January 2020 Software Update: Full Release Notes

A new year brings a new product software release format, and we thought the first month of the new decade was the perfect time to launch our first build in the agile format. As a reminder, we will be following a monthly release cadence moving forward as a part of that agile framework. That means the notes may not be as long as you’re used to, but they are just as important and will be coming at you three times more often.

Without further adieu, here's what's coming for advisors in January’s software release:

Advisor Experience

Custom Imports

In November’s release, we communicated about our Custom Imports 2.0 tool, which features better error prompting and the ability to edit data in-line directly within the custom imports experience. We’ve added three more imports to the app that are ready for use: User Defined Entity Option Import, Transaction Update and Transaction Cost Basis.

We will be adding more imports in the coming releases, so stay tuned. If you have imports that you would like to see transitioned over from the legacy custom imports tool, let us know.

How to get there: Orion Connect > Custom Imports

Billing

Exclude Money Market Accrual from Billing

As an added flexibility feature, Orion allows the calculation of accrual on money markets for performance. But some advisors may not want money market accrual values to be included with billing market values. This feature provides even more flexibility to allow you to choose how the Orion billing system treats money market accrual.

How to get there: Orion Connect > Products and Prices App > Choose Product > Local > General

Multiple Payment Options in the Orion Client Portal

CardConnect enables you to consolidate your process for managing payments, including from credit cards, into a single platform. This update will allow advisors who use CardConnect’s BluePay Gateway the ability to select which payment method appears in the client portal. This will reduce confusion if that firm does not offer both check and credit card as payment options.

How to get there: Orion Connect > Client Portal > Admin > Settings > Integrations Settings > See New Option

Client Experience

Orion Client Portal

Mask Account Numbers in the Orion Client Portal

A masking feature has been added to the Orion Client Portal, where the advisor can control the number of account digits displayed to the user.

How to get there: Orion Connect > Client Portal > Admin > Settings > Portfolio > Account Numbers to Show

Financial Planning

Model Portfolio User Interface

New to the firm level is the Model Portfolio User Interface. This gives firms the ability to create model portfolios at the firm level, which is useful for firms where advisors have strict access to the same models. Previously, they could only be created at the advisor level.

How to get there: Orion Connect > Advizr > Settings

Capital Market Assumptions

Previously, within Advizr, capital market assumptions defaulted and were constrained to the JP Morgan Capital Market Assumptions. Now, at the firm level, you’re able to customize the capital market assumptions you want to see in order to interpret the performances that are important to you and your clients. Specifically, firms can create their own asset classes, set the asset class return and standard deviation, and upload a correlation matrix for Monte Carlo calculations.

Updates have also been made to align with JP Morgan's 2020 Long-Term Forward Looking Outlook, including tax brackets, deductions, contribution limits, social security earnings limits, and bend points to account for 2020 assumptions. The default remains JP Morgan’s Capital Market Assumptions unless you elect otherwise.

How to get there: Orion Connect > Advizr > Settings > CMAs > Edit CMAs

Ask Advisor Button

The Advizr Client Portal now includes an “Ask Advisor” button with the advisor’s name, phone number, and photo, as well as a place to send a brief message. There’s also a link to a dynamic scheduling tool that allows clients to book meetings with advisors directly from the portal.

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

Client Information Updates

When advisors use the single sign-on (SSO) feature for a particular client, they will be asked to confirm client profile information, such as spouse info and account types. When advisors add a new account in Orion, they will be prompted to confirm that new information the next time they SSO. This provides greater efficiency, allowing advisors to correct or add new info upfront.

How to get there: Orion Connect > Portfolio Audit > Households > Links > Advizr

Experian® Updates

Now, you can turn Experian® services on or off for a client, right from the Advizr portal, so long as your firm has Experian® enabled.

How to get there: Orion Connect >Advizr > Client Settings > Configure Access/Invite to Advizr

Firm-Level Updates

The “General” and “Assumptions” tabs within Advizr are being replaced with “My Settings” and “Firm Settings” to give firms more control over the plan assumptions and disclosures advisors are using with clients. Logos can now be secured so that only firm-level admins have access to change them.

How to get there: Orion Connect > Advizr > Settings

Quovo Updates

Within Advizr, Quovo is now a client-level setting. You can toggle the feature “on” for households you aggregate data for, and “off” for households to which it doesn’t apply. This allows you to limit costs to just households that warrant the additional service.

How to get there: Orion Connect > Advizr > Client Settings > Configure Access/Invite to Advizr

Performance Reporting Pages

New data ranges have been added. Previously, you could only see Year to Date for performance. Now, you can see Year to Date, 1 Year, 3 Years, 5 Years, full 2019, 2018, 2017 calendar years, plus Since Inception. Totals on the positions page now include Total Market Value, Cost Basis, and Unrealized Gains/Losses.

