May 2020 Software Update: Full Release Notes

As the days get longer and the weather gets warmer, Orion is heating up, too! We have a host of impactful software updates to share with you this month.

May’s development includes some impressive speed optimizations, trading updates in the form of a dedicated Communities app, more Payout Dashboard upgrades, and financial planning enhancements like screen sharing with clients and a new beneficiaries tab.

And, of course, we have plenty of other updates across all facets of the platform that we’re sure will make you efficient, productive and happy each and every day.

Advisor Experience

Cipher Updates

Orion is committed to the security and safety of all data that flows in and out of the platform. API connections are required to be on TLS 1.2, and with the June 2020 release, ciphers will be updated. Partners are asked to update connections or code implementing older ciphers immediately. Ciphers can be implemented or buried directly in the code, so platforms connecting with TLS 1.2 may still be affected if they were using the older ciphers.

Client Experiences App

The Client Portal Tasks App has been renamed to the Client Experiences App, and the icon has been updated accordingly.

How to get there: Orion Connect > Client Experience

Mobile App Password Criteria Changes

Password length requirements have changed. Passwords now must be 10 characters or more, including a number or special character, and cannot contain date-related words, your name, user ID, or email address, nor any variation of the words "password", "Orion" or "advisor".

New Content Added to the Orion Market*r Platform

Each month, new content on engaging, up-to-the-minute topics will be added to the Market*r platform. This month, two new topics were added: Life Insurance and Market Commentary. Both topics include whitepapers, email campaigns, social posts, and more.

How to get there: Orion Connect > Orion Market*r

Password Security Questions

When creating a new user or resetting a password, you will no longer be prompted to create a security question and answer. The option to "Delete Security Question" is also removed from Manager Users.

Speed Optimization

• ​Activity engine improvements have tripled load speeds in report builder and the client portal.
• ​Grouping engine in report builder now pulls only needed groupings, resulting in a 20% speed improvement.
• ​Dynamic benchmarks now add less than 20 seconds to report generation, down from over a minute.
• ​Speed improvements in daily recon, especially for Fidelity’s file processing and product combine process.

Billing & Composites

Payout Dashboard Commission Calculations

When processing a payment in the Payout Dashboard, the amounts in the “paid commission” tab now match what was in the “currently approved” tab before payment. Pending approval and currently approved columns are calculated using Initial Amount + Adjustment.

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

Payout Dashboard Credit and Expenses Window

Adjustment type list is now filtered based on selection of Credit or Charge. The amount field only allows positive numbers for credits and negative for charges.

How to get there: Orion Connect > Payout Dashboard > Credits and Expenses > Actions > Add New

Recurring Adjustments Import

Recurring Adjustments imports are now available in Custom Imports 2.0. You can import all Recurring Adjustments en masse, edit in-line, and fix upload errors directly on the Custom Imports page.

How to get there: Orion Connect > Custom Imports > Recurring Adjustments

Client Experience

Financial Planning

Ability to Switch Between Hypothetical or Weighted Average Returns at the Client Level

Clients' linear projections can be based on Weighted Average Returns or Hypothetical Returns. You can choose which return projections Orion’s Planning Tool uses at the client level, and change it at the Advisor/Firm level. Monte Carlo projections always use Weighted Average Returns.

How to get there: Orion Connect > Advizr > Client’s Name > Client Settings

Ability to Waive RMDs in 2020

You can now waive RMDs to reflect the CARES Act, helping with client RMD cash flow projections.

How to get there: Orion Connect > Advizr > Client’s Name > Client Settings

Display Orion Asset Category/Class Colors

Customized Asset Category/Class Colors within Orion are now pulled into the Personal Finances section within the Financial Planning Portal.

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

Firm/Advisor Control of Client Portal Terms and Conditions

Firms can now customize Terms and Conditions at both the Firm and Advisor level for the Orion Planning Client Portal. If not customized, clients see Orion's default Terms and Conditions.

How to get there: Orion Connect > Advizr > Settings

New Beneficiaries Tab and Beneficiary Review Page

You can now add primary and contingent beneficiaries for Accounts, Life Insurance Policies, and Trusts. The Beneficiary Review page provides an aggregated view for annual review.

