Release Notes: Financial Planning
With this new tool, you can post important updates such as links to quarterly statement uploads, Event Based Notifications, custom RSS feeds, video market commentary, and more—directly to the client portal homepage, ensuring your clients see the updates immediately upon logging in.
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.
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.
We have added historical returns as a CMA option in firm settings to go along with the 2021 and 2020 JP Morgan forward looking assumptions. This allows firms to have a greater variety of options to choose from in addition to being able to fully customize their own capital market assumptions.
We have updated the Federal tax brackets, standard deductions, and contribution limits for 2021. Also included in this update is the Social Security earnings limit and updated bend points.
With the release of JP Morgan’s 2021 Long-Term Capital Market Assumptions, we have updated these forward-looking assumptions in Orion Planning. In addition to being able to customize these CMAs at the firm level, this year we’ve also included a toggle to revert to the 2020 assumptions. See a summary of the assumptions here.
Within Orion Planning, you’ve always been able to earmark the proceeds from a Business sale or Real Estate sale to help fund your client’s goals. You are now able to earmark proceeds from the sale of a Miscellaneous Asset to help fund your clients goals as well.
When sharing a plan with another advisor, as you start typing you will see suggestions of other advisors in your database. This is a firm level setting that can be disabled which will require you to type the full email address of the advisor with whom you wish to share the plan.
This month, we improved the way your firm is able to model certain cash flow projections by building in the ability to add distribution scenarios at the account level. This includes indicating whether the client will be withdrawing a percentage of the account or a specific dollar amount. This update could be helpful, for example, when modeling required distributions from Trusts or when working to illustrate such strategies as taking distributions from an IRA prior to the client filing for Social Security or withdrawing their RMDs.
We’ve now added the ability to display your firm’s custom colors in the client portal. When your clients log in to the new portal, your colors and branding will now be front and center.
With the integration of Envestnet | MoneyGuide into the Orion Planning client portal, clients can now review a summary of their overall financial plan, track the progress of their goals, organize their insurance policies, and monitor their net worth—all from within a single portal.
There are some accounts for which your clients may not own the full balance, and therefore won’t be able to use the entire account to fund their goals. Similar to the functionality we have for taxable accounts, we’ve added the ability for you to indicate that a client only owns a percentage of their 401k plan, for example, for clients who are in a shared pool plan.
To help you import your accounts from Portfolio Audit for a client for the first time, you are taken through an onboarding workflow when you launch Orion Planning (Advizr). If you would prefer to onboard all of your clients from Portfolio Audit en masse, please reach out to the Financial Planning Service team and they can submit a ticket. This process can take 48-72 hours but potentially longer depending on the number of requests received.
Please note, if you are onboarding your households en masse, you may need to go to the client’s profile to add their spouse/partner. You may also need to go to the Accounts page within the Profile section to make sure it reflects the correct owner and account type for each of your client’s accounts.
In a recent release, we introduced the ability for you to screen share with your clients. You now have the ability to do so with prospects you’ve added as well. This functionality will allow you to see your client/prospect’s screen while they’re logged into their plan. You can also choose to be able to help them navigate by using your mouse. You and your client/prospect also have the option to share video to make the experience feel more like a traditional face-to-face meeting.
Previously, we only asked you to add Children beyond your client and their Partner/Spouse. But now, you have the ability to add Grandchildren, Other Dependents, Charities, and Other Beneficiaries.
For Children, Grandchildren and Other Dependents, you will have the ability to select Yes/No if they are Dependents, which will then impact their tax calculations by making them eligible for the Child Tax Credit, Dependent Credit and Dependent Exemptions.
We’ve improved our Monte Carlo calculations to focus on the scenario in which a client runs out of money at any point in time, rather than only focusing on whether or not they have assets at the end of their plan. This helps with gauging a client’s success, even when they receive life insurance policies from a pre-deceased spouse/partner.
There are many cities/municipalities that assess an additional tax on top of the Federal, State, FICA and Property Taxes clients pay. Now you can add a Local Tax as either a Percentage of Income, Percentage of State Taxes Paid or a Flat Dollar Amount. For clients who live in New York, you have the ability to choose New York City brackets for local taxes.
Now that you can select that a Child, Grandchild, or Other Dependent is a dependent of your clients, the tool will factor in the Child Tax Credit, Dependent Credit and Dependent Exemptions. These can have a significant impact on your clients’ taxes each year, along with their ability to save toward their goals.
Our User Activity page is a great way to see when a client logs in, uploads a document, or if any other changes were made within a plan by either the client or the advisor. You now have the ability to add activity that happened outside the tool, such as when a plan is delivered, and any relevant notes.
