This release includes a major update in Toolkit functionality that we expect you will find immediately valuable to your business growth for both retirement plan clients and wealth clients.
A new ‘Proposal’ tab has been added within a Client.
- You can create and store any number of proposals for that Client over time.
- A proposal’s holdings can be auto-generated based on the current account and a set of decision factors or it can be manually loaded via EXCEL or the interface.
- A proposal can contain the costs for all service providers. This allows for a holistic comparison of the various lineups/portfolios so you don’t have to rely on other reports/services to fill that gap.
- A proposal can contain the fund/asset mapping between the current holding(s) and the proposed holding(s).
- It supports various levels including one current fund splitting into many proposed funds and one proposed fund capturing the assets of many current funds.
- The auto-map feature does most of the work allowing you to focus on any non-straightforward mappings.
- Mapping also automatically transfers the current values to the related proposed fund, saving you from having to type in dollar amounts for each fund
Once you have a proposal created, you can generate any proposal report template that is available on your account.
- The report will dynamically adjust based on the number of accounts/proposals included. Some common scenarios include;
- Current vs Proposed
- Current plan vs 3 recordkeeper proposals
- 3 Proposals (no current account)
- Final Proposal (by itself)
- The as-of-date for the investment data in the Proposal can be selected at run-time from any month-end in the last 3 years. Most common use cases are current month-end, last quarter-end or last calendar-year end.
Proposal Report templates can now be configured within the Settings/Report Template Editor (if your enterprise allows you to configure these)
In addition to our standard cover page and disclosure sections, three critical sections are available with this release and more will be launched with our update at the end of Q3.
State of Affairs
- Top level summary for each included account/proposal
- Can be configured to include only the data points you want such as the Fi360 Fiduciary Score, Total Plan Cost, the weighted Expense Ratio and the # of investments.
- Investment level summary within each included account/proposal
- Highly configurable based your needs
- Include Fi360 Fiduciary Score (you can pick which) or none.
- Choose from various data points to include in the main cell from Investment Name, Ticker, Assets invested and the expense ratio. Include one, some or all.
- Choose the desired grouping
- Peer group or broad asset class options clearly show allocation differences between the account/proposal(s)
- No grouping produces a 1-2 page summary in a very condensed fashion
With Fi360 Scores, name and ticker, and peer group grouping
With Fi360 Scores, just ticker and assets, and no grouping
No Fi360 Scores, name, ticker and assets, and peer group grouping
- For each proposal that has mapping, a dedicated section will print detailing the mapping.
Other notable updates in this release
The “Cost Report” tab within a Client was replaced with the ability to link “Cost Profiles” directly to an Client account time period.
This makes the Cost section easier to work with and it allows you to attach different cost profiles to different time periods (like you do holdings). Each quarter’s monitoring report then uses the respective time period’s service providers and costs allowing you to track changes over time.
So, as part of the release, if you had an existing “Cost Report” inside a Client, we have moved the underlying Cost Profiles to the current account time period. If more than 1 cost report existed in a Client (can happen, but not common), only the most recently created cost report was migrated. The cost profiles are added to the current account time period and will be copied forward like we do holdings as time progresses. You can modify any account time period’s cost profiles just like you can holdings as desired.
Clients tab now contains a filter to search by client status
The default state will show only current clients, but you can adjust to find prospects or former clients as needed. The corresponding Client Status column was added to the table as well.