Release Notes: Data Services
Advisor level roles will now be able to customize the names of their products. The ability to change product names will be tied to a privilege that can be enabled in the Manage Users application. The privilege can be found by editing a role and navigating to Privileges > Actions > Products > Local Product Name Override where it can be enabled.
When a product name override is added at the local product level it will show up throughout the Orion platform wherever ‘product name’ is shown. Orion endpoints that return ‘product name’ will also return the override name, so if your firm leverages Orion APIs or have Integrations that use our API endpoints, the ‘product name’ field will also show the overridden product name in those situations.
At the global product level, the original product name will remain and show when loading a global product grid or viewing that information elsewhere. In the Product & Prices application, we’ve added the column “Orion Product Name” that can be added to your views so you can see any differences in product names in the grid. As best practice when communicating product information to Orion’s service teams, please use product ID or ticker, since product name can now differ in your database between the global and local tables.
We are now able to support two data feeds for ByAllAccounts. The new feed will support accounts that you just need a balance for. This feed will bring in account holdings and insert a balance adjustment transaction to bring the Orion balance inline with the balance ByAll has captured. This offering allows you to bring in heldaway accounts at a lower cost but still allows you to include the balance information in reports and financial planning.
The Advisor Notes field has been added to the Transaction Add custom import to allow the Advisor Notes to be populated when creating new transactions.
To further help maintain demographic and account information changes that are sent from your custodial data providers we’ve made updates to the Pending Client Information section of the New Account Center. To start we’ve added the following columns to better help filter and maintain the clients information you’re reviewing. The new columns that can be added to the grid are: Account Number, Household Name, Registration Name, Representative Name, Rep Code, Custodian, and Fund Family.
The grid will also now display Household Name, Registration Type, and Rep Code as field types that can be reviewed and approved or denied.
We’ve taken the Product Main import from our legacy import suite and brought it into the new custom imports engine and experience. With the conversion of the import we included the following new fields: Annual Income Rate, ADV Asset Category, Is ADV Reportable, Is 13F Reportable, Has Fees, Federally Taxable, State Taxable, and Is Disabled.
Users will still have access to the legacy Product Main import. The privilege to access the new Product Local import will be disabled by default and will need to be enabled to gain access.
Privilege: Manage Users > Roles > Right Click: Edit Role > Privileges: Actions > Custom Imports: Product – Local Settings
Training: Knowledge Article: How-To and Troubleshooting: Product Local Update
We have added four Download Defaults that can be set so that all accounts created through a download source automatically are set to the default chosen. The new download defaults are: Business Line, AUA Reportable, Wrap Managed, Wrap Sponsored
In Q3 the Interface Product Team completed the building and quality assurance checks on 10 new data feeds now available for full daily reconciliation.
- Accutech Cheetah
- Bremer Bank
- Park National Bank – FiTek
- Pacific Premier – Pensco Trust
- BOK Financial
- Huntington National Bank
- Goldman Sachs
We’ve optimized our transactional file processing to apply custodial transaction data significantly faster and with greater accuracy. These changes will positively impact all custodial transaction files loaded through the Orion Confirmation system.
Additionally we’ve refactored our sleeve data processing logic to also allow for significant improvements in processing times as well as much better data and reconciliation quality and accuracy.
We’ve introduced processing logic to allow us to load in custodial cost basis data for the FolioFN data format. We receive Position and Transactional data from FolioFN already sleeved and the Cost Basis data at a portfolio level.
With this new logic every sleeve’s assets will have the appropriate lot prorated and applied at the proportional percentage.
AIP custom imports are now accessible in the Custom Imports app, which will allow users to edit data, add or remove rows within one screen.
A column was added for an “as of date” value so the asset grid can show both the current value and the value as of a specific date. We have also updated the total cost basis so that it will return based on the date selected.
A simplified workflow for alternative ledger activity has been created, meaning users can stay within one field to update ledger information. Functionality to copy historical activity from another asset is also accessible within the alternative ledger activity.
This enhancement allows for reporting of individual components of the trading expense transaction. The data points that are now broken out are: Activity Fee, Brokerage, Charge Applied To Min, Commission, Holding Fee, Income Fee, Issue Fee, Minimum Fee, Miscellaneous Fee 1, Miscellaneous Fee 2, Miscellaneous Expense, Operator Fee, Postage And Insurance, Principal Fee, Purchased Interest, Report Fee, SEC Fee, Special Holding Fee, and Special Issue Fee.
Partnering with Schwab and the enhancements they have made to their variable annuity data feed, we have enhanced our data feed to include holdings, transaction, price, security, and name files.
We have partnered with Apex Clearing to add both realized and unrealized cost basis to the integration. This data can be used to enhance the trading experience or be included in reports.
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.
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.