RELEASE NOTES

MAY 2024

This Month’s New Features & Platform Updates from GeoWealth

3 Release Notes

Key May Enhancements

NEWAdvisor Billing Summary Report: Report Parameters & Columns

The Advisor Billing Summary report now includes Custodian, Total Cash, Unaffiliated Cash, Advisor split name, and the Commission Fee setting as columns. Specification, Discount, Managed Value, and Rates for each fee type are also included. This additional information will help to more easily estimate fees and determine if there is sufficient cash in the account to pay the fees.

NOTES:

  • Rates are reported for Advisor and Platform fee types only and are estimates that assume all account assets are billed at the same rate. ‘None’ is reported instead of ‘Firm Default’ if no firm default billing specification has been set.
  • New report parameters to include accounts without a performance inception date and/or closed accounts have been added.
  • The Advisor Billing Summary enhancements are not available in the Legacy Reporting Center.

NEWAccount Target Search

The Account target search window is now wider and highlights accounts matching the text entered, resolving previous issues with cutting off long client or account names and making it easier to find the desired account in the selection list.

Account Opening

Automated Data Capture from New Account Opening Workflow to Client Details & Activity

During the New Account Opening application process, users are required to manually input specific client data points that were historically not captured within the Client Details & Activity –> Client Info & Contact Info tabs. This resulted in unnecessary repetition of entering data for subsequent applications.

Additional fields present in the new account opening workflow have now been added to the Client Details & Activity contact tabs, such as marital status and citizenship. A new feature in New Account Opening will automatically recognize and capture these fields if data has been entered in at the client level. If these data points are entered for the first time within the New Account Opening workflow, users can save and confirm these details to flow through to the existing Client’s Details & Activity tab.

NOTE: This feature is available for all firms that utilize New Account Opening through the GeoWealth Platform.

Document Vault Now Saving All New Account Opening Funding Documents

When utilizing multiple funding sources within the New Account Opening workflow, all signed documents corresponding to each funding source used during the New Account Opening workflow will now be correctly saved and accessible in the document vault, rather than just one document.

Billing

Unmanaged Assets by Fee and Portfolio Type

Previously, Unmanaged Assets had to be established on each account and were excluded from all Fee Types (billing buckets) and all Portfolio Types.

Assets can now be Unmanaged from some or all Fee Types. Within each Fee Type, we can now specify which Portfolio Types the asset is excluded from: All, Managed, Unmanaged, Discretionary, or Unaffiliated Cash. Assets can also be Unmanaged at the firm level by your support team. These firm-level exclusions can be ignored at an account level so that only the exclusions set on the account will apply when calculating fees. Otherwise, the firm and account exclusions are cumulative. A pop-up window is available to view the exclusions set at the firm level.

NOTE: Existing Unmanaged Assets will be set to All Portfolio Types for all Fee Types. Performance should be re-run when updating Unmanaged Assets for Billing and/or Performance exclusions.

Firm Level Portfolio Exclusions

Previously, Managed Portfolio (not Discretionary or Unaffiliated Cash) exclusions had to be set for each account holding a portfolio.

Any portfolio can now be excluded at the firm level by your service team. The firm level exclusions can be ignored on an account’s Portfolio Billing settings so that only the exclusions set on the account will apply when calculating fees. The exclusions are cumulative if the firm’s settings are not ignored. The firm level settings are displayed on the Portfolio’s Billing tab.

Reporting Center

Position Performance Detail: New Grouping Options

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

NOTE: Not available in the Legacy Reporting Center.

Unmanaged Assets Report: Report New Billing Exclusions

As described in the Billing section above, Unmanaged Assets functionality has been improved to provide by fee type and by portfolio type exclusions instead of a single Unmanaged from billing setting to exclude assets from all fee types and portfolios. The Unmanaged Assets report needed updating to inform users of the new Unmanaged Assets details at both the account and firm levels.

The firm and account Unmanaged Assets setting for each fee type and the account Ignore Firm Exclusions setting are now included in the report. For each fee type, the report indicates which portfolio types (None, All, Managed, Unmanaged, Discretionary, or Unaffiliated Cash) the asset is excluded from.

NOTE: Not available in the Legacy Reporting Center.

Portfolio Details Report: Report New Billing Exclusions

As described in the Billing section above, portfolios can now be excluded at the firm level with the ability to ignore the firm exclusions for an account’s portfolio. Accordingly, the Portfolio Details report now lists firm portfolio exclusions and if an account’s portfolio will ignore the firm level exclusions.

NOTE: Not available in the Legacy Reporting Center.

Custom Report Cover Page: Household Address

When there is no address listed from a household, it will now be correctly omitted from custom report cover page. Additionally, the household address can be completely suppressed if desired.

NOTE: Not available in the Legacy Reporting Center.

Report Generation Progress Indicators

When a report has been submitted and is waiting in the queue to be processed, a new “Waiting in Queue” progress indicator will now appear.

Consistent Sorting Order by Registration Type/Account Title/Account Number

In our ongoing effort to enhance user experience and streamline data retrieval, we have introduced a new sorting feature to all applicable reports

Data in reports will now be sorted by registration type/account title/account number

Sorting by Registration Type: Reports will now be initially sorted by registration type, ensuring that similar data is grouped together for easier comparison.

Sorting by Account Title: Within each registration type, reports will be further sorted by account title. This provides a more intuitive structure, helping users quickly locate relevant sections.

Sorting by Account Number: Finally, within each account title, reports will be sorted by account number. This final level of sorting offers precise organization, making it simple to find specific accounts.

Transaction Report: Transaction Types When Including Details with Summary Tables

When electing to include transaction details with a transaction summary table, only the transaction types pertaining to the summary tables will now be reported.

Account Summary SSN/TIN column

The SSN/TIN column is now output as numeric with no dashes, rather than as a text column.

Flow of Funds Report – Excel Output

The Excel output option for the Flow of Funds report now works as expected.

Service Center

On-Demand Loading of Data in Service Center Grid, aka “Lazy Load”

To improve user experience and efficiency working with platform grids, a new loading feature has been implemented within the Service Center’s Trading Requests tab. Grids will now load data on-demand, meaning that information will be rendered as you scroll or navigate through the grid.

This significantly reduces initial load times and improves the overall responsiveness of the platform. Additionally, Advanced Search will no longer be needed as all relevant information is readily available from the grid. Header filters will remain available for use to narrow down the data views.

Proposal Generation

Hypothetical Portfolio Return Graph Corrected in Proposal

To provide consistency between the risk tolerance questionnaire and proposal, the standard risk tolerance questionnaire has been updated with the latest graph of hypothetical portfolios and their probable rates of return.

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