Who this helps
Families with holdings across members, older folios, several platforms or important information known to only one person. It is also useful before a retirement, move abroad, inheritance discussion or change in the family’s responsibilities.
Start with an inventory, then add the purpose
List each holding, account, liability and significant commitment with its owner, statement date, access route and intended purpose. Keep ownership separate from family-level totals: an account belonging to one member does not become available to everyone because it appears in a family summary. Check for double counting when a consolidated statement and a platform report contain the same holding.
Turn the record into an action list
A useful review distinguishes missing information from an investment decision. An outdated nominee is a record action; a near-term fee payment is a liquidity action; a proposed sale may need a tax calculation. Assign the action to the family member, bank, registrar or appropriate professional who can complete it. Prasar can help coordinate the information and follow-up within the agreed role.
Keep the sensitive evidence in the right place
The shared summary should point to the institution and authorised document location. It should not contain passwords, OTPs, full identity-document scans or unrestricted account access. Provide statements through an agreed secure route after the purpose and access permissions are clear. A nominated family contact still needs the relevant institution’s authority before operating an account.
How the process works
- Map. Agree the family members, goals, assets and liabilities to include.
- Reconcile. Compare source statements, ownership and earmarked amounts.
- Assign. Separate record corrections, liquidity needs and specialist questions.
- Review. Keep a dated action list and revisit it after important life changes.
What to prepare
- Recent account and folio statements with a valuation date
- Loan balances and significant scheduled payments
- Goal dates, ownership details and existing nominee records
- A list of responsible contacts and unresolved questions
Start with a brief summary. Agree the information, access permissions and secure handoff before sharing sensitive documents. Confirm the scope, responsibilities and any separate professional fees before proceeding.
A practical example
A family has six folios, two bank deposits and an education payment due in eighteen months. Its first task is to reconcile owners and dates, identify the money earmarked for the fee and list two outstanding nominee updates. No transfer between family members or sale is assumed merely to tidy the record.
Common questions
Does consolidation transfer investments?
No. A family-level record does not change ownership, authorise dealing or require moving investments. Any later transaction is a separate decision with the relevant holder’s consent.
Will Prasar hold my passwords?
Do not share passwords, OTPs or login credentials. The discussion can start with an inventory and redacted statements. Agree a secure document route if detailed records are needed.
Is every product reviewed for a recommendation?
The inventory can record different assets. Mutual fund distribution, record coordination and any independent professional opinion have different responsibilities. Agree the required scope before implementation.