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Updates To Your Financial Planning Platform

Check back for updates and enhancements to the Advizr platform. Newer updates will populate at the top of the page.

7/23/20: Add Percentage Used in Plan for 401k Accounts

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.

How to get there: Advizr > Profile > Accounts

7/23/20: Ability to Add Beneficiaries/Dependents on Personal Information Page

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.

How to get there: Advizr > Profile > Personal Information

7/23/20: Monte Carlo Enhancements

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.

How to get there: Advizr > Goal Results > Retirement > Monte Carlo

7/23/20: Local Taxes

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. 

How to get there: Advizr > Profile > Taxes

7/23/20: Child Tax Credit & Dependent Exemptions

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.

How to get there: Advizr > Profile > Personal Information

7/23/20: Ability to Add Outside Activity to User Activity Page

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. 

How to get there: Advizr > Click on Client Name Near Top Left > User Activity 

6/8/20: Comprehensive Workflow Now Includes the Risk Tolerance Questionnaire

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. 

How to get there: Add Goal > Comprehensive Workflow

6/8/20: New Preview Client Portal Link

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. 

How to get there: Client’s Name near the top left > Configure Access

6/8/20: Contribution Enhancements

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. 

How to get there: Profile > Accounts

6/8/20:New Notes Section for Documents in the Estate Planning Checklist 

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. 

How to get there: Goal Results > Estate Planning

6/8/20:Add Document Vault Uploads to User Activity Report

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. 

How to get there: Client’s Name near the top left > User Activity 

6/8/20: Model Portfolio Group Enhancements

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. 

How to get there: Settings > Model Portfolios

6/8/20:Client Portal Logo Enhancements

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.

How to get there: Document Vault

6/8/20: New Email Notifications When a Client Uploads a Document to the Document Vault

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. 

How to get there: Settings > Firm Settings

5/15/20: New Federal Deduction for Clients 65 and Older

The system now adds 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).

How to get there: Profile > Taxes

5/15/20: New State Tax Deductions/Exemptions

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.

How to get there: Profile > Taxes

5/15/20: State Tax Brackets Updated for 2020

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.

How to get there: Profile > Taxes

5/15/20: Sunsetting of TCJA Tax Law Provisions Passed in 2017

The current Tax Law Provisions passed in 2017 are set to expire at the end of 2025. Accordingly, we updated Advizr 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.

How to get there: Client’s Name Near the Top Left > Client Settings

5/15/20: Ability to Waive RMDs in 2020 

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.

How to get there: Client’s Name near the top left > Client Settings

5/15/20: Ability to Switch Between Hypothetical or Weighted Average Returns at the Client Level

Your client’s 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 client’s 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 will use the Weighted Average Returns regardless of which option you choose.

How to get there: Client’s Name near the top left > Client Settings

5/8/20: New Beneficiaries Tab 

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.

How to get there: Accounts/Insurance/Trusts

5/8/20: New Beneficiary Review Page

Once your clients have added their beneficiaries, they can then go to the new Beneficiary Review page within the Estate Planning Module for an aggregated view of all of their accounts/life insurance policies/trusts in one place.

How to get there: Goal Results > Estate Planning

5/8/20: Re-Designed Realized Gain/Loss Transactions Page

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 both the aggregated managed accounts level, as well as at the individual account level. You’ll also 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.

How to get there: Personal Finances > Realized G/L

4/23/20: New Risk Tolerance Questionnaire

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. 

Learn More

4/23/20: Estate Planning Checklist

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. 

Learn More

4/23/20: New PDF Report Options

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.

3/26/20: Action Steps Enhancements

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.

3/26/20: Additional Input Options for Income Sources

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.

3/26/20: Improved Load Time of Performance Reporting Data

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. 

3/26/20: Ticker Symbols on the Positions Page

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.

3/26/20: Updated Household Performance View

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.

3/26/20: Updated Realized Gains/Loss Time Periods

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.

2/26/20: New Input Options for Income Sources

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.

2/3/20: Date of Birth Field on Personal Information Page

Previously, we asked for Year of Birth, but nothing more granular. Now, you and your clients have the opportunity to add their Date of Birth, so you can use the most accurate current age of the client and improve the cash flow calculations. While individual workflows will still only ask for Year of Birth, you can change it to the precise date via the Personal Information page. Alternatively, the full date will be imported from Orion if you have used Single Sign-On (SSO) functionality from Orion to the financial planning platform for that client. 

