--- title: Smart Wealth Managers Service Households, Not Individuals. Here’s How We Help description: Wealth management depends upon advisors building trust and making sure their clients have all the information they need to make the right decision to grow their wealth. To do this, advisors need to understand more than their customer; they have to understand the household. image: https://resource.nexj.com/hubfs/WealthManagementHierarchyBlog.png --- [![nexj-white-blue](https://resource.nexj.com/hs-fs/hubfs/nexj-white-blue.png?width=140&name=nexj-white-blue.png "nexj-white-blue")](https://www.nexj.com) [Back to Corporate Website](https://www.nexj.com/) [TOPIC // Wealth Management](https://resource.nexj.com/blog/tag/wealth-management) # Smart Wealth Managers Service Households, Not Individuals. Here’s How We Help - - - Wealth management is about trust. It is about giving an advisor control of your financial health and security and depending upon that advisor to make or recommend decisions that help you meet your financial goals. When we, as vendors, focus on features that give our products an edge, we always focus on how specific features can help advisors build more trust. This is what makes relationship hierarchies so important. In terms of technology, there are minor differences between relationship hierarchies for corporate and investment banking and wealth management. The big differentiator is the intent. Corporate and investment banks track multiple hierarchies for the same corporations, such as risk relationships versus legal relationships. This allows bankers to get a holistic view of what makes the most business sense for a client. Wealth management needs a single hierarchy because they focus on single households and extended households. So, how exactly do you make a hierarchy that specifically speaks to the needs of an advisor? **Why do relationship hierarchies matter to wealth management?** Wealth management depends upon advisors building trust and making sure their clients have all the information they need to make the right decision to grow their wealth. To do this, advisors need to understand more than their customer; they have to understand the household. A CRM for wealth management relies on a relationship hierarchy that gives advisors this single view of the entire household — the financial status of a client, the client’s partner and other family members, their financial health, needs, and implications or events that have or can have an impact on their financial situation.   **How does NexJ CRM for Wealth Management manage relationship hierarchies?** [NexJ CRM for Wealth Management](https://www.nexj.com/industry-solutions/wealth-management/) offers advisors client and organization relationships in a hierarchical tree, allowing them to view details of the parent-child relationships in a household, along with relationships between other members. It lists all products or accounts for which the household has full or partial ownership. We offer a host of features engineered to enhance the view of a customer, from an advisor’s point of view. There is a flexible householding functionality, for example, to facilitate policy/account aggregation and modeling of complex relationships including referrals, family relationships, and ad-hoc relationships. A client or an account can be flagged as 'primary' to drive workflows or broadcast a specific account context over another. Advisors can also define their own groups using categories and relationship custom fields, which enable them to view all members of a group using the relationship hierarchy. [NexJ CRM for Wealth Management](https://www.nexj.com/industry-solutions/wealth-management/)can automatically populate or update membership in groups based on information from integrated external systems (i.e., back office or marketing systems) and defined business rules.   **Details make all the difference** NexJ Interaction Summary provides the ability to roll-up individual client notes to a household grouping level, as well as the ability to maintain notes exclusively at a household level as well. Advisors can instantly view the whole history of their relationship with any selected contact, including scheduled phone calls, meetings, and other interactions since the beginning of the relationship, as well as all documents relevant to the relationship. [NexJ CRM for Wealth Management](https://www.nexj.com/industry-solutions/wealth-management/) also has extensive experience integrating to third-party systems that are sources of relationship and/or hierarchy data. To find out more about relationship