Frequently Asked Questions

Commission

Why does the system not take adviser commission?

For compliance with regulations the system does not take fees on an investment account, if the adviser linked to the investment account does not have the instrument that is on the investment account in his “Available Instrument” list.
Available instrument list on the adviser translates into “Does the adviser have a license to sell the instrument”. If ANY instrument on the client account is not in the adviser list, then the whole account will be skipped in the fee run, pending the outcome of some Regulatory investigation or suspension of the adviser.
If an instrument is closed for investments you can leave the instrument on the adviser, but just make it Inactive – Closed. This will prevent it from appearing in the list of funds to invest in when you create an instruction.
Under Reports -> Compliance report -> there is a list of Investor accounts that has Compliance problems. Before you do a fee run with commission you need to check this report.
There are a couple or reasons you DON’T want to add an instrument to an adviser:
1. Compliance – the adviser is not licensed to sell the instrument e.g If you look on the FSB site under FAIS and search for Adviser XYZ. Under Products Approved you’ll see they are not registered to sell “Securities and Instruments: Shares”. So lets assume you need this license. You should NOT link an instrument like a PSP’s to him. This will prevent you from accidentally selecting a PSP for a client.
Same with the tick “License” under the product section of the adviser. If he cannot sell a Living Annuity you should not tick this. When you then click Add investment on the client and he is linked to an Adviser without the license, the Living Annuity will not show as an option.
2. Business rules –  You might not want the Advisers XYZ to be able to sell e.g. etfSA funds, not because they cannot, but because these are specifically reserved for other advisers as part of your business arrangement. Then don’t add the etfSA instrument to the other advisers. i.e specific adviser established funds.
3. Check if the Adviser is licensed for the relevant product.
4. Check if there is an end date specified for adviser, before the date specified as the taken up to date on the fee run (Adviser Card on the investor account ->Annual advisor fee end date).

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Emails

How do I test emails/sms from the Test site?

To prevent emails/sms being sent to actual email addresses or phone numbers of investors, advisors or employers from the Test site, a security measure was implemented that by default, NO emails/sms will be send from the Test site. If email/sms functionality needs to be tested on the Test site, before deploying to production, the following settings will need to be done first:

1. Select System -> Configuration

2. Complete the “Override ALL emails to” field and/or the “Override ALL sms to” field with your own email address or phone number and save. (THIS IS TO ACTIVATE EMAILS AND SMS ON THE TEST SITE – ON THE PRODUCTION SITE, THESE FIELDS SHOULD ALWAYS BE UNCHECKED)

Once the email/sms override is activated, all the system emails/sms will be directed to the specified email address/phone number. The actual email address/phone number that it would have been sent to, can be seen in the email log (System -> Emails) or the sms log (System -> SMS).

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Exports

The currency symbols does not display right when I open a csv export in excel

If your currencies look like this when you open the csv file, excel is set to use a character set that is not UTF-8

Don’t just open the file by double clicking on it, which would open it by default in Excel, but bypassing the Import Wizard.
Don’t open the file from the Download shortcut options, which appear at the bottom of the screen, after downloading a file.

Here is how to open your csv file via the Import Wizard, so that you can change the Character set to UTF-8:

First open Excel (as a blank document) and then from the Data Tab, select ‘From Text’ and browse to the file to be imported. On selecting ‘Import’ the Import Wizard will be initiated.

From the Import Wizard on Step 1, select ‘UTF-8’ from the dropdown next to ‘File origin’, ensure the ‘Delimited’ option is selected and click Next.

On Step 2, select the option for Comma delimited and click Next.

On step 3, select ‘Finish’.
And now the currencies display correct!

