AdviceOS April 2015 Update
There have been many new enhancements added to AdviceOS during April, particularly within the Edit Client and Data feeds section of your software.
Midwinter has also been busy developing the compliance area of AdviceOS this month. Our new Compliance and Notifications tab (located in Edit Client) will feature alerts that will prompt users if there are issues which need to be addressed with individual clients, as well as display the status of various compliance items. The Compliance and Notifications tab will also contain new functionality that will simplify the AML/CTF identification process for advisers.
In addition to these areas, the Entities tab is undergoing an upgrade with a total revamp of the Entities screen.
Read on to learn more about these latest features below –
Introducing ‘Compliance Alerts’ to AdviceOS
AdviceOS will now feature new ‘Compliance Alerts’ aimed at easily drawing attention to any issues pertaining to specific clients that need to be addressed from a compliance perspective. Each of the unique alerts will signify different statuses/various call to actions.
The below diagram reveals the different ‘Compliance Alerts’ displayed at various points on the Compliance screen, with an explanation key clarifying each symbol’s meaning/implication. (circled in red at the bottom) –
Global task notifications
Within the Compliance and Notifications tab – the practice manager will have the ability to slide over to the Notifications page. Here they will have the option to set up alerts for specific dates that relate to certain trigger events. Events include compliance items such as FDS dates and opt-in dates, as well as policy holding expiry and renewal, review dates and next appointment dates. For these events, a task notification will be automatically generated (once set up via mapping the notification to the event) so that as the date approaches, advisers are reminded and are able to address the task in a timely manner.
For example – In the case that an insurance policy has been added into Edit Client, the adviser may include a policy renewal date. Once the notification date has been mapped to the policy, an automatic task will be generated to alert the adviser that renewal is approaching.
Please note that permissions for this functionality are given to the practice manager only, as notifications are set up at a global level.
Meeting your AML/CTF requirements
Midwinter has been developing new features within AdviceOS that will aid with meeting your AML/CTF requirements.
Within the Compliance and Notification tab mentioned above, advisers will now be able to directly capture a client’s identification information to satisfy AML/CTF requirements. This new edition to the software will also automatically disclose to advisers any other additional types of identification documents that will be needed, in order to meet the AML/CTF verification requirements.
For a detailed manual on how to operate this functionality, as well as the compliance alerts functionality above, click HERE.
Entities tab enhancements
Under AdviceOS’s Entities tab, functionality has been opened up to include the option to add associates and link those associates to one or more entity (SMSF/Company/Trust). Furthermore, users can now nominate a client or an associate as the email and address correspondence for each entity.
This feature has been set up to maximize the amount and/or combinations of relationships users can establish. If there is a relationship combination that is not available, but you would wish to be – please contact us as we can easily adjust the options to include your addition.
In addition to this, AdviceOS now contains the ability to alter the client list on your home screen between the current list of clients, to the list of entities list.
With this particular functionality, it is important to be aware that any other module you click on will load information on the primary individual – NOT the entity.
These updates have been made available in AdviceOS on a user, practice manager and dealer group level.
For a detailed manual on how to operate this new functionality, click HERE.
Datafeeds and ASX
During April, Midwinter has been busy streamlining the code to ensure that data feeds within AdviceOS are loading faster. Users will notice, in particular within the Data feed mapper screen and the TPA module that loading times have improved.
ASX – Direct shares are now available in TPA
Advisers are now able to add in investment holdings within TPA that are based on a direct share or a APIR code. Typing in the ASX ticket or the code will load up the latest unit price automatically from the previous day.
After manually entering in the number of units, the total investment value will then be calculated automatically by multiplying the unit price by the number of units (as seen below in the diagram) –
Midwinter also received some requests from users to display the ‘last update’ date for all data feeds. We have added this functionality this month and these dates can now be seen in both the Data feed mapper and the TPA module.
In addition to this, if users select the ‘Data feed info’ view within the TPA module, they will be able to view the following metadata for each data feed investment option –
- Account numbers
- Last transaction date
- Last unit price date
- Data feed last imported date
- Is the option Data fed or not?
Other additions to the TPA module
- Users can now view product profiles for all recommended investment options in TPA.
- Extra data feed reports are available in the data feeds section of your software.
How did you go with March’s AdviceOS enhancements?
Are you enjoying the features we added to AdviceOS last month? Do you need help getting started with any of the new functionality? Just a quick recap –
- Edit Client – new data fields for Estate Planning and Centrelink – This can be found within the employment and estate planning tab, by clicking on the Centrelink or Estate Planning buttons where a window will appear displaying the additional fields.
- Cashflow and Capital – ability to lock scenarios – scenarios can now be locked so that the inputs cannot be changed. This ensures data integrity for scenarios that are in use.
- Transitions – product selection and comparison functionality has now been introduced into the TTR module and can be included in reports/SOA.
- FSG admin – ability to upload a document for FSG version.
- SMS – The ability to send clients customised SMS text messages.
- Unlimited custom folders – users can create and unlimited amount of folders and sub-folders within folders with the Client Records section of AdviceOS.
Here at Midwinter we want to make sure you are getting the absolute best out of your software subscription. If there is anything you need help with, we have a dedicated support team on hand to answer all of your questions.
Contact Midwinter’s support team on 1300 882 938 or email us firstname.lastname@example.org and we will be happy to answer any questions you may have.