Profile: The Entity and Its Attributes #
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An individual profile is created at North Capital once the user submits the REG A or REG D form OR PRE-Accreditaiton form, which appears before the KYC process or Accreditation begins approprietly. The information provided on these form and during signup is used for profile creation.
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NC creates Account, Party and Link for profile. AccountID, PartyId and LinkId are sent from NC and saved in DB to operate. Upon submitting REG A or REG D, or the PRE-Accreditation form, a profile is established at North Capital. This initial information, along with signup details, is used for profile creation. North Capital generates Account, Party, and Link for Individual ownership, transmitting AccountID, partyId and linkId back for operational use within the database.
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Users have the option to create SDIRA and Solo401k profiles without limitations on quantity.
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Shared Account ID/Party ID/Link ID features between individual, Solo401k, and SDIRA profiles facilitate accreditation sharing across profiles.
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The creation of SDIRA/Solo401k profiles can trigger the creation of corresponding North Capital entities if not previously established through individual profile activities.
Investment Profile Creation and Functionality #
- When a user registers, an individual investment profile is automatically created in the database. - This profile includes the creation of an individual Dwolla wallet, which occurs seamlessly in the background after the user successfully passes the Plaid KYC process, necessitating no further action from the user.
- Only one individual account could be created. It can not be deleted.
For North Capital (NC) registration and further operations:
- A profile at North Capital is initiated when a user submits either the REG A or REG D form, or the Pre-Accreditation form, which precedes both the KYC process and the Accreditation procedure. The details provided during this submission, combined with the initial signup information, are utilized to create an account.
- North Capital then establishes an Account, Party, and Link specific to the individual’s ownership. This process results in the generation of AccountID, PartyId, LinkId, which are then transmitted back and stored in the database for operational purposes.
Non-individual profiles #
- Users are not limited to the creation of individual profiles only; they also have the capability to create Self-Directed Individual Retirement Account (SDIRA) and Solo401k profiles as desired.
- The unique feature of shared Account ID/Party ID/Link ID among individual, Solo401k, and SDIRA profiles enables the seamless sharing of accreditation information across different profiles. This means that if a Solo401k or SDIRA profile is created after an individual profile, and the individual profile has already established these IDs with North Capital, the same IDs and related accreditation data are reused for the newly created profiles. Conversely, if an individual profile hasn’t been set up at North Capital yet, creating a Solo401k or SDIRA profile will prompt the creation of these entities on North Capital’s end.
Profile completion #
A profile is considered fully completed once:
- Reg A/D & risk form are submitted successfully.
- An associated account is created on the Escrow party’s end (NC)
- Accreditation is passed
- KYC is passed
- The Dwolla wallet is created & verified - happens on background once KYC passed.
Note: For individual account wallet is created on dwolla end using only personal data (used for KYC verification). For solo401k additional data are sent to dwolla - these data we collect during Solo401k profile creation https://developers.dwolla.com/docs/balance/business-verified-customer/create-a-customer#sole-propreietorship---request-and-response. Note: SDIRA profiles do not have wallet.
Below is a list of fields that are completed in conjunction with user actions such as signup, KYC, and accreditation.
Fields Collected from the User #
| Field | Required? | Description |
|---|---|---|
| First Name | Yes | First name of the user, provided during signup. Can be edited during KYC/pre-accreditation/ownership step forms submission. |
| Middle Name | No | Middle name, collected on pre-accreditation/ownership step forms, can be edited. |
| Last Name | Yes | Last name of the user, provided during signup. Can be edited during KYC/pre-accreditation/ownership step forms submission. |
| Date of Birth | Yes | Date of birth, collected on KYC/pre-accreditation/ownership step forms, can be edited. |
| Phone | Yes | Phone number, collected on KYC/pre-accreditation/ownership step forms, can be edited. |
| Citizenship | Yes | Allowed values to invest: U.S. Resident/U.S. Citizen; collected on REG D/A forms/pre-accreditation/ownership step. |
| SSN | Yes | Full SSN collected only once during the pre-accreditation/ownership step forms, then encrypted and stored in the database. |
| Address 1 | Yes | Address 1, provided during KYC/pre-accreditation/ownership step forms submission. |
| Address 2 | No | Address 2, provided during KYC/pre-accreditation/ownership step forms submission. |
| City | Yes | City, provided during KYC/pre-accreditation/ownership step forms submission. |
| State | Yes | State, provided during KYC/pre-accreditation/ownership step forms submission; processed as a 2-digit US state code. |
| ZIP Code | Yes | ZIP Code, provided during KYC/pre-accreditation/ownership step forms submission. |
| Country | Yes | Only the US is allowed to invest. Country, provided during KYC/pre-accreditation/ownership step forms submission; processed as a 2-digit country code. |
Additional fields collected for non-inidivdual profiles #
These fields are collected during SDIRa/SOlo401k creation form submit along with personal information fields described above.
| Field | Required? | Description |
|---|---|---|
| SOLO 401k.Plan Information | ||
| Name of the Solo 401(k) | Yes | Name of the Solo 401(k) |
| EIN | Yes | EIN of solo401k, XX-XXXXXXX format |
| SOLO 401k.Documentation | Yes | Plan Agreement in pdf format |
| SDIRA. Custodian Information* | ||
| Custodian | Yes | Options: ALTO/Other |
| Name of Custodian | Yes | Collected only if Custodian = Other. Cannot be filled with only a sequence of spaces |
| Custodian Website Address | Yes | Collected only if Custodian = Other; format required: https://www.example.com |
Accreditation sharing #
- NC provides functionality to share accreditation between profiles with the following types: individual/SDIRA/Solo401k. From NC side all user’s profiles with these types will have the same Account_ID/PArty ID/Link ID so accreditation status will be the same(as well as AIReqiest ID). Note: KYC should be passed for each profile separately.
- So when new profile is being created - system checks if any profile with sharable type exists already on NC end to re-use their data and link new profile to the same instance on NC end.
Fields Completed During Profile Usage #
| Field | Source | Description |
|---|---|---|
| Type | Internal | Currently, only individual profiles are used. Solo401k/SDIRA TBD |
| Created At | Internal | Date of profile creation. |
| Updated At | Internal | Date of profile update. |
| KYC Id | KYC Provider: Plaid | Verification ID on Plaid’s side. |
| KYC At | Internal | Date when Plaid sent a success status webhook. |
| KYC Status | Internal | Internal KYC status, mapped with KYC provider statuses. |
| Accreditation ID | Accreditation Provider: North Capital | Accreditation Request ID from North Capital’s end, generated once accreditation data is sent and an accreditation review is requested. |
| Accreditation At | Internal | Date when North Capital sent an approved status webhook. |
| Accreditation Status | Internal | Internal accreditation status, mapped with Accreditation provider statuses. |