Because we’re able to pull a great deal of information about your client’s accounts, including performance, positions and transactions, into the client portal, we gave you more control by adding the ability to hide the Transactions Tab from their Portal.
Recently we released a seven-question risk tolerance workflow to help you assess your client’s risk. This questionnaire can be accessed either as a standalone workflow or as part of the Risk Tolerance page within our Profile tab. You and your clients are now able to go through this questionnaire while using the Comprehensive Workflow, as well.
Before giving your clients access to their client portal, it is important to know exactly what they will see when they log in. For this reason, we’ve added a Client Portal Preview link that shows you exactly what your client will see, and even allows you to navigate through their portal access so you can test drive their experience as well.
To provide you with more flexibility, we’ve added functionality to allow you to easily toggle between monthly and annual contributions, as well as the ability to choose to contribute a dollar amount or percentage of income for retirement accounts. We’ve also added the ability to indicate if the client will maximize their retirement account contributions based on the account type’s contribution limit.
Recently, we released an Estate Planning Checklist that helps you better communicate with your clients regarding important estate planning documents. When a client indicates they have a document in place, for example, a Will or Power of Attorney for Health Care Decisions, your clients now have the ability to not only upload the document and indicate when it was last updated, but also add notes and important details about their documents. These can include things such as the contact information for the attorney who produced the document or their personal representative.
In a recent release, we started to bring Custodial Statements, Portfolio Statements and Tax Reporting Documents into the Document Vault so your clients can view these documents within their Client Portal. We will now bring in additional documents added into Notes & Documents and group them by the category name you’ve created.
To help you keep track of changes being made to a client’s plan, we have a User Activity section that tracks changes made by either the advisor(s) or client. When a client uploads a document, we’ve produced a notification within our Notifications Bell, on top of the standard tracking of this activity in our User Activity section.
Today, Firm Level Users have the ability to control the firm’s portfolio groups that are used as part of the recommendations and projections. We will now show you the name and email address of the user who has created a portfolio group, too.
Also, in the past, we displayed the name of the Advisor who imported Riskalyze portfolios as part of the portfolio group name. Now we will allow you to edit the Riskalyze Portfolio Group name to a name you feel is more appropriate.
Adding your firm’s logo to the client portal is an important part of making sure your brand is part of the client’s experience. With this release, we’ve made it easier to add your logo by making the logo size requirements less restrictive. We’ve also increased the space for your logo so it can display more prominently than before.
To help you keep track of when your client uploads a document to the Document Vault, we will not only send you a notification within your Advisor Portal to your Notifications Bell, we will now also send an email to the Owner of the plan and any Advisor who has access to the plan as well. Manager Level Users will not receive this email notification. Additionally, within our Firm Settings section, you can add any additional email addresses for anyone who should receive this email, such as a manager or compliance officer.
Your clients’ linear projections can be based on either Weighted Average Returns, which utilizes the Capital Market Assumptions used by your firm, or Hypothetical Returns, which allows you to enter a return assumption manually for your clients’ accounts and your model portfolios.
You now have the option to choose which Return projections Orion’s Planning Tool uses at the client level, along with the ability to change it at the Advisor/Firm level.
Please note, for Monte Carlo projections, we use the Weighted Average Returns regardless of which option you choose.
You now have the ability to waive RMDs to reflect the measure implemented as part of the CARES Act, which will also help with your client’s RMD cash flow projections.
If you have customized your Asset Category/Class Colors within Orion, we now pull those into the Personal Finances section within the Financial Planning Portal to help you customize your client’s experience.
When your clients log in for the first time to the Orion Planning Client Portal, they will be prompted to accept Terms and Conditions before proceeding. Firms will now have the ability to customize these Terms and Conditions at both the Firm and Advisor level. Please note this is optional, if you do not add your own custom Terms and Conditions, your clients will see our existing Terms and Conditions.
For Accounts, Life Insurance Policies and Trusts, you can now add primary and contingent beneficiaries to help your clients get organized and also keep track of when they were last updated to make sure they are accurate and up to date.
Once your clients have added their beneficiaries, they can then go to our new Beneficiary Review page within our Estate Planning Module for an aggregated view of all of their accounts/life insurance policies/trusts in one place. This is an easy way to review the beneficiaries added and a great resource for annual discussion to make sure those beneficiaries are still accurate.
We now add an additional Federal Deduction of either $1,300 or $1,650 once your client turns 65 to help with their cash flow and tax projections each year. This deduction will be based on your clients filing status (Married Filing Joint, Single, etc).
