APRIL 2024

This Month’s New Features & Platform Updates from GeoWealth

3 Release Notes

Key April Enhancements

NEWReporting Center Landing Page

As we continue our shift to the New Reporting Center that was launched for all users in January, the Reporting Center module on the main navigation ribbon will now bring users to the ‘Available Reports’ tab, rather than the ‘Legacy Reporting Center’ tab. The ‘Legacy Reporting Center’ may still be accessed by navigating to the third tab of the Reporting Center.

Click here to learn more about the New Reporting Center, featuring a variety of new and enhanced report types.

NEWMultiple Client Portal Invites per Household

We’ve added the flexibility to enable multiple client portal logins to access a single household. This allows each member of a household to have their own login credentials to view all household information.

To set up:

  • Go to Portal Settings & Activity of the Household you wish to enable
  • Set access level to ‘Household’
  • Select the Client and email address
  • Click Send Portal Invite

Digital Account Opening

Ability to Add Multiple Funding Options

Detail: The Digitial Account Opening workflow had previously been limited to allow for one funding source per application. In our continuous effort to enhance the account opening experience, we have added a new functionality that allows users to add multiple funding options.

Improvement: Users can now select and add various funding sources (ACH/Wire/Check/TOA) when opening an account. This flexibility ensures that users can diversify their funding methods and make all selections without the need for later modifications or updates to funding methods.

NOTE: This feature is only available to firms that utilize GeoWealth’s Digital Account Opening tools.

Added Support for Transfer on Death Beneficiaries

Detail: As part of our effort to enhance our digital account opening workflow, we’ve added the ability to define Transfer on Death (TOD) beneficiaries in the Open New Account service request. This allows advisors to define key aspects of a client’s estate plan during the account opening process. This feature is available when opening Individual and Joint accounts at Schwab.

Improvement: The Open New Account service request has a new Beneficiaries section that allows up to four primary and four contingent beneficiaries to be specified. The account opening paperwork package will include the custodian’s beneficiary designation form, which will be signed by the client. The custodian will use this form to establish the transfer on death rules. A future enhancement will expand the number of beneficiaries allowed beyond the initial four included on the custodian forms.

Charles Schwab Custodian: Schwab One IRA application has been updated to the latest version.

Detail: To ensure compliance with the latest custodian document requirements, we have updated Schwab One IRA application to the most current version.

Reporting Center

Position Performance Detail – New Grouping Options

Detail: The Position Performance Detail report previously did not provide the ability to group positions based on how they are categorized 

Improvement: The Position Performance Detail report has a new grouping option to present positions grouped by asset class or sector. 

NOTE: This is only available in the New Reporting Center and release may be delayed until April 22nd

Consistent Name Formatting Throughout Reports

Detail: In our ongoing effort to enhance clarity and usability within our reporting features, we’ve introduced an improvement to the naming conventions used across all reports. 

Improvement: All reports will now uniformly display “Account Name,” “Account Type,” and “Account Number” (where applicable) to provide a clear and straightforward reference across different report sections and types. For portfolios, the naming convention has been standardized to “Portfolio Description | Account Type | Account Number”.

NOTE: This is only available in the New Reporting Center.  

Bug Fix: Asset Class Comparison Report

Detail: The Inception Date selection option was returning zero values for the date.

Improvement: The Inception Date selection option will report end of day values for the entity’s performance inception date.

NOTE: This report is only available in the New Reporting Center.

Bug Fix: Security Cross Reference Report

Detail: Securities held in the accounts of Trust and Company type clients were not included in the Security Cross Reference report.

Improvement: Securities held in the accounts of all client types are now included in Security Cross Reference. 

General Update

Unmanaged Assets and Restrictions Instrument Search

Detail: The Unmanaged Assets and Restrictions instrument/symbol search previously produced a limited number of results unless the symbol was keyed in fully to the search.

Improvement: The Unmanaged Assets and Restrictions instrument searches now include all instrument types. Furthermore, the search results list is more intuitive and easier to use.

Explore Previous Release Notes:

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