May 2021

Market*r

New Campaign: Behavioral Finance Series - Overcoming Overconfidence

Among the many fallacies investors must overcome, overconfidence is one of the most prevalent – especially during bull markets. This campaign helps illuminate the dangers of investing without the future in mind and shows how your firm can guide clients and prospects in the right direction.

How to get there: Orion Connect > Market*r > Campaign Library
New Campaign: Retirement Series - Just the Beginning

With this retirement-focused campaign, show clients and prospects how, with the right financial planning guidance and investment strategies in place, their retirement can be the start of a new chapter in life.

How to get there: Orion Connect > Market*r > Campaign Library
New Campaign: High Net Worth Series - Get to the Next Level

In the first of a new series of campaigns focused on high net worth investors, you can target young professionals marked for future success with a suite of engaging content.

How to get there: Orion Connect > Market*r > Campaign Library

Financial Planning

Monte Carlo Results

Previously when updating a what-if in a retirement goal, the Monte Carlo result that calculated upon making the change would recalculate after clicking “Apply To Plan”. With this update, the result that appears after updating the what-if will remain even after applying to the plan.

How to get there: Orion Connect > Advizr > Goal Results > Retirement > What-Ifs
Orion Planning Rebrand

As part of our continued integration of the legacy Advizr platform into Orion’s technology suite, we have updated the branding in the Planning web application to reflect the name “Orion Planning.” We will continue to make updates to other logos and verbiage over the coming months.

How to get there: Orion Connect > Advizr

Investment Management

New Strategists on Communities

Communities welcomes new strategies to Orion’s robust model marketplace. Here’s the list of who has recently joined the platform: 

  • KraneShares
  • NASDAQ Dorsey Right 
  • GlobalX
  • Putnam Investments

Learn more about these strategists on our Communities Corner.

How to get there: Orion Connect > Communities

Trading

ESG Restrictions in Eclipse

Users are now able to import ESG Restrictions into the Eclipse trading tool in order to block specific themes on a portfolio-by-portfolio basis. By restricting a theme, securities under that theme will be updated to “always sell all” in Eclipse, meaning existing securities will be marked unassigned and liquidated in the next trade. In addition, these securities will be marked do not buy so accounts will not buy them going forward.  Users will need to obtain an export from an ESG Provider, or create their own, and then can import those restrictions into Eclipse.

How to get there: Eclipse > Preferences > ESG Themes
Systematics Syncing to Eclipse as Set Aside Cash

Systematics in Orion Connect will now sync into Eclipse and automatically set aside cash. For distributions, the amount set aside can also be multiplied with a new preference that will allow you to set aside more than just the exact amount being distributed. This way, users can set aside 3 months worth of cash, without changing the systematic amount. Dollar cost averaging systematics will exclude the remaining amount on the account in Eclipse, and will reduce the amount protected each time a traunch hits its due date. For sleeved portfolios, custodial sleeves with systematics will set aside the cash at the portfolio level.  Please see the sleeve portfolio level set aside cash for more information.

How to get there: Eclipse > Administrator > Preferences
Stop Unsettled Stock and ETF Lots From Being Sold

Eclipse will now be able to keep equities that are not settled from being sold.  If a user wants to sell unsettled lots, it will provide a warning to the user on the orders grid. 

How to get there: Eclipse > Administrator > Preferences
FIX Mutual Fund Batches

The FIX Mutual Fund Batch tool is now available in Eclipse.  This will group mutual funds by custodian and action and execute them in a group, rather than sending each order individually.  Once in the batch, users can add, remove, or process individual orders without updating the entire batch.  The batch tool also has the ability to easily execute all sell trades prior to executing buy trades for an easier execution experience.

How to get there: Eclipse > Trades > FIX MF Batches
Allocating Partially Filled Blocks in Eclipse

Users will now be able to allocate a partially filled block in Eclipse and automatically open a new block with the remaining quantity.  This way users can have blocks stay open day over day while continuing to allocate the trade orders via FIX.

How to get there: Eclipse > Trades > Blocks > Right click "Allocate Orders"
Validation and Removal of Orders in Blocks

Users can now remove trade orders from blocks when the trades are in accounts removed from Eclipse, or marked as do not trade.  This way users can validate that the orders in the block are not attached to accounts they no longer can trade.  Eclipse does not receive real-time updates from the custodian for trade block information, so users will need to manually update accounts if the trade is blocked.

