When it comes to wealth management software, customization isn’t just a perk—it’s a necessity. Every client’s financial journey is unique, and advisors need tools that allow them to cater to those individual needs. That’s where custom fields come in.

In simple terms, custom fields are user-defined data fields added to software systems, allowing organizations to collect and manage specific information not covered by standard data fields. But how do they fit into wealth management? Let’s break it down.

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The Power of Custom Fields in Wealth Management

Imagine you’re onboarding a new client. Standard onboarding forms might collect the basics: name, address, contact information, and perhaps a few financial details. But what if you need to know more—like additional account information, specific KYC and suitability questions. This is where custom fields shine.

Custom fields in wealth management software, such as OneVest, enable organizations to:

1. Gather unique client information: Tailor data collection to go beyond the standard questions. Want to track your client’s favorite investment strategy or their retirement goals? Custom fields let you do that.
2. Enhance advisor-client relationships: By collecting and displaying personalized data, advisors can build deeper connections with clients. When you know your client’s unique circumstances, you’re better positioned to provide tailored advice.
3. Streamline processes across workflows: Custom fields integrate seamlessly into existing workflows, making data collection and management efficient and intuitive.
4. Connect Data without Development Work: Connect to the data in an organization’s environment and decrease implementation time. 

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Key Features and Benefits of Custom Fields

Let’s take a closer look at what makes custom fields so valuable in wealth management software.

1. Enhanced Data Collection

Custom fields allow advisors to collect client-specific data that isn’t part of the default setup. For example, you can add fields to capture niche information like tax residency or specific portfolio preferences. This ensures all relevant data is on hand when you need it most.

2. Flexible Field Types

Not all data comes in the same format, and custom fields account for that. From Boolean (yes/no) options to multiple select dropdowns, custom fields accommodate a variety of data types, including:

• Address
• Date
• Decimal
• Integer
• Single Select
• Text

This flexibility ensures that every data point fits seamlessly into your system.

3. Read-Only Displays and API Integration

Custom fields aren’t just for collecting information—they’re for sharing it effectively too. These fields can be displayed in read-only mode on page widgets, making them accessible without the risk of unintended edits. Additionally, APIs can integrate this data with other systems, ensuring a smooth flow of information across platforms.

4. Conditional Display Rules

Why ask clients questions that don’t apply to them? Conditional display rules make custom fields dynamic. For instance, if a client identifies as retired, a field prompting employment details can remain hidden. This ensures a streamlined and relevant experience.

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Real-Life Applications of Custom Fields in Wealth Management

To see the value of custom fields in action, let’s explore a few common use cases:

Customized Onboarding Experience

Onboarding a client isn’t a one-size-fits-all process. Custom fields let you collect specific information based on the client’s profile. For example:

• Employment details for working clients
• Dependent information for those with families
• Investment goals for clients focused on long-term growth

This targeted approach helps advisors create a seamless onboarding experience.

Enhanced Client Profiles

With custom fields, client profiles become rich repositories of useful information. Data like risk tolerance, preferred meeting frequency, or charitable giving preferences can be displayed in a read-only format, ensuring advisors always have the right details at their fingertips.

Dynamic Data Collection

Conditional display rules take the hassle out of data collection. For instance, if a client marks “Yes” for having dependents, a set of additional fields can appear to capture specific details. This makes the process efficient and ensures no unnecessary questions are asked.

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Best Practices for Using Custom Fields

To get the most out of custom fields, consider these tips:

1. Align Custom Fields with Organizational Needs

Before creating custom fields, think about what data will truly add value to your workflows. Tailor fields to capture information that supports your business goals and enhances the client experience.

2. Use Conditional Rules Strategically

Conditional display rules are powerful tools. Use them to simplify forms and make data collection intuitive. Clients shouldn’t have to wade through irrelevant questions.

3. Regularly Review and Update Custom Fields

As client needs and organizational priorities evolve, so should your custom fields. Periodic reviews ensure your fields remain relevant and effective.

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Final Thoughts

Custom fields are more than just a feature—they’re a game-changer for wealth management software. By enabling organizations to collect, display, and integrate tailored client data, they enhance efficiency and elevate the client experience. Whether you’re streamlining onboarding or building comprehensive client profiles, custom fields are key to delivering personalized, data-driven solutions.

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