February 2020 Software Update: Full Release Notes

February may be the shortest month of the year, but that doesn’t mean we don’t have impactful tech updates for you. In fact, this month marks the release of plenty of financial planning, billing, compliance and reporting enhancements. Scroll down to find out how we're helping you run your business even more efficiently.

Advisor Experience

Password Resets

To improve password security, you are no longer able to change your password to one you have previously used. Instead, you must choose a new password altogether.

How to get there: Orion Connect > Profile > Change Password

Support Changes

As of March 1, support requests will no longer be taken via email. All requests must be sent through Orion Support, where files are automatically encrypted. Files can be conveniently added to the existing case, and you can work with the Support team within the app.

How to get there: Orion Connect > Support

Support Redesign

Support cases have been redesigned to appear as conversations. You can see the latest update from support, upload documents securely, and download transcripts of support chats.

How to get there: Orion Connect > Support

Billing & Composites

Remove Inactive Bill Entities in Account Editor and Hierarchy

Inactive bill entities will not appear in the dropdown menu when adding a new payout on the bill entity field in Fee Hierarchy.

How to get there: Orion Connect > Bill Audit > Fee Hierarchy; Orion Connect > Portfolio Audit > Accounts > Edit > Billing > General > Use Fee Hierarchy

Payment ID Column in the Payout Dashboard

You can now view all accounts that were part of a selected payment via a new Payment ID filter.

How to get there: Orion Connect > Payout Dashboard > Paid Commission / Total Commission

Advisory Fee Report Update

The Advisory Fee Report can now only be generated and posted once a Rep payee is selected, eliminating duplicate reports by rolling up all processed payments for the Rep into one Advisory Fee Report.

How to get there: Orion Connect > Payout Dashboard > Reports

Linear Dollar Payout Enhancements

The base setting on the schedule—Household, Registration, Account, and Sub-Advisor—is now considered when calculating fees for linear payout rates with a dollar amount.

How to get there: Orion Connect > Billing Audit > Payout Rates

Payout Dashboard - State Registration for Rep

Payments from out-of-state clients will be placed under the Currently Approved tab instead of the Paid tab, so you can delineate the amount that has not been paid out to you.

How to get there: Orion Connect > Payout Dashboard or Orion Connect > Firm Profile > Representative

Advisory Fee Reports - Reps on Hold

'On Hold' fees will now live in the ‘Uncollected’ section of the report for greater clarity and transparency.

How to get there: Orion Connect > Firm Profile > Representative

Payee Report

You can now filter by Payee in the Payout Dashboard and create a downloadable Excel sheet showing who is getting what at the Admin and Advisor levels. Rep level access will get a separate Advisory Fee Report.

How to get there: Orion Connect > Payout Dashboard > Process Payment

Advisory Fee Report Logic Update

Rep Payment now pulls from the total of the Rep fees, instead of the Total Fee column, ensuring greater accuracy.

How to get there: Orion Connect > Payout Dashboard > Reports

Composites Rules

The user interface and experience for Composite Rules have been redesigned for quicker and more intuitive rule creation.

How to get there: Orion Connect > Composites > Rules

Composite Run Automation

Firms can now turn composites automation on or off and dictate the date that composites for all accounts are run, offering more flexibility and autonomy.

How to get there: Orion Connect > Firm Profile > Option Information > Composites

Client Experience

Financial Planning

Date of Birth Field on Personal Information Page

Clients can now add their full Date of Birth, improving the accuracy of current age and cash flow calculations. The full date can be imported from Orion if SSO is used.

How to get there: Orion Connect > Advizr > Profile > Personal Information

SECURE Act Inherited IRA Changes

You can now select which year the original account owner of an Inherited IRA passed away, allowing you to exhaust the Inherited IRA within 10 years if inherited in 2020 or later.

How to get there: Orion Connect > Advizr > Profile > Accounts

Ability to Reset Capital Market Assumptions to Default

You can reset your firm's Capital Market Assumptions to the default 2020 JP Morgan Capital Market Assumptions. The sample Correlation Matrix CSV has also been updated.

How to get there: Orion Connect > Advizr > Settings > CMAS

Time Periods on Summary Page

The Summary Page now includes time periods such as Year-To-Date, 1 Year, 3 Years, 5 Years, full calendar years, and Since Inception.

How to get there: Orion Connect > Advizr > Personal Finances

Activity Summary on Performance Page

You can now control what is shown in the activity summary feature on performance pages, customizing for contributions, distributions, exchanges, and merges.

How to get there: Orion Connect > Advizr > Personal Finances

Sync Account Level Cost Basis from Orion for Taxable Accounts

Account cost basis data is now synced from Orion, improving efficiency and financial planning projections.

How to get there: Orion Connect > Advizr > Profile > Accounts

Reporting

Fee Schedule Name Tag

You can name your fee schedules and sort rows by fee schedule name in the "bill fee schedule" grouping within a report.

How to get there: Orion Connect > Reports > New Report > Grouping Table > @Billing Fee Schedule Name

Projected Income Element in RB3

You can now project out income for up to 12 months, providing clients with detailed projections for the next year.

Orion Connect > Reports > New Report > Elements > Standard > Projected Income and Redemption

Improved Bar Chart Labeling

Bar charts now display the year directly beneath each bar, clarifying the data's timeline.

Orion Connect > Reports > New Report > Charts > Bar Chart

Integrations

Schwab Change of Address

Advisors who custody with Schwab Advisor Services can now submit change of address requests to Schwab directly from Orion.

How to get there: Orion Connect > Portfolio Audit > Edit HH

Reconciliation

Reset Asset Class/Category Weightings Tool

Admins can now reset the weighting of all products and prices without contacting support. A confirmation popup ensures intentional action, and all weightings revert to 100% of the assigned asset class/category.

How to get there: Orion Connect > Product and Prices > My Current Products > Actions: Delete Product Class/Category Weightings

Client Information Change Updates

A section in the New Account Centers now shows all client demographic information changes sent by the custodian. Changes made by the client come in as pending and require approval by users with the appropriate privileges.

How to get there: Orion Connect > New Accounts Center > Client Information Changes

Disable Quovo Accounts From HAA Aggregator

You can now disable Quovo for Held Away Accounts and view the status of those accounts in the New Account Center.

How to get there: Orion Connect > New Accounts Center > Quovo Accounts

Trading

Eclipse Dashboard Enhancements

Firms can now establish what constitutes an “out of tolerance portfolio” in the portfolio dashboard, with options to include or exclude portfolios based on cash, unassigned holdings, or scheduled auto rebalances.

How to get there: Orion Connect > Eclipse > Portfolios

Sleeve Strategies Restriction Capabilities

Admin users can set restrictions for sleeve strategies at the Registration Type, Broker Dealer, Rep, and RIA level.

How to get there: Orion Connect > Sleeve Strategy > Edit Sleeve Strategy