This Month’s New Features & Platform Updates from GeoWealth

3 Release Notes

Key December Enhancements

Billing Settings UpdatesNEW!

Detail: Previously only GeoWealth admins had the ability to edit billing settings and view capabilities were limited only to fee specs for external users.

Improvement: A new platform permission setting allows external users to maintain their own specification assignments and other billing-related settings. The permission allows users to edit all the portfolio/account/client/household Billing tab settings and account Unmanaged Asset settings, including the following:

  • Advisor billing specifications, including the specification’s active date. The active date defaults to 2 market days prior to the previous month end.
  • Portfolio Billing settings to manage portfolio exclusions. The exclusions were previously visible on the general Settings tab for the portfolio, but are now managed from a new Billing tab.
  • Account Unmanaged Assets (new tab) to manage unmanaged assets for performance and billing.
  • Debit account settings, which were previously managed from the Account general Settings tab.
  • Account Advisor entity splits.
  • Overall billing bucket exclusions to completely exclude the household/client/or account from billing.
  • The Account Commission Fee option.

TIP: To request to enable the new permission for a firm level user to edit billing settings, please reach out to your Strategic Consultant or the Advisor Services team:

Service Center

Terminate/Liquidate Manage Existing Service Functionality

Detail: When creating a Terminate/Liquidate Service Request, there was a conflict rule that prevented users from submitting if any of the terminating portfolios had a Systematic Withdrawal, Dollar Cost Averaging, or Auto Invest Service Request attached. This required users to exit the Terminate/Liquidate workflow, address the conflicts, and then return and resubmit, which was a time-consuming process.

Improvement: Now users can Cancel or Reassign these Recurring SRs with a single click as part of the Terminate/Liquidate workflow.

Up Next: The Manage Existing Services workflow will be further enhanced in Q1 2024 to better accommodate multi-portfolio scenarios

Additional Validations on Raise Cash Service Request

Detail: Users have often submitted Raise Cash service requests for the full portfolio value, which really should be submitted through a Terminate/Liquidate Service Request. They were also able to submit Raise Cash requests that would take the model below the minimum which can have downstream impacts.

Improvement: Now users will receive a hard stop error that directs them to the Terminate/Liquidate Service Request if they attempt to submit a Raise Cash for the full portfolio value, as well as a soft warning if their Raise Amount will take the model below its minimum. These validations will help with overall service request cleanliness and hygiene.

Model Minimum Flexibility on New Investment and Change Managed Investment Service Requests

Detail: When submitting a New Investment or Change Managed Investment Service Request, users were previously unable to add new models if they did not meet the model minimum. However, there are often exceptions to these minimums that would otherwise permit users to submit.

Improvement: Users are now able to add new models if the investment amount is within 90% of the model minimum, providing greater overall flexibility.

Model Center

Monthly Return Exports

Detail: When viewing the Historical Returns tab of an individual model within the Model Center, the export functionality previously only included the annual data.

Improvement: Users now have the option to export the monthly historical returns in addition to the annual returns.

New Grid Structure in Holdings Tab

Detail: The Model Holdings grid was previously on the old grid structure which lacked column customization, filtering, and saved views.

Improvement: This grid has now been converted to the new structure which will provide users greater flexibility in viewing information on this page.

Reporting Center

NOTE: The following updates are only available in the new Reporting Center. You can access the new report options by navigating to the Avilable Reports and Prepared Reports tab in the Reporting Center. Reach out to your designated Strategic Consultant with any questions.

Additional Data Available in Excel Reports

Detail: To date there has been a need to cross reference certain Excel reports to generate the required reporting output.

Improvement: Based on user feedback, some additional data has been added to Excel reports in the new Reporting Center.

  • Global Cash Balances now includes an Accrued Income column.
  • Price History now includes the position’s ticker and description in the output.

Client Portal

Client Portal Cost Basis & Unrealized Gain/Loss Display Configuration

Detail: There is an account-level setting that controls the display of Cost Basis and Unrealized Gain/Loss on the Client Portal that was previously disabled by default for all accounts. Previously, if a firm wanted to display this information, they would need to enable this setting manually for each new account.

Improvement: Now a new firm-level configuration has been introduced to control the default for this setting.

Explore Previous Release Notes:

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