2/3/20: SECURE Act Inherited IRA Changes 

In the our previous release, we made changes in accordance with the SECURE Act to bump the Required Minimum Distribution (RMD) age to 72 and allow clients with earned income to save past 70 ½ in a traditional IRA. Now, we added the functionality to select which year the original account owner of an Inherited IRA passed away, so you can exhaust the Inherited IRA within 10 years of inheriting the account if the account is inherited in 2020 or later. 

2/3/20: Ability to Reset Capital Market Assumptions to Default

If your firm’s Capital Market Assumptions have been changed, you now have the ability to reset them to the default 2020 JP Morgan Capital Market Assumptions. We’ve also updated our sample Correlation Matrix CSV to a symmetrical matrix for a more intuitive experience.

1/24/20: Model Portfolio Interface

New to the firm level is the Model Portfolio User Interface. This gives firms the ability to create model portfolios at the firm level, which is useful for firms where advisors have strict access to the same models. Previously, they could only be created at the advisor level.

1/6/20: Updated 2020 JP Morgan Capital Market Assumptions

Previously, within Advizr, capital market assumptions defaulted and were constrained to the JP Morgan (JPM) Capital Market Assumptions. Now, at the firm level, you’re able to customize the capital market assumptions you want to see in order to interpret the performances that are important to you and your clients. Specifically, firms can create their own asset classes, set the asset class return and standard deviation, and upload a correlation matrix for Monte Carlo calculations.

Not only that, we’ve updated our capital market assumptions to align to JP Morgan’s 2020 Long-Term Forward Looking Outlook. The updates include tax brackets, deductions, contribution limits, social security earnings limits and bend points to account for 2020 assumptions. 

But even with the 2020 assumptions, they’ll still default to the JP Morgan Capital Market Assumptions unless you elect otherwise. 

1/6/20: Ask Advisor Button

There’s an old saying, “the best ability is availability,” which is especially true when it comes to service. We took that to heart and updated the Advizr Client Portal to include an “Ask Advisor” button with the advisor’s name, phone number, and photo, as well as a place to send a brief message—ideal for when a client has a quick question that doesn’t warrant a meeting or phone call. 

There’s also a link to a dynamic scheduling tool that allows clients to book meetings with advisors right from the portal itself. That way, you don’t have to worry about spending too much time scheduling and confirming appointment times. 

12/12: Customizable Capital Market Assumptions

Previously, within Advizr, capital market assumptions defaulted and were constrained to the JP Morgan Capital Market Assumptions. 

Now, at the firm level, you’re able to customize the capital market assumptions you want to see in order to interpret the performances that are important to you and your clients. Specifically, firms can create their own asset classes, set the asset class return and standard deviation. and upload a correlation matrix for Monte Carlo calculations.

12/2: New Firm-Level Settings

The General and Assumptions tabs within Advizr are being replaced with “My Settings” and “Firm Settings” in order to give firms more control over the plan assumptions and disclosures advisors are using with clients.

Previously, plan assumptions and disclosures were done at the advisor level; now, they can be addressed at the firm level as well. Additionally, logos — which could historically be changed by anyone in the firm — can now be secured so that only firm-level admins have access to change them.

12/2: Quovo On/Off Toggle:

Within Advizr, Quovo was previously a firm-level setting — meaning that if you wanted to use it for one household, it was turned on for all households. 

Now, Quovo is a client-level setting. You can toggle the feature “on” for households you want to use it for, and “off” for households to which it doesn’t apply. And since there’s a fee to use Quovo, whether incurred by you or passed along to your clients, you can now limit costs to just households that warrant the additional service.

12/2: Easily Accessible Advisor Contact Information:

The client portal has been updated to include an “Ask Advisor” button with the financial advisor’s name, phone number, and photo, as well as a place to send a message, which is ideal if your client has a quick, easy question that doesn’t warrant a meeting or phone call. 

There’s also a link to a dynamic scheduling tool that will allow clients to book meetings with advisors right from the portal itself.

 

Orion does not endorse any particular third-party product or service. Our clients should undertake their own assessments to determine whether these parties meet their business and due diligence requirements.
Orion Advisor Technology, LLC (OAT) and Advizr, Inc are affiliated companies through their parent company Orion Advisor Solutions, LLC (OAS).

 

1249-OAS-12/12/2019