In some scenarios, you may need to create a second account for an investment vehicle in Salesforce to hold a second set of wire instructions for the investor. This workaround is suitable if the same investment vehicle is invested across multiple funds, but different wire instructions are needed for different types of investments (e.g., one for an IRA custodial account and another for a personal investment). This article will guide you through the process of creating a second account as an investment vehicle in FundPanel.
TABLE OF CONTENTS
- Step 1: Navigate to the Investment Vehicles tab
- Step 2: Create a new account
- Step 3: Enter the investment vehicle details
- Step 4: Save the new account
- Step 5: Add the Contact Role & Capital Commitment
- Step 6: Review and verify
- Conclusion
Step 1: Navigate to the Investment Vehicles tab
From the Salesforce homepage, click on the Investment Vehicle tab in the top menu bar. This will take you to the page where you can view and manage all existing investment vehicles.
Step 2: Create a new Investment Vehicle
Click on the New button to create a new Investment Vehicle.
Step 3: Enter the investment vehicle details
Fill in the required fields for the new investment vehicle. Be sure to include the following information:
- Account Name: Enter a unique name for the investment vehicle, such as "Investment Vehhicle - Fund II" to distinguish it from the original account. This naming scheme should line up with the funds for which this investment vehicle will be capturing wire details.
- Parent Account: Link the new account to the original investor parent account by selecting it from the search results.
Step 4: Save the new account
Click on the Save button at the bottom of the form to create the new investment vehicle account.
Step 5: Add the Contact Role & Capital Commitment
Navigate to the newly created account and locate the sections for adding a Contact Role and Capital Commitment. This investment vehicle will need to linked with the same Capital Commitment as the original Investment Vehicle. Any portal users that will be submitting wire instructions for this second vehicle will also need a Contact Role linked to this newly created Investment Vehicle.
Step 6: Review and verify
Review the newly created investment vehicle account, contact role(s) and capital commitment to ensure that all information is accurate and properly linked. It is recommended to log in under your portal administrator account to confirm the newly added investment vehicle is visible
Conclusion
You have now successfully created a second account as an investment vehicle in Salesforce to hold a second set of wire instructions for an investor. The investor any any other contacts that may be submitting wire instructions on the investor's behalf may now be notified that this new investment vehicle is available within the investor portal. This workaround can be used in situations where the same investment vehicle is invested across multiple funds with different wire instructions needed for different types of investments. Remember to always verify the accuracy of the information entered and ensure that the accounts are properly linked to their respective funds and investments.