Introducing Family Accounts
Link multiple accounts to get a consolidated view of your family’s investments
In India, financial planning and investing is a family affair. It is perhaps a testament to the close family bonds that our country is known for and should be proud of.
Minance partners are no different, we have seen countless cases where one account opening has been followed up with new accounts being set up for the wife/husband, the brother/sister, and even the parents.
Monitoring all these accounts, however, can be a hassle. Solving this problem was a priority for us and we are now delighted to introduce Family Accounts.
Accessible directly from your dashboard (look to the top right), adding a family member’s account allows you to check how their account is performing. You can also review the entire family’s investments using the ‘consolidated view’ option.
Note: You can only link accounts of your spouse and blood relatives.
Primary and Secondary Accounts
Family Accounts work by classifying a Minance account into either of two types -
Primary Account
As the primary account, you are granted ‘view-only’ access to secondary accounts and the consolidated view.
When you select the ‘add account’ option from the Family Accounts tab, you are requesting to be the primary account.
You can de-link a secondary account at any time.
Secondary Account
As the secondary account, you agree to give the primary account ‘view-only’ access to all your investments.
You can approve or reject a link request from the Family Accounts tab.
You can de-link from a primary account at any time.
Account Linking Process
Family Accounts are designed to be easy to set up but still remain secure. Here is a step by step walkthrough of the process.
Step 1
The primary account holder raises a request by selecting the ‘add account’ option in the Family Accounts tab. You will need your family member’s client ID and must disclose your relationship with them.
If you have made a mistake, you can always cancel the request and try again.
Step 2
The secondary account holder will receive an email informing them of your request. They must then approve the account linking from their dashboard. All pending requests can be viewed by clicking on the family accounts tab.
Step 3
To ensure security, account linking requests must be approved by the secondary account’s Investment Manager. The IM may ask for further information to verify the relationship between the two account holders.
You can track the approval process from the Family Account tab
Step 4
Once the Investment Manager approves the account linking, you will receive a notification via email. You can then log in to your account and view the newly linked secondary account’s holdings and performance.
Viewing Linked Accounts and Downloading Reports
Once linked, secondary accounts can be accessed by clicking on the account from the Family Accounts tab.
Aside from viewing the secondary account’s holdings, you can also download performance and tax reports by selecting the same from the Reports tab.
The consolidated view merges the holdings and performance data of the primary account with all linked secondary accounts, thus giving you an overarching view of the family’s investments.
Removing a linked Account
Both primary and secondary account holders have the ability to de-link their accounts at any time. This can be done by selecting the delete icon next to the respective account.
We hope that you find this new feature to be useful in managing your family’s investments with Minance.
Login into your dashboard now and let us know what you think!
If you would like to read more about our new Granular view feature, click here — https://wonkery.minance.com/introducing-granular-view-6fafa38f9594
If you need more help or have questions, please reach out to your investment manager.
