Treat locked positions as securities for explicitly owned accounts
With this release a new check box, Treat Locked Securities as Holdings and not as Cash, is introduced in the existing brand value, IP And Risk Inclusions/Exclusions. Selecting this check box includes the locked securities in market value calculations, without treating them as cash.
Prior to this enhancement, while performing IP calculations such as holdings calculation for the accounts with EO, the Envestnet Platform excluded locked securities (Trade controls with restrictions) from the market value calculation, treating them as cash. This resulted in the undervaluation of the securities holdings calculation, thereby skewing the IP determinations by causing drift and violation of other account factors.
Propose new and use existing off-platform accounts
With this release, you can add off-platform accounts in your proposal in NGP. Sometimes, accounts managed outside of the Envestnet platform (off-platform) are an important part of the investment strategy that you want to propose to your client. You can now include these accounts in your proposal and provide a wider array of options for your clients.
When proposing an investment strategy for your clients, you may want to use off-platform accounts or existing assets that the client wants to maintain. Now you have the flexibility to include both in your proposal, which provides more value to you and your client and will broaden the scope of the options you can include with the strategy.
Connect directly to the Envestnet Operations team
We’ve updated the Account Reconciliation dashboard with new capabilities to let you directly engage with the Envestnet Operations team to manage the daily reconciliation of accounts.
This enhancement lets you directly communicate with the Envestnet Operations team from the Account Reconciliation dashboard. If enabled, you’ll be able to:
- Update comments against reconciliation exceptions. Update comments individually or in bulk for Position and Cash Recon Exceptions, Market Value Recon Exceptions, and Data Rejections. You’ll see comments listed in the Sponsor Comments column.
- See historical reconciliation exceptions. View historical reconciliation exceptions and see which ones are open or closed.
- Opt-in to email notifications. Depending on your configuration, you’ll see these notifications when the dashboard is refreshed for the first time that day, or when reconciliation is complete for that day.
These enhancements streamline communication about account reconciliation between you and the Envestnet Operations team while also letting you more easily keep track of daily accounting activities.
Streamlined custodial-level trade rejections
This enhancement streamlines the custodial trade rejection process. Now, Envestnet will automatically check for intra-day custodial-level trade rejections in accounts. You’ll be alerted when any accounts you manage are placed under trade hold.
This release, we’ve expanded automation in the custodial trade rejection process. Now, Envestnet will automatically check for intra-day custodial-level trade rejections in accounts. These custodial-level trade rejections can happen when a custodian flags a client or account to prevent trades. When an account is flagged, Envestnet performs the following actions in real time:
- The account is placed on trade hold.
- Rejected trades are automatically deleted.
- A dashboard alert automatically notifies the associated advisor and sponsor about the trade hold.
- An email notification is sent to the advisor.
After receiving the notification, you’ll work directly with the custodian to resolve any trade rejections. To remove the trade hold once you’ve resolved the issue, select Close and Remove Trade Hold in the Proposal tool.
Expanding automation in the custodial trade rejection process saves you time and reduces the potential for human error by eliminating manual touchpoints.
Added ability to modify risk in annuity proposals
This release, you can modify target risk in annuity proposals during the new proposal and Strategy Modification workflows.
If enabled by your firm, you can now override and modify existing target risk for annuities on the Account Strategy page of the Proposal tool. This is available in both the new proposal and Strategy Modification workflows.
Being able to modify target risk in annuity proposals gives you more flexibility and control when working with complex proposals involving multiple investment strategies.
Decide how investment policies count sleeve positions
When configuring position count investment policies for model management or compliance monitoring, home offices can decide if a position count investment policy should count each sleeve as a single position, or if it should look within a sleeve and count its underlying positions, otherwise known as a bottom-up calculation. The home office can even specify which types of sleeves should be affected.
Previously, the IP engine was counting SMA accounts and SMA sleeves as single positions instead of counting the underlying positions. Home offices can now decide if a position count investment policy should count each sleeve as a single position, or if it should look within a sleeve and count its underlying positions, as aforementioned.
Want to know more?
For our comprehensive release notes and additional information, reach out to your Envestnet Enterprise or Regional Consultant. We also invite you to learn more about these exciting enhancements at our designated resource center for our third release.
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