hierarchies, and why they can empower your wealth management advisors to build trust and offer their clients advice that really works for them, [talk to us today.](https://www.nexj.com/contact/book-a-demo/) **Tags:** [Wealth Management](https://resource.nexj.com/blog/tag/wealth-management), [CRM](https://resource.nexj.com/blog/tag/crm) Share: - - - PREVIOUS POST [Efficient Management of the Financial Customer Lifecycle](https://resource.nexj.com/blog/efficient-management-of-the-financial-customer-lifecycle) [![](https://cdn2.hubspot.net/hubfs/5152923/Creative_Theme/image/chevron.png)](https://resource.nexj.com/blog) Next Post [How Can Your Advisors Gain 2 More Hours per Week?](https://resource.nexj.com/blog/how-can-your-advisors-gain-2-more-hours-per-week) Content Title Description ### Don't Miss Out Subscribe Today! ### Search Our Blog ### Categories - [Advisors (15)](https://resource.nexj.com/blog/tag/advisors) - [Artificial Intelligence (40)](https://resource.nexj.com/blog/tag/artificial-intelligence) - [Capital Markets (54)](https://resource.nexj.com/blog/tag/capital-markets) - [client engagement (3)](https://resource.nexj.com/blog/tag/client-engagement) - [client lifecycle management (1)](https://resource.nexj.com/blog/tag/client-lifecycle-management) - [client-focused reforms (1)](https://resource.nexj.com/blog/tag/client-focused-reforms) - [clm (1)](https://resource.nexj.com/blog/tag/clm) - [Commercial Banking (62)](https://resource.nexj.com/blog/tag/commercial-banking) - [Company News (3)](https://resource.nexj.com/blog/tag/company-news) - [Corporate Banking (65)](https://resource.nexj.com/blog/tag/corporate-banking) - [CRM (33)](https://resource.nexj.com/blog/tag/crm) - [Financial Services (1)](https://resource.nexj.com/blog/tag/financial-services) - [Gartner (1)](https://resource.nexj.com/blog/tag/gartner) - [IAD (11)](https://resource.nexj.com/blog/tag/iad) - [IBM (2)](https://resource.nexj.com/blog/tag/ibm) - [Increase Customer Loyalty (4)](https://resource.nexj.com/blog/tag/increase-customer-loyalty) - [Insurance (24)](https://resource.nexj.com/blog/tag/insurance) - [integrated advisor desktop (1)](https://resource.nexj.com/blog/tag/integrated-advisor-desktop) - [integration (3)](https://resource.nexj.com/blog/tag/integration) - [Optimize Processes (35)](https://resource.nexj.com/blog/tag/optimize-processes) - [Private Banking (60)](https://resource.nexj.com/blog/tag/private-banking) - [Retain Top Talent (1)](https://resource.nexj.com/blog/tag/retain-top-talent) - [robo-advisors (1)](https://resource.nexj.com/blog/tag/robo-advisors) - [Salesforce (1)](https://resource.nexj.com/blog/tag/salesforce) - [User Adoption (14)](https://resource.nexj.com/blog/tag/user-adoption) - [vertical cloud (2)](https://resource.nexj.com/blog/tag/vertical-cloud) - [Wealth Management (118)](https://resource.nexj.com/blog/tag/wealth-management) See all ### Popular Posts [The Dashboard for Everything a Financial Advisor Does: A Closer Look at NexJ’s Advisor Dashboard](https://resource.nexj.com/blog/the-dashboard-for-everything-a-financial-advisor-does-a-closer-look-at-nexjs-advisor-dashboard) [NexJ Systems Inc.](https://resource.nexj.com/blog/author/superadminsystems9) - Mar 25, 2022 [How Important Is A Concierge Service In Private Banking? 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In our experience, the opposite is true – when we talk with potential clients who are interested in the NexJ Integrated Advisor Desktop (IAD), what we hear is a lot about what doesn’t work for them. [Read Post](https://resource.nexj.com/blog/5-things-not-working-with-todays-wealth-management-crm) - - - ## [Wealth Management Priorities Discussed in New York](https://resource.nexj.com/blog/wam22) Having our finger on the pulse of the wealth management industry allows us to develop solutions that address the challenges firms, like yours, face. To that end, hearing from folks at firms like Charles Schwab, Merrill Lynch, Morgan Stanley, BNY Mellon and Raymond James among many others at the Aite Wealth and Asset Management Forum on November 9th provided valuable insights on the current challenges they face. [Read Post](https://resource.nexj.com/blog/wam22) - - - ## [Five Ways to Boost Your Advisor Productivity](https://resource.nexj.com/blog/five-ways-to-boost-your-advisor-productivity) Until advisors can clone themselves, the only path to growth for them – and the firms for which they work – is to get more done in the same amount of time. Technology is part of the answer, but how that technology is applied is even more important. 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