08 Jan Release 8 January 2024 – Contracts and Mixed models
Contracts and Mixed models
In this release we introduced the concept of a contract, which can contain one or more client accounts. This is especially useful in instances where a client invests on one account, now named contract, into different model portfolios. The different Client accounts under the same contract can be link to different model portfolios, as well as client accounts not linked to a model portfolio.
This affects the name ‘Investor accounts’ at various places in the finworks system, for instance Investors->Investor accounts’, will now be Investors->Contracts. Another example is on Import investors, where the system will expect ‘Contract number’, instead of ‘Investor Account Number’. See link
More changes include:
- Added override option for Ongoing Fees on a quote. See link
- Added the ability to select a bank account for a withdrawal from an approved 3rd party bank account list. See link
- Moved Finswitch credentials from a system level to a custodian level
- Added option to statement defaults, section ‘Combined cash instrument transactions per currency’ (Add instruction purpose To contribution transactions) to display the instruction purpose at the end of the transaction description
- Added reverse Ongoing Fee Taken Transactions option. See link
- Added option to statement defaults (at the bottom) to change the wording of ‘Total’ on the Current Holdings card
- Added section ‘Account owner details’ to statement defaults to be used where there are more than one account owner on an account and details of both need to be displayed
- Add option to ‘Statement Cover letter’ section on statement defaults to display the names and addresses of more than one account owner
- Added option to delete scheduled and inactive Jobs if the job does not have any history and was, for instance, created just to do a test
- Added column to statement default section ‘Administration fee rates per year’ to include the fee type amount on a statement
- Added option to add Portfolio management fee to the model manager and/or model portfolio. See link
- Renamed Account details card on a contract to Contract details
- Created option on a brokerage to load a logo, if there is a logo on the brokerage, this logo will be used on statements for clients on the brokerage instead of the logo on the product
- Added recipient and account status to import/export investor fee splits. see link
- Added ability to do a re-balance on an account when cash is negative
- Added functionality to bulk Confirm Tax Amounts on Living Annuity products. See link
- Added adviser mandates to investor import/export
- Added the option to attach a .msg (Outlook email file) to a workflow task
- Added section ‘Client account holdings summary’ section to statement defaults to be used instead of ‘Contract holdings summary’ section, when the underlying instruments in a model portfolio need to be displayed instead of just the model portfolio
- Added ability to move client accounts between contracts. See link
- Unrestricted source fund type for phase ins
- Refer to changes to the Export Transaction Data Job (S3). See link
Refer to your online Pivotal Tracker Project for a full list of changes and enhancements for the release.
Last Updated on 2 years ago by Antoinette Van Meyeren