A shortlist, also known as a recommended fund list, is a collection of investment vehicles that meet a set of criteria.
The Investment Changes section of the Fiduciary Focus Toolkit™ gives a single location, to view the investment changes in progress and attach shortlists to clients, in order to initiate the addition of a fund to or the replacement of a fund in a client's account.
The investments in a shortlist cannot be edited once you have selected to finalize it. You can tell if a shortlist is finalized if it has a "Recommendations Finalized" status. This restriction is in place to ensure historical accuracy and so that all client accounts attached to investment change will reference the same research process and recommended investments. You can cancel an investment change by opening the change and selecting a 'Change Status' of Cancelled.
Follow the below steps to replace a holding within a client by creating a shortlist. Please note, investment changes can be applied to one client account or many. Every client that holds the particular investment can be managed in Step 7:
1. Inside the clients holdings, identify the investment that needs replaced, click the action button “⋮” to its right and select 'Replace Holding'. You will then be prompted to name the Shortlist.
2. Either add investments to your shortlist manually or click the new search button in the top right corner to use the Investment Screener.
3. Use the available data points to screen the number of funds to a manageable size. Remember, the above shortlist is a large growth replacement, therefore, the first screen will be by peer group. Continue to screen until a handful of investments are left. View results and they will be added to your shortlist.
4. At any time, you can check the boxes next to the investment name and click the compare rows button. This will let you generate a client ready Investment Comparison report.
5. After you review the selected investments, complete the step by saving the results and finalizing recommendations. Please note, this is your last opportunity to add or remove any investments.
6. At this point, any changes made to the shortlists status will be reflected in the clients Monitoring Report. Note that the below shortlist's status is 'Recommendations Finalized'. That is reflected in the Monitoring Report Overview (Areas of Action) and PDF.
7. After presenting the suggested change to the client, it is either accepted or canceled. To make this change, click on the Investment Changes tab, select your Shortlist, click on the Client Accounts tab, and click on the client account that needs changed. Check the box of the replacing investment and the selected investment recommendation.
Approved by Client in Monitoring Report Overview (Areas of Action)
8. Once the change has been executed in real time, repeat step seven (7) but change the status to 'Executed' and enter the desired dollar amount for the investment. The change will be reflected in your drafted Monitoring Report immediately.
Below, in the Areas of Action and State of Affairs, the Calamos Growth A fund has been replaced by AXARetGate3-MFS® Growth R6. This is reflected in the clients holdings.