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RMD Value & Information section

In the account section, I'd love to have an area specifically for RMD info.

There is the general info section, which duplicates the issue date (listed in the account dates), the cash value and as of date (which duplicates the account assets balance), face value (which duplicates the coverage info), surrender value and as of date, loan balance, asset rebalance and rebalance frequency. Why can't an RMD info section be added, or the general section modified to include 12/31 year end value, RMD value, a check box for auto RMD, and that type of information? I'd love to be able to put their withdrawals (or projected withdrawals) for the year and have the system calculate if they will need to take more, or if their RMD is covered. Also, add a text box for notes, so we can detail if RMD is covered by another IRA accounts withdrawals. Please, make this information available to be added to reports!

I know it can be added in a UDF, but everyone has clients that have to take RMD's. This has got to be a feature that more people want and will use, than duplicating other values or dates already listed in the details section.

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Rachel Crawford shared this idea  ·   ·  Report…  ·  Admin →
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  • Leo O'Connor Jr commented  ·   ·  Report

    I have done this with UDFs but as you can't bulk add UDFs and Redtail fails to mention that tax-qualified means needs RMDs (when they are old enough) it would be nice to have a better system.

  • Dave commented  ·   ·  Report

    For the purposes of an RMD report, the client's age should not be calculated from birth through TODAY. For RMD, the only thing that matters is the age on 12/31/xx. I'm not interested in how the old client is today, but only how old will they be on 12/31 of the current year.
    I agree with others who have asked for the age to be displayed as XX.XX. "And about 3 months" is silly and a waste of space.

  • Leo O'Connor Jr commented  ·   ·  Report

    While I have made a system using Redtail it leaves a LOT to be desired because of how things are done and what you fail to tell us (Like checking tax qualified for a 529 means they are now sucked up into the RMD report. This issue is important enough to get right you should really host so advisors and admins and see what would work best for everyone.

  • Leo O'Connor Jr commented  ·   ·  Report

    I agree. Make it something we can run reports by, export, and even show without having to click into the account.

  • Anonymous commented  ·   ·  Report

    More of a transaction log/spreadsheet not just for withdraws

  • Anonymous commented  ·   ·  Report

    Would like to be able to keep up with withdraws on accounts more detailed.
    I seen where can list a monthly and total withdraw.
    But for some accounts clients get a systematic withdraw and will withdraw separate individual withdraws on top of that. Then will have RMD with draws.
    Would like to have it where it's a transaction history. When I tried using the transaction section it did not match up to my needs on my accounts. It needs to be more expanding not so one way or no way. Also keeping track of penalties and fees.
    We have to keep a separate log for these and manually keep track so it be nice to have it all on here.

  • Anonymous commented  ·   ·  Report

    This would be great!

  • Melody commented  ·   ·  Report

    Please add a field to enter clients Required Minimum Distribution (RMD) amount - should be done for each investment they hold

  • Chuck Vercellone commented  ·   ·  Report

    You can easily create this in the UDF field - add a field for the current year RMD amount and a field for systematic Y/N

  • Brenda Gebhardt commented  ·   ·  Report

    Yes and make it easier to change the UDF from a no to yes or visa versa.

  • Anonymous commented  ·   ·  Report

    Would like to have a check block indicating that a client is or isn't in RMD status. Be able to link the RMD amount to each account that will tally the total amount for each of their accounts. Would also like to have a reminder or completed check block to let us know if the RMD was completed or not.

  • Melody commented  ·   ·  Report

    On each account have a place to put in the current years RMD amount
    If they have set up a systematic withdrawal - if so monthly or annual and date
    If the RMD has been satisifed

  • Angie commented  ·   ·  Report

    Would like an automatic reminder for RMDs - ideally estimated amount (based on IRA account types). At a minimum it would be nice to have an auto reminder go off when a client hits 70 1/2 to indicate we need to look at it.

  • Anonymous commented  ·   ·  Report

    Also include a way for us to track inherited IRA RMDs

  • Cindy Moe commented  ·   ·  Report

    Now that Redtail Tailwag has the ability to run an RMD report, a way to create a global task for those clients needs to be available. Information can be recorded for the current year RMD, and when completed it will become a Note for easy reference. The task could be on a recurring basis so that only RMD tasks for new clients would need to be added each year.

  • Toni House commented  ·   ·  Report

    We desperately need RMD tracking. I am manually doing it right now. When you have more than 150 RMD's I am so afraid of missing someone. I have been trying to create something better for tracking and calculating how much has been taken, how much needs to be taken and how much still needs to be taken since I started working here more than a year and a half ago. So any help is appreciated.
    So please TailWag figure something out.

  • Becky M commented  ·   ·  Report

    RMD's are so important, seems like I spend half my life tracking them all. This is my one disappointment (and a huge one) in moving to Redtail from ACT! Was wishing Retail would have had this figured out.

  • Anonymous commented  ·   ·  Report

    It would be nice in the account section to show RMD's on auto and another one for RMD's completed. Then when we run a report it will show those that are left.

  • Kristy commented  ·   ·  Report

    Some sort of tracking for RMD's would be great. Right now we have re-occurring yearly activities to remind us.

  • Anonymous commented  ·   ·  Report

    Yes, Tracking RMDs in the CRM would be beneficial. Have the the following titles (see below suggestions) as columns with each row representing an account for that client.

    Age, Account Name, Divisor, Account Number, Fair Market Value as of 12/31/20xx, RMD Amount, YTD Withdrawal, RMD Remaining, Rounded to:, Process Instructions, Comments

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