Wealthscape: NFS and Fidelity UTMA UGMA accounts report for clients turning age of majority

Overview:

This article will show the process to create a report on all clients that are approaching or over the age of majority for holders of UTMA and UGMA accounts. 

Process:

Go to Menu > Reports and Alerts > Reports

Go to Report Administration tab (at the top)

Go to upper right hand corner underneath the ? click on New Report

For Category: Client and Account Information

For Subject Area: General Account Information

Locate Reg Type Code and update the condition to “includes” and Criteria Value use the drop down to select U-UGMA -Non-Brokerage (U), UGMA-Uniform Gift to Minors Act (UGMA), UTMA Uniform Transfer to Minors Act (UTMA) -> Once you close the selection bow it will read “3 Selected”

Click on Add Criteria in upper right of blue box

Click the “+” next to Basic Client and Account Info

Click “Age” and then click on the “Add” button in the upper right-hand corner

*OPTIONAL (if you only want certain states) Click “Minors State of Residence” and click on the “Add” button in the upper right-hand corner

X out of the Add Criteria window

Locate Age in the Criteria section (may need to scroll down) and update the condition to “Greater than or Equals” and the Criteria Value to “17” or “18” or whatever value you are setting as the minimum age you would like to show (most firms are using 16-18 yrs. of age)

*OPTIONAL (if you only want certain states) Locate Minors State of Residence in Criteria section and update the condition to “includes”.  Once selected the criteria value will populate into a drop down which will list all the states.  Select the states you would like included

Click the “+” next to Manage Display

Delete all irrelevant cells by clicking on the X in the upper right-hand corner of each cell (we recommend keeping Account #, RR1 or RR2, Reg Type, Total Account Value)

Click on Add Columns in upper right of blue box

Click the “+” next to Basic Client and Account Info

Click Account restrictions and then click on the “Add” button in the upper right-hand corner

Click Age and then click on the “Add” button in the upper right-hand corner

Click Minors State of Residence and then click on the “Add” button in the upper right-hand corner

Click Registration and Address and then click on the “Add” button in the upper right-hand corner (FYI: this field can be used for address labels if you are trying to do a mailer)

The most common requested sorting has been as follows:

Sort by RR – Ascending (if you are sending the lists to each of your reps)

Then Sort by Account Restrictions – Ascending

then Sort by Age - Ascending

Or

Sort by Account Restrictions – Ascending

Then Sort by Age – Ascending

Then Sort by – Minors State of Residence

To save the report format add a name in the criteria section and click save or view and save. 

Once you hit view and the online report shows you can choose to export to a savable file format such as Excel or PDF using the export dropdown feature in the upper right-hand corner