Tracking Required Minimum Distributions (RMDs)

Managing and tracking Required Minimum Distributions (RMDs) for clients is a common workflow for many advisory firms. Wealthbox offers a flexible CRM structure that allows advisors to implement highly effective processes using existing tools like Tags, Notes, Reports, and Search. This article outlines how to track RMDs within Wealthbox and best practices to ensure accuracy and efficiency.

Identifying RMD-eligible clients using tags

Tags in Wealthbox are an easy and flexible way to categorize contacts. By tagging RMD-eligible clients, you can quickly filter, search, and create lists specific to this group.

Recommended tagging strategy:

• Create a tag such as RMD or RMD Eligible.
• Apply this tag to all contacts who are currently subject to RMD requirements.
• You can apply this tag either manually or in bulk.
• See: How do I add or remove contact tags and what are best practices?
  • Note: The contact screen can be filtered by age and tags can be bulk added to the filtered list of contacts

Benefits of tags for RMD tracking:

• Easily generate lists of RMD-eligible clients.
• Segment reports and communication specific to this group.
• Combine tags with advanced search criteria for targeted reviews.
• See: How can I find my contacts using tags?

Tracking RMD completion using notes

Wealthbox users typically track whether a client has taken their RMD by creating a Note on the client’s contact record when the distribution occurs. 

Steps to add the Note to track an RMD:

1. Navigate to the client's Contact Record.
2. Add a New Note when the client confirms their RMD has been taken or when you process it.
3. In the Note:
   • Include details such as date, amount, institution, or method of distribution.
   • Use a clear, consistent phrase like "2025 RMD taken".
4. Tag the Note itself with RMD or another consistent keyword.

💡 Best Practice: An RMD Distribution note template can improve consistency, efficiency, and accuracy when tracking Required Minimum Distributions (RMDs) across your client base.
See: How can I create and use Note Templates?

Why this works:

• Notes are timestamped, so it’s clear when the action was taken.
• Tagged notes make searching across your CRM simple and accurate.
• This creates a clear audit trail for compliance purposes.

Reviewing RMD activity 

Using the activity stream search feature:
You can leverage Wealthbox’s search functionality to filter and review which clients have documented RMD notes.

1. Use the activity stream search bar to search for RMD (or your chosen tag) in Notes.
2. Review the dates of the notes to confirm the action occurred in the current year.
3. Cross-reference against your list of RMD-eligible tagged contacts to identify any gaps.
    

Using reports:
Generate custom reports filtered by tags to periodically review RMD-eligible clients and check progress throughout the year.
 

Utilize Workflows

You can create a custom Workflow in Wealthbox to ensure systematic reminders and steps for each RMD-eligible client each year. Example stages could include:

• Confirm eligibility
• Confirm distribution
• Record in CRM

Utilize Dashboards

A Dashboard in Wealthbox serves as a powerful, centralized view of key data, helping advisors and their teams track critical tasks like RMDs more efficiently. By organizing your Wealthbox dashboard with intentional widgets and saved reports, you can streamline your annual RMD tracking process and improve visibility firm-wide.

Example RMD Dashboard Components in Wealthbox

💡 Best practices

• Be consistent in how you name Tags and Notes.
• Use Note Templates to standardize tracking and ensure tags are applied.
• Set periodic calendar reminders to review your RMD tracking process.
• Train your team on these standards to ensure consistency across your firm.