How to get there: Eclipse > Trades > Blocks > Edit Block
Client-Specific Manual Tax Harvester

The Manual Tax Harvester in Eclipse has created a new revamp giving more targeted gain and loss harvesting capabilities.  Users can determine the term, securities available to trade, and minimum/maximum gains or losses to be harvested.  This will provide a more focused harvesting experience that can be used for one-off client needs. 

How to get there: Eclipse > Trade Tools > Tax Harvester
Account Information on the Portfolios Grid in Eclipse

Account level information will now display on the portfolio line item in the portfolios grid.  This will display the account number, account ID, tax qualification, registration type, and custodian on the portfolios grid, rather than needing to expand the portfolio out first. 

How to get there: Eclipse > Portfolios > All Portfolios
Sleeve Strategy Customization

Sleeve strategies in Orion Connect can now be customized in sleeve setup.  This allows a registration to be a part of a sleeve strategy aggregate, while still having a customized allocation tailored to the clients needs. 

How to get there: Orion Connect > Portfolio Audit > Registration > Sleeve Setup > Select the customized checkbox
Model Asset Classification and Validation in Sleeve Strategies

Models in Orion Connect and Eclipse can now establish an asset category, asset class, or risk category. This classification can also be used to restrict the models available in sleeve strategies.  For example, a domestic equity sleeve strategy could restrict available models only to those with the asset class of domestic equity.

How to get there: Eclipse > Strategies > Models > Model Details
Sleeve Portfolio Level Set Aside Cash

Portfolio level set aside cash is now available on sleeved portfolios in Eclipse. This set aside cash can be targeted into the contribution or distribution sleeve. Set aside cash in the contribution sleeve will be protected from a spend cash trade.  Set aside cash on the distribution sleeve will be raised in rebalance, cash needs, and raise cash trades.  Users also have the ability to target the set aside cash pro-rated across all of the sleeves in the portfolio. This will allow users to obtain a client cash protection without needing to disrupt the models themselves.

How to get there: Eclipse > Portfolios > Portfolio Details
Sleeve Suffix in Eclipse

The sleeve suffix has now been added to Eclipse. This will now reverse sync back into Orion Connect to allow all model maintenance features to be maintained in Eclipse. For existing Eclipse clients, we have updated Eclipse models with the sleeve suffix from Orion Connect to avoid any business disruption.

How to get there: Eclipse > Strategies > Models
Sleeve Primary Product Type

We have added the ability to target product types (i.e. Fixed Income, Stock/ETF) into specific sleeves, even if the products are not targeted in the model. This is beneficial for users who want to place all fixed income into one specific sleeve. This process will run when initially sleeving out a registration, or when using the journal only rebalance in Eclipse.

How to get there: Eclipse > Models > Model Details > Primary Product Type
Journal Only Rebalance With Positions

The journal only rebalance will now journal positions back and forth between models.  This will bring the portfolio as close to target as possible without creating any trades.

How to get there: Eclipse > Trade tools > Rebalance > Rebalance type
Sleeve Strategy Focused Rebalance

Users can now run a focused rebalance in Eclipse based on a sleeve strategy.  This way you can rebalance one sleeve, or a group of sleeves, without rebalancing the rest of the sleeves in the portfolio.

How to get there: Eclipse > Trade Tools > Rebalancer > Focused Rebalance

Billing

C Share Class Global Exclusion

As a rule C Shares should not be billed or included in the billed market value. For firms who provide C shares as an option, we now have the ability to exclude them by selecting a database option. Once this option is set to true then any account with a C share asset will automatically be excluded for billing.

How to get there: Orion Connect > Firm Profile > Options > Billing > “C Share Class Global Exclusion”
Deleting a Default Representative

Users can now create parameters around the deletion of a default rep. This new enhancement will require that a new default rep is set before the current default rep is deleted.  A new message will appear providing instructions, “Cannot delete a default representative. Please set a new default representative first.”

How to get there: Orion Connect > Firm Profile > Representatives > Right Click > Delete Representative
Default Use Fee Hierarchy

If the firm uses fee hierarchy, we now have the ability to have any new account default the “use fee hierarchy” to true at the account edit screen.

How to get there: Orion Connect > Billing Audit > All accounts > Right click > edit Account > Billing > General > Use Fee Hierarchy box
Roll Up Fees to Custodial Account in Post Payments

Tracking outstanding receivables for advisors who use sleeves used to mean multiple line items would be used to display the management fees calculated for each sleeve.  This development allows management fees to be rolled up at the registration level.  This way the post payment app will match the information that was provided to the custodian on the fee file, thus making it easier to match and post fees.

