What Information Should the Office Collect From Banks, Custodians, and Advisers?

Collect records from each bank, custodian, adviser, or other provider to confirm family assets and debts. Request source documents on a set schedule and link them to the office's master records and reports.

Request Core Account Information

For bank and custody relationships, obtain the registered owner, account identifier, authorized signers, contact information, cash balance, holdings, and transaction records. Request fee details, the statement date, and reporting dates. Ask how pending trades, transfers, income, corporate actions, and unsettled items will appear. Confirm the reporting currency and valuation method. For loans and credit facilities, request the current balance, payment activity, maturity date, collateral, guarantees, and lender contact information. Ask about upcoming obligations relevant to the family's records.

For investment advisers and managers, request periodic performance reports, holdings reports, capital account statements, notices of calls or distributions, and fee statements. Obtain documents explaining material changes as they arise. Ask who supplies each report and how the office will be notified about delayed or corrected items. Match the requested information to the office's mandate and reporting needs.

Agree on Delivery and Review

Name a relationship contact at each provider, set a secure delivery channel, and agree on a document schedule. Decide where files will be stored, who checks them, and how missing statements are escalated. Ask providers to separate actual values from estimates and identify the date each value represents. Keep the original document with any entered summary so a reviewer can trace each reported number to its source.

Reconcile records across providers and entities. Compare reported cash and holdings with the office's prior record, check for duplicate reporting of assets held through multiple structures, and note differences in timing or valuation. Assign unresolved questions to a specific person and retain correspondence explaining the outcome. Consult your attorney or CPA when ownership, legal documents, or tax reporting treatment needs interpretation.

Use the Information in a Consistent Report

Decide in advance which items the family needs to see and how often. Account values and cash movements may be relevant based on the family's needs. The report may also cover commitments and liabilities, along with investment activity. Include exceptions where they matter. The office can then request provider data in a format that supports its report. The reporting process should identify who gathers and checks the information, who approves distribution, and who answers family members' questions.

Begin with the handoffs that matter most, then adjust requests as the office finds gaps. The pages on building a reliable asset and liability record, reconciling information from several institutions, and organizing office processes offer related guidance. Update the request list when accounts, advisers, or family entities change.

A good trade finance bank will help sellers integrate financing packages

Sources: The Rainmaker Handbook. Informational only, not financial, legal or tax advice.