Monitoring your clients’ Required Minimum Distributions is an important service to provide during their decumulation phase. Now within the Orion Planning portal, you and your clients will be able to view RMDs for each of their qualified accounts, along with whether they’ve satisfied them, all in one dashboard.
While updating our State Tax Brackets for 2020, we also added Standard Deductions and Exemptions for each state. These Deductions/Exemptions will factor in the filing status of your clients and help reduce potential state tax liabilities each year.
Realized Gains/Losses is an important view to help your clients with tax planning. With this in mind, rather than having to toggle to our Transaction page, we created a dedicated view within the portal. This page will allow you to view your client’s Realized Gain/Loss at the individual account level and you’ll be able to see these transactions for the following time periods: Year-to-date, 1 Year, 3 Year, 5 Year, 2019, 2018, 2017, Since Inception). Plus, you can get additional information about their transactions at the individual lot level including the acquired date, close date, units, cost basis, proceeds, Short Term, Long Term G/L and Total G/L.
When your clients are viewing their client portal, sometimes it’s helpful to see their screen so you can help navigate them through the portal and provide any necessary guidance about the information they are consuming. Now you’ll be able to screen share directly within the financial planning tool instead of having to use a third-party service.
In early January, we usually update our Financial Planning Tool for 2020 changes to Federal Tax Laws such as contribution limits, tax brackets, etc. State Tax Law changes typically lag behind the federal changes, and this month we were able to update the State Tax Brackets for 2020.
The current Tax Law Provisions passed in 2017 are set to expire at the end of 2025. Accordingly, we updated the Orion Financial Planning Tool to allow you to choose whether these provisions will sunset as written in the law, or if these provisions will continue for the rest of the financial plan (2026 and beyond). This setting can be applied at the firm/advisor/client level.
With this update, you can now take your clients through a seven-question risk tolerance workflow to help determine their overall risk objective. This workflow is part of the Risk Tolerance tab within the Profile, but can also be given to your clients as a standalone workflow that they can complete online in the client portal on their own time.
We’ve added the new Estate Planning Checklist, as well as the Goal Summary Page, as options when you download a PDF to help you provide an even more comprehensive printed report.
For clients who want their financial plan to include accounts from multiple households, you can now bring in Reporting Only accounts to help maintain your household structure without requiring you to manually add accounts that aren’t in the household you’re launching from.
You now have more flexibility to decide how your client’s excess cash flow can be invested during retirement. For example, if your client’s retirement income sources, such as RMDs and Social Security, are more than your client’s expenses and taxes, you can show the client’s projected portfolio growth if their excess cash flow was spent, saved to cash, or invested in the markets.
For some clients, health care premiums may be out of sight, out of mind since they are deducted from paychecks. To help better estimate your client’s cash flow, it’s beneficial to add these expenses to the financial plan and reflect whether their premiums are considered pre-tax or after-tax, which will impact their tax calculations.
In the past, prospect plans had to be shared manually by the user who created the plan. To help with firm supervision of financial plans created, our new Manager Level Access will allow users to see all plans, including prospect plans, that are created directly within Advizr.
Setting goals with your clients is an important part of a financial plan. Establishing action steps for your client to take to meet those goals might be even more important. We enhanced our functionality to allow you to edit manually created action steps, assign any action step to a specific person, and add a due date for when the action steps are to be completed.
To provide you with common milestones to choose from, we’ve added “At Retirement” as an end age for Employment Income, Business Income and Other Income. We’ve also added “End of Plan” as an option for Other Income.
No matter what your clients’ Net Worth, basic Estate Planning documents—such as a Will or Power of Attorney for Health Care or Financial Decisions—should be in place to make sure their wishes are honored. That’s why we created an Estate Planning Checklist that will allow your clients to determine if they have these documents, upload them to the document vault, and indicate when they were last updated.
Now, when you view your client’s performance within the Financial Advisor or Client Portal, the load time is significantly faster and in many cases, the performance data will load instantly for a much more efficient experience.
To help clients identify exactly which positions they’re looking at, we’ve added the ticker symbol next to the name of your clients’ positions. We’ve also added the ticker symbol next to the position name within the Unrealized Lot Details, which can be found by clicking on the position name.
In the past, we only showed Household-level performance if all of the investment accounts in the client’s profile were managed accounts coming from Orion Connect. We’ve updated the view to separate managed and unmanaged accounts. That way, we’ll be able to show the aggregate managed account performance regardless if there are unmanaged accounts in the household going forward.
You typically view Realized Gains/Loss Transactions on an annual basis. We’ve updated our time periods so that you can view those particular transactions based on different calendar years.