How to get there: Orion Connect > Post Payments > Set Start Date and End Date > All Accounts > Refresh

Integrations

Scoping for Account Number Masking

In our ongoing effort to increase the flexibility and security controls around our API, we have added a scoping privilege for account number masking. This will allow Orion to mask all but the last 4 digits of account numbers through the API for connected integration partners, giving more control over which partner has access to this data.

 

This will not affect advisory firms connecting directly to the API, as they will have the default privilege needed. However, firms could use this functionality if they are using an outside consultant and want to restrict their account numbers from being accessed.

How to get there: Orion Connect > API
Salesforce - RMD Dashboard Link

One of the best features of the Salesforce app is the ability to access Orion functionality from within Salesforce, especially while on a household or financial account. By popular request, we have added in an option from your contextual links bar to launch the RMD dashboard from the household level.

How to get there: Salesforce > Household > Orion Links > RMD

Portfolio Interaction

Homepage Rep Filtering

As an advisor-level user, the homepage dashboard is able to be viewed in the context of the entire firm or filtered by a representative user. Prior to this development, when applying a rep filter, it would be removed when changing applications or the next time a user logged in. We have made it so this filter sticks until removed manually.

How to get there: Orion Connect > Homepage Dashboard > Filter
Benchmarks in Performance Detail Grid

We have added benchmark returns to the performance detail grid in the Portfolio View. This will allow the user to compare the performance returns of their chosen grouping level to the benchmarks assigned at the corresponding level.

How to get there: Orion Connect > Portfolio View > Performance > Performance Detail > Edit Card > Show Benchmarks
Sort Order Setting

We have implemented your established asset category, class, etc. sort order settings into the applicable cards in the Portfolio View and homepage dashboard.

How to get there: Orion Connect > Portfolio View > Edit Card (ex: Summary > Asset Category Allocation) > Edit Card > Sorting
Portfolio View Default Settings

We want you to be able to access your most relevant client information as quickly as possible. With the default settings, each user is able to determine what their defaults will be when loading the Portfolio View.

How to get there: Orion Connect > Portfolio View > … Menu > Settings

Reporting

Edit Static Sub-Reports In Report Editor

We have restored your ability to make edits to static sub-reports within the report editor. Please note, users can still create sub-reports in the sub-report builder but we’ve re-enabled your ability to make in-report edits.

How to get there: Orion Connect > Reporting > Custom Reports > Edit
Bar Charts: Hide Empty Date Ranges

Users can now hide empty date ranges on bar charts.  Prior to this development, if you were running a report for a client who had no activity for a displayed date, it would show as blank on your report. With the “Hide Empty Date Range” option checked the system will remove those empty data points from the report. This adjustment allows for more dynamic, cleaner looking reports.

How to get there: Orion Connect > Reporting > Sub-Reports > Bar Chart > Right Hand Menu > Hide Empty Date Range

Compliance

Customized Email Notifications within Inform

Compliance admins now have the ability to customize the email notifications sent to employees for a more personal look.  These will be for questionnaires as well as the tasks created in Inform.  The admin will have several templates to choose from for customization.

How to get there: Orion Connect > Compliance > Inform > Manage Options
Inform Trade Violations Update

Compliance admins now have the ability to leave comments on trade violations en masse as opposed to updating them individually.  This will help admins complete their reviews in a more timely manner. 

How to get there: Orion Connect > Compliance > Inform > Trade Violations

Data Reconciliation

Pershing Transaction Expense Updates

The trading expense transactions have been updated to include the amounts Pershing list under the Misc Fee and Other Fee data points. This ensures the trading expense transaction includes all fees associated with the purchase or sale of a security.

Pershing Fee Detail

This breaks out the individual components of the trading expense transaction to make each component available to be queried. The data points that are broken out are: Interest, Commission, Tax, Transaction Fee, Misc Fee, Other Fee, TEFRA Withholding, Pershing Charge, Brokerage Charge, Sales Credit, Settlement Fee, Service Charge, Mark Up/Down.

Performance and Composites

Composites Updated Report Generation

We have updated the engine our Composites are using to generate composite reporting. We have updated the UI of kicking off Composite Reports and there will now be a Run Report button on the Dashboard, Accounts, Reports, & Rules pages within the Composites app. This update will also allow you to include multiple benchmarks into your Firmwide Composite report. To enable this new Composite Report generation you will need to turn on the “Show New Composite Report Prompter” firm profile option.

How to get there: Orion Connect > Composites > Dashboard/Accounts/Reports/Rule page > Run Report


1693-OAT-5/20/2021