Watch a video tutorial: https://vimeo.com/191546016
Once an investment policy has been activated for a client's account, all investment changes will be tracked to document your process and increase your operational efficiency. If you are replacing an investment, you can also use the search features to document your research and short list process. The short list will act as your list of alternative investments to be considered as replacements.
Let's walk through the replacement process.
Start the process - signal your intent to replace an investment for one client or across your book of business
1. Select the investment being replaced and click to 'Replace holding'. This can be done from the client account holdings tab or within Book of Business / Investments / Investment Dashboard.
2. You will next be prompted to name and create a shortlist of investments. The investment you are replacing will automatically be included and marked in red.
Conduct research - screen the full universe to arrive at a manageable shortlist for deeper research
1. If you already know which investment(s) are being recommended, you can specify those manually. Otherwise, you can use the search filters to conduct your research.
2. If filtering, click ‘New Search’ to select the screening criteria you will use to filter out inappropriate funds. Notice the # of investments that meet your screening criteria is listed at the bottom of the page.
3. Once you are satisfied with the number of results, you can click to the orange button to view the results.
4. The top of the page will allow you to see your chosen filters and edit them to change the number of results shown. The software will prompt you to reduce the results before saving your search process (a.k.a. filters used) as the goal is to get a manageable sized list. Once you are comfortable with the filters and corresponding results, you can select ‘Save Research’.
Refine your short list - Reduce the short list to your final recommendation whether that be 1 investment or a few alternatives
1. You can click the three dots (far right of each row) to open an investment facthsheet for more analysis on an investment.
2. You can compare multiple investments by checking the box next to the ones you want and then click the compare icon in the table header.
3. If you see an investment in the list that you do not want to be part of your recommendation, you can check the box next to it and delete it using the trash can icon in the table header.
Tip – if you don’t see a particular investment in your list that you do want to be there, you can add it manually.
4. Once you are comfortable with the list of investments, you can select ‘Finalize Recommendations’ to finish the short list process. These are the investments which will appear as alternatives when you view your client's monitoring report.
Finalize short list - Get ready to have the conversation with your client and track the progress of the change
1. Investment changes can be accessed from two areas.
a. At a book of business level, you can view all investment changes in the ‘Manage Investment Changes’ dashboard that can be accessed from the left menu.
b. At a client account level, you can view all investment changes in the 'Investment changes' tab
2. From either location, you can open the account change manager to keep track of the progress of the change. You have the option to mark the change as: (1) Recommendation Ready (2) Approved by Client (3) Executed (4) Cancelled
3. Once a client approves the change, you will need to coordinate this change with the respective recordkeeper, custodian or trading system. Fi360 does not actually execute the trades.
4. Once the investment change has been executed, the new investment will be placed in the client account so that it is monitored going forward and the old investment will be removed so that it no longer shows as an active investment in the client's holdings.
a. If this client is linked to an integration partner, the investment change will be automatically executed in Fi360 when the new feed is received.
b. If the client is not linked to an integration partner, you will need to update the investment change status from 'Approved by Client' to ‘Executed’