How to get there:

• ​Beneficiaries Tab: Orion Connect > Advizr > Accounts/Insurance/Trusts
• ​Beneficiary Review: Orion Connect > Advizr > Goal Results > Estate Planning

New Federal Deduction for Clients 65 and Older

An additional Federal Deduction of $1,300 or $1,650 is added once a client turns 65, based on filing status.

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

New RMD Dashboard

View RMDs for each qualified account and whether they’ve been satisfied, all in one dashboard.

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

New State Tax Deductions/Exemptions

Standard Deductions and Exemptions for each state have been added and will factor in client filing status.

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

Re-Designed Realized Gain/Loss Transactions Page

A dedicated view within the portal for Realized Gains/Losses at the individual account level, with detailed transaction information.

How to get there: Orion Connect > Advizr > Personal Finances > Realized G/L

Screen Share with Clients

Screen sharing is now available directly within the financial planning tool.

How to get there: Orion Connect > Advizr > Client’s Name

State Tax Brackets Updated for 2020

State Tax Brackets for 2020 have been updated.

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

Sunsetting of TCJA Tax Law Provisions Passed in 2017

You can choose whether TCJA provisions will sunset as written in the law or continue for the rest of the financial plan. This setting can be applied at the firm/advisor/client level.

How to get there: Orion Connect > Advizr > Client’s Name > Client Settings

Reporting

Model vs. Actual Insight Tile

A new Insight tile displays the actual allocation of an entity compared to the model allocation, viewable as a bar graph or table.

How to get there: Orion Connect > Insight > Add Tile > Trading > Model Versus Actual

Report Builder Asset Class Abbreviation Tags

Asset Class Abbreviation is now available as a tag in Report Builder 3 for use in charts.

How to get there: Orion Connect > Reporting > Custom Reports > New Report > Charts > Bar Chart > Appearance > Label Format > @ Asset Class Abbreviation

Report Version Assignment Import

You can now add client assignments to a version of a report in mass in Report Builder 3.

How to get there: Orion Connect > Custom Imports > Import Templates > RB3 Version Assignment Import or RB3 Version Assignment Update

Compliance

Account Name on Trade Violations Grid

Account name and institution now appear on the trade violations grid in Inform.

How to get there: Orion Connect > Compliance > Inform > Trade Violations

Require Statements Option

Compliance admins can now choose whether to require a statement when disclosing or closing accounts in Inform.

How to get there: Orion Connect > Compliance > Inform > Manage Options

SLOA Date on ADV Dashboard

The as-of date on the ADV Dashboard now respects the SLOA's date.

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

Integrations

Client Portal Single Sign-On to Yourefolio

Clients can now single sign-on to Yourefolio from the legacy Client Portal. Advisors can use Orion credentials within Yourefolio to access their book of business and pull Orion data.

How to get there: Orion Connect > Client Portal > Tools > Estate Planning

Fidelity Internal Cashiering Platform (ICP) Link

A new contextual link to Fidelity’s Internal Cashiering Platform is available in Portfolio Audit.

How to get there: Orion Connect > Portfolio Audit > Highlight Fidelity Account > Links > Wealthscape FBS/NFS nested menu

TD Ameritrade Veo One Single Sign-On

Single sign-on capability to TD Ameritrade’s Veo One platform is now available.

How to get there: Orion Connect > TD Ameritrade

Trading

Eclipse Submodel Permissioning

Eclipse Submodels can now be permissioned on a team-by-team basis. Teams can view or edit individual submodels, or hide submodels entirely. Upon creating or editing a submodel, a new dropdown is available to set the team(s) the submodel needs to be a part of. Users can edit the teams directly to assign submodels at the category, class, or subclass level.

How to get there: Eclipse > Administrator > Team > Edit Team

Orion Communities App

A new app for Orion Communities provides easier access to the model marketplace, onboarding, and training materials.

How to get there: Orion Connect > Orion Communities

Raise and Spend Cash for Multiple Account Portfolios

Raise Cash and Spend Cash tools can now be run for multiple-account portfolios at the same time.

How to get there: Eclipse > Portfolios > Three dot > Trade tools > Raise/spend cash

Registration Level Eclipse Enabled Option

A Registration Level "Eclipse Enabled" entity option allows users who utilize sleeves to automatically enable sleeves in Eclipse.

How to get there: Orion Connect > Portfolio Audit > Registrations > Edit registration > Options > Trading