.

For every account, you will need to provide specific information, including the Market Value, the Account Owner, and the Portfolio Type. Additionally, a Description is required to provide clarity on the nature of the account.

Below is the comprehensive list of account types that can currently be created within the application:

• Bank Account
• Non-Registered
• Return of Capital
• TFSA
• RESP
• RRSP
• Group RRSP
• Spousal RRSP
• Group Spousal RRSP
• RRIF
• LIRA
• Defined Contribution Plan
• LIF
• PRIF
• LRIF
• RLIF
• DPSP
• Variable Benefit
• Variable Benefit Unlocked

The default asset allocation portfolio is set to Current. The return rate used by the account is derived from the portfolio based on the underlying capital market assumptions.

Account Features and Customizability

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Allow Reallocation Toggle

The Allow reallocation toggle, found in the detailed account view, lets you exclude specific accounts from planning strategies that would alter their investment profiles. By default, the Allow reallocation toggle is set to Yes, meaning the account is available for reallocation strategies unless this setting is changed.

Phantom Accounts

When a plan requires a type of account that hasn’t been explicitly created in the Accounts card, the system automatically generates phantom accounts to fulfill the requirement. These accounts are silently created and can be analyzed in the appropriate audit reports, specifically the Single account activity report. Examples include Accumulation of retirement surpluses or non-registered accounts created to meet strategy needs when none exist.

Note: Phantom accounts are not visible in the Accounts card. Accounts such as Accumulation of retirement surpluses are assigned zero growth because automatic investments of this kind are not considered realistic for financial planning.

Holdings

Investment account types feature a Holdings section within the detailed account view, enabling tracking of long-term holdings and individual securities.

• Return of capital and Non-registered accounts allow you to enter cost basis data, which reflects the total amount invested by the client in the holdings.
• Registered accounts do not support cost basis data entry.
• The Market value field displays the current value of the holdings.

The latest Valuation date provides the system with a basis for estimating the present and future value of investments based on their value at that specific date.

It’s important to note that individual holdings do not influence the account's overall asset allocation, as return rates are determined by the portfolio set in the account's Information tab.

Settings

The Settings tab, available for registered accounts, includes options for account conversions and customizations:

• By default, registered accounts convert as late as possible.
• For certain account types, the Convert to annuity toggle allows you to convert the account into an annuity at a specified time, where you can also set the annuity’s return rate.
• Certain registered accounts offer the option to use the younger partner’s age when calculating minimum distributions.

Fees

All account types, except Bank accounts, include a Fees section. If no custom values are entered, the fee, frequency, and tax deductibility default to the settings in the Account fees section of the Plan assumptions card.

Fees are paid from investment income first. If the investment income is insufficient, fees are covered by redeeming funds from the account, ensuring accurate tracking of expenses within the financial plan.

Savings

The Savings tab allows you to set up one-time or recurring deposits into an account. To add a new savings plan, click on the +Savings button located in the bottom-right corner of the screen.

Note: Deposits cannot be made to accounts designated as registered income funds.

Within the Frequency dropdown menu, you can select how often the savings amount will recur. Available frequency options include:

• One time
• Annual
• Semi-annual
• Quarterly
• Bimonthly
• Monthly
• Twice monthly
• Biweekly
• Weekly
• Daily

You can choose to index savings using the Index to inflation toggle and the Additional index rate field. By default, all indexing options are turned off when setting up a new savings plan.

The Start date is set to Start of plan year by default but can be adjusted as needed. The End date defaults to Retirement, but this field is flexible and can accommodate various events, such as First to retire, Last to retire, Retirement +5 years, or specific ages like Age 50.

For grouped accounts like RRSPs and Defined contribution plans, the setup differs slightly. Instead of entering hard values and frequencies, you’ll input Employee % of salary and Employer % of salary. The savings amounts and frequencies for these accounts are automatically calculated based on the salaries entered in the Incomes page.

This flexibility ensures that savings plans are tailored to align with the client’s income sources and financial goals, making the process efficient and customized.

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