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

Reporting

Query Builder

The launch of Query Builder empowers you to create your own queries, on your own terms, using almost any data point in Orion Connect. You can edit queries with ‘And/Or’ logic prompts and data filters, share queries across your firm, and find them faster with advanced search capabilities.

How to get there: Orion Connect > Query > Query Builder > New Query

Report Builder 3 Updates: Column Groupings

Column grouping allows you to create columns based on dynamic information, such as displaying two groupings in a consolidated and more meaningful format. This also opens the door for Dynamic Time Periods in an Activity Summary sub-report.

How to get there: Orion Connect > Reports > Custom Reports > New Report > Tables > Column Grouping Table

Fee Schedule Type @ Tag

A new @ tag for Fee Schedule Type denotes the fee schedule — tiered, flat, or linear — assigned to an account. This provides a clear picture to your clients of the fees being incurred.

How to get there: Orion Connect > Reports > Custom Reports > New Report > Tables > Grouping Table > Click in a cell of the table > @Billing Fee Schedule Type

Reports in the Client Portal and Mobile App

Clients can now run reports from within the client portal or mobile app. To do so, pick the report and update the report access. If you grant run access, the client is able to run the report by selecting it along with the desired date range.

How to get there: Orion Connect > Reporting > Custom Reports > Actions > Report Access > Client Access

Compliance

SLOA Tile

Orion has added a new SLOA tile and will also be adding a Custody tile next month to the Disclose ADV Dashboard. This assists with Form ADV reporting, specifically for assets subject to SLOA agreements.

How to get there: Orion Connect > Compliance > Disclose > ADV Dashboard

Integrations

Salesforce

The Salesforce integration update is available for Enterprise and FSC users, with the TD Ameritrade license coming soon.

• ​Flexible Field Mapping: Map Orion data to flexible fields created in Salesforce.
• ​Error Fixes: Fix sync errors on your own with helpful error messages and support documents.
• ​Updated Sync: Trigger full data syncs anytime throughout the day. The reverse sync leverages the Orion Connect API to update fields within Orion in real-time.

How to get there: Orion Connect > Salesforce

Reconciliation

Mask Account Numbers in the New Account Center

On the New Accounts Exclusions page, account numbers will now be masked to protect sensitive information. Depending on the custodian, advisors will only see the last four or five characters in the account number. To see the full account numbers, users need the ‘New Accounts Center - Exclusion Account Number Visible’ privilege enabled.

How to get there: Orion Connect > New Account Center > Excluded Accounts How to get there: Orion Connect > Manage Users > Role > Privileges: Apps > Portfolio: New Accounts Center - Exclusion Account Number Visible > Enable

Remove Columns from View in Excluded Accounts

In the New Account Center, the Exclusion Table no longer shows information such as Household Name, First Name, Address, City, State, and Zip Code.

How to get there: Orion Connect > New Account Center > Excluded Accounts

Products and Prices Updates

Custom fields added to your product can now be included in the Slick Grid for Products, allowing you to sort, filter, and group when searching for products. Custom fields will be available in My Current Products, Search Local Products, Missing Asset Classes, Missing Risk Categories, and Bond Product.

How to get there: Orion Connect > Products & Prices

Account Composer AIP Updates

New column options in AIP allow you to add asset-level columns that were once only accessible via the Assets screen within the Portfolio Audit app. Additional valuation columns can be added by selecting Valuations in the Account Composer app.

How to get there: Orion Connect > Account Composer > AIP > Assets and Valuations

Custodial Rep Number in Portfolio Audit

A new field at the account level stores the Custodial Rep Code from the custodian. This allows you to use the rep codes to assign a rep to the household for a particular account and identify accounts where the rep code assigned to the account doesn't correspond to the rep that is assigned to the client.

How to get there: Orion Connect > Portfolio Audit > Accounts

Portfolio Audit Transaction Import - Link to Custom Imports Transaction Add

You can now seamlessly transition to the new Custom Imports app to get your data on the platform in a more efficient way.

How to get there: Orion Connect > Portfolio Audit > Households > Actions: Import Transactions

New & Updated Interfaces

New interfaces have been built to allow accounts held with City National Bank, Accutech Legacy, Spectrum Pensions, and Stifel Nicholas to feed into Orion. The UBS cost-basis feed now pulls in cost-basis realized and unrealized data across the Orion platform.

How to get there: Orion Connect > Support App > Available Download Interfaces

Trading

High Tax Sensitivity Rebalancing

For accounts with high tax sensitivity, the new logic prioritizes lowest gains in a rebalance/raise or cash/cash needs trade rather than trading the most out-of-tolerance security—even if the portfolio is already in tolerance.

How to get there: Orion Connect > Eclipse > Administrator > Preferences > Tax Sensitivity Preferences