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How to extract values from a column that contains currency symbols

1.Open the file using Character set UTF-8 (see setting UTF-8)

2.In the next empty column (in the example column C):

2.1. set the header to, e. g. ‘Value’

2.2. set the formula for each row to =MID(B2,3, LEN(B2)), where B is the column that contains the value to be extracted

Drag the formula down the column(C) for all rows in the file

3.In the next empty column (in the example column D):

2.1. set the header to, e. g. ‘ValueNumeric’

2.2. set the formula for each row to =VALUE(C2), where C is the column that was extracted

Drag the formula down the column(C) for all rows in the file

The Values in Column D are now numerical and calculations can be performed on them.

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Fee Runs

What are the reasons for listing an investor on the Compliance Report?

1. Ongoing fees are zero for the fee run period.

2. Adviser and / or Brokerage not licensed for one or more instruments (not made available).

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Fund Sponsor

When do we include VAT in the fund sponsor fee?

When the VAT number of the Fund Sponsor Company is completed.

1. The fund sponsor needs to be added as a company on the system and the VAT number entered under the Company Tax Details.

2. Then the fund sponsor company needs to be linked on the product.

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Imports

How to save csv files in the correct format

When opening a file in Excel, it  would generally open it in GENERAL format, which changes the format of long numbers to a truncated 15 digit number in scientific notation and also drops the leading zeroes.
Eg. A number like 01234567890123456789 will be changed to 1.23457E+18

Once it is in this format, you CANNOT format it to make it display the numbers correctly no matter what. So, the important thing is to open the file in the correct format via the Import Wizard, to ensure that numbers, which would not be used in calculations, would be formatted to TEXT (Eg. ID numbers, VAT numbers, Postal codes).

Don’t just open the file by double clicking on it, which would open it by default in Excel, but bypassing the Import Wizard.
Don’t open the file from the Download shortcut options, which appear at the bottom of the screen, after downloading a file.

So the VERY simple solution is…

First open Excel (as a blank document) and then from the Data Tab, select ‘From Text’ and browse to the file to be imported. On selecting ‘Import’ the Import Wizard will be initiated.

From the Import Wizard on Step 1, ensure the “Delimited” option is selected and click Next.

On Step 2, select the option for Comma delimited and click Next.

On step 3, select the columns that contain numbers, that should be saved in Text format (eg. ID numbers, VAT numbers) and select the Text format for the column data format.

Click Finish.

When done editing the file, Save the file as .csv type, before importing the file.

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Investments

How do I change the name of an investment?

The name of an investment defaults to the name of the product, but can be changed to a more unique name, especially if the investor has more than one investment in the same product.

1. Select “View Details” from the investment’s Investor Account Card.

2. Overwrite the default investment name to the required name and Save.

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What does the Compliance override permission allows?

With Compliance licenses only the instruments that the adviser is licensed to sell AND that are available on the product (under available instruments) are selectable when you choose the fund selection on an investment instruction.

If you override this permission on the user, he/she can select all instruments on the product for any investor account even if the adviser CANNOT sell them. i.e even if the instrument is not in the adviser’s available instrument list.

To locate the “Compliance override” permission, select the “Global Permissions” link from the user’s profile.

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IRR calculations

How do historical transactions impact IRR calculations?

Historical transactions are transactions that did not originate within the system. These are transactions that were imported from another system, creating a Take-on or Opening Balance.

Money coming into an investment account and money going out of the investment account should be considered for cash flow events. When a historical transaction type is setup as a cash flow event it will have an impact on IRR calculations

How to set the cash flow event on Historical Transaction Types:

Examples of cash flow transactions:

  • Investment
  • Withdrawal
  • Transfer In
  • Transfer out

Examples of transactions that are typically not cash flow events:

  • Administration fees
  • Commission
  • Dividends
  • Interest
  • Adjustments

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Process

Why is the “Authorise Instruction” option not available?

One or more of the following reasons could be stopping the user from authorising an instruction or group contribution:

1. Check on the instruction for validation messages.

This is an example of the message that will be displayed if the linked advisor does not have certain required mandates.

To set the mandates, select “View Details” on the advisor Card of the investor account and check the relevant advisor mandates.

2. On Withdrawals, ensure that the bank account linked on the instruction has been verified.

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Reports

What are the figures on the Trustee Report for?

AVERAGE CONTRIBUTIONS PER MEMBER:
The average columns for the “From” and the “To” date uses the same criteria to decide which instructions to include for the calculation of the average.

The criteria is:

    1. The instruction should be any kind of investment (this includes once-offs, cash transfer ins, recurrings etc.)
    2. The investment should be in a new, rejected or in progress state
    3. The investment should be the investment created closest (but before) the date specified in the column heading.

 

NUMBER OF EMPLOYERS:
includes active employers for which the activation date is on or before the column’s date.

TOTAL NUMBER OF MEMBERS:
includes active members for which the activation date is on or before the column’s date (note that a member can be active, without having any instruction yet).

TOTAL VALUE OF EMPLOYERS CONTRIBUTIONS:
for each group go through all active and new members and get the last new or in progress instruction on (or before) the date in the column. Get the amount of this instruction and total all the amounts to get the value for one group. Then total all the group values to get the “Total value of employers contributions”

TOTAL ASSETS UNDER MANAGEMENT:
For each group get the total the amounts of all instructions in the group retirement annuity product (including transfers) invested in the date range starting from inception and ending at the date specified in the column.

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Sorting

How do I sort on columns?

Most of the tables in the system allow for sorting by columns.  When you hover with the cursor over a column header and it becomes underlined, it is an indication that the column can be sorted on. Then click on the column header to sort ascending and click again to sort in descending order on that column.

For example, the list of investor accounts are sorted by name (ascending by default). By clicking on another column’s header, the list will be sorted according to that column. In the attached example, the “Investment Value” column was selected twice, to sort with the biggest values on top.

sorting

 

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Statements

How do I add statement balances to an instrument?

You can have multiple sub-accounts (supplier accounts) in the same fund, in other words different products can invest in the same fund or instrument. The Recon report summarises all the sub-accounts per instrument.

To add Statement balances (Dealer units) to the Recon, you need to add it at the Supplier account level. Go to the bottom of the relevant Instrument.

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Switches

When do we create an internal switch?

1. If the sell and buy instruments have the same Dealer.

AND

2. Both the Collective Investment Schemes of the sell and buy instruments have the “Can do an internal switch?” field checked.

 

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User management

How do I log in?

You log in by entering your details and clicking the “Sign in” button.

login

At least 8 characters are required for a password, containing

  • At least 1 number (e.g. 0, 1, 2, 3, …)
  • At least 1 capital letter (e.g. H)
  • At least 1 small letter (e.g. h)
  • At least 1 special character (e.g. #, @, …)

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Withdrawals

Where can I see Recurring Withdrawals?

Recurring Withdrawals are listed under Bulk Processes -> Recurring Withdrawals
“Future” withdrawals can be seen in the list, by changing the “To date” to the future date.
As soon as the “Commencement date” on the Withdrawal becomes due ( <= current date), then it will be included in the batch of Dealer Instructions that can be created:
Bulk Processes -> Dealer Instructions -> “Create Dealer Instructions” button.

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What is “Pay per fund when the fund settles” on a withdrawal?

There is a setting on a Product: “Allow – Pay per fund when the fund settles”

When this setting is ticked, a withdrawal instruction on an investor account in the product will display the option to select ‘Pay per fund when the fund settles’ or ‘Pay when all funds settle’.

If ‘Pay per fund when the fund settles’ is selected, you will be allowed to do multiple payments on the withdrawal when each fund settles the sell.

For example, if the investor sells Fund A and Fund B and the money for the sell of Fund A is received, it will be paid out to the investor before the money for the sell of Fund B is received.

If ‘Pay when all funds settle’ is selected, the system will wait for all the cash for the withdrawal to be available and then do one payment to the investor.

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