How It Works FAQs

How does it work?

Parents or another related adult (known as ‘Funders’) will regularly transfer funds to the young adult (known as ‘Members’) through their UBS team. There will be a set amount transferred for SPENDING (linked to a DDA with debit card, or to a credit card), an amount for GROWING (linked to an investment account), and an amount for GIVING (linked to a credit card).

As the Member transacts and invests, that information will display on the Client Website. TILE receives that information and allocates the transactions to the SPENDING, GROWING, GIVING categories. The funder will then work with the Advisor to set up transfers through ACH requests.

Do the Parents/Funders just give money and that’s it?

No – keep in mind the goal is to facilitate a dialogue and education between the UBS team, clients, and their children about the responsibilities and benefits of wealth. The Member, the Funder, and the Financial Advisor each have their own logins to TILE so everyone is on the same page. One catch though – the Member determines how much of their information the Parent and the UBS team can see.

Can the Funder see the same information as the Member? What about the UBS team?

The Member decides how much information they want to share with their Funder and Financial Advisor:

●      Basic: View monthly balances for the Member’s SPEND, GROW, and GIVE accounts

●      A Little: “Basic” plus total monthly activity broken down into subcategories

●      A Little More: “A Little” plus details for each transaction that month

●      A Lot: “A Little More” plus comparison data (aggregated from peer users of Spend Grow Give) of the Member’s SPEND, GROW, and GIVE accounts

The setting is determined by the Member on the Privacy page (see image below). Advisor teams have the same access as the Funders, but keep in mind that the Financial Advisor always has full access to the Member’s GROW information.

How does TILE categorize the Member’s Spend transactions?

TILE automatically categorizes the Member’s debit and credit transactions to make it easy for the Member to see where they’re spending their money. Transaction details can be tedious to read on most banking sites (and monthly statements). For instance, while an expense transaction on a bank statement might read “POS SBX X89G NY NY 12.38,” TILE automatically records it instead as “Starbucks for $12.38” and files it under Food.

Note that this is not the official record of a client’s account.  The UBS Financial Services Inc. client account statement is the official record of a client’s account.

Is there trading from the site?

No. If a member wants to make a change to their GROW portfolio, they are prompted to contact their Financial Advisor. Also, keep in mind that a Financial Advisor may not take trading instructions from a minor.

So TILE is ‘read-only’?

Yes, basically in the SPEND and GROW sections.  TILE will only display information from UBS Online Services. The one area where Members can transact through TILE is the GIVE section. They can donate to charities via TILE, and the amounts given will be tracked against their GIVE budget.

How do charitable contributions occur for GIVE?

First the member learns about the charity on SpendGrowGive.com, clicks to GIVE and defines the size of the donation, completes the required information and confirms the transaction.  To facilitate the use of a credit card, TILE has a partnership with Network for Good to allow members to use a credit card to donate over Network for Good’s SSL security technology.  No personal information or data is shared or sold via the Network for Good platform, and Network for Good is a 501(c)3 tax-exempt organization, preserving the tax deductibility of the member’s GIVE donations.