NetX360 Client Onboarding

Transcription

1 NetX360 Client Onboarding USER GUIDE October 2013

2 2013 Pershing LLC. Pershing LLC, member FINRA, NYSE, SIPC, is a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public. The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of Pershing. It may not be reproduced, retransmitted or redistributed in any manner without the express written consent of Pershing LLC.

3 Table of Contents NetX360 Client Onboarding... 1 User Guide Client Onboarding Overview... 2 Functionality... 2 System Requirements... 3 Entitlements Access Client Onboarding Open New Accounts... 6 Supported Account Types... 6 Generate Account Numbers... 6 Save as a Draft... 6 Pre-Fill Information for Existing Clients and Contacts... 7 Get Help with the Account Opening Process... 8 Add Accounts to New or Existing Households or SelectLink Groups Open a New Account Generate New Account Forms Continue a Saved Draