Office Hours: From Minors to Adults—Keep Your CRM Organized

In any financial advisory practice, managing client data accurately is crucial—not just for compliance, but for delivering a seamless client experience. One question we often get from advisors using Quivr CRM is how to handle children, adult clients, and complex household relationships within the system. While it may seem straightforward at first, these relationships can evolve over time, and it’s important to have a system in place that grows with your clients.

Starting with Household Members
For younger children in the system, the rule of thumb is simple: include them in a household only if they are part of a client household. For example, a child of a client should be added as a contact under the parents’ household. Quivr CRM allows you to mark relationships clearly, such as "child" or "minor," so it’s easy to keep track of these connections.

This setup ensures that your household data is accurate while keeping the system flexible enough for future changes. Even if children are minors, they are associated with the client household for visibility and reporting purposes.

Evolving Relationships: When Children Become Clients
As children grow and start managing their own finances—opening Roth IRAs, receiving financial advice, or becoming clients in their own right—it’s time to adjust their status in Quivr. The recommended approach is to create a separate household for the now-adult child. This allows you to track all compliance records, client agreements, and investment information accurately while maintaining a clear connection to their original household using Quivr’s “Related Parties” feature.

This flexibility also applies to other relationships, such as powers of attorney or beneficiaries. If a contact only exists because of a household relationship, they remain linked to that household. However, when their engagement with your firm expands, they can be moved to their own household while maintaining a connection to the original household for reporting and relational context.

Managing Complex Situations
Even more nuanced situations, like multi-generational families, divorced clients, or second marriages, can be handled efficiently by following the same principles. Start with the question: “Is this person in the system only because they are part of a household, or do they have an independent relationship with the firm?” This simple approach helps you categorize and manage most cases accurately.

Key Takeaways
The main goal when managing household and client relationships in Quivr is to create a system that works both now and in the future. Think about how you will interact with the data over time and who will need access to it. By planning ahead, you can maintain clean, compliant records while giving your team and clients a seamless experience.

Quivr CRM provides the tools you need to handle even the most complex household and client relationships, all while maintaining flexibility as your clients’ needs evolve.

Ready to see how Quivr can streamline your client management? Schedule a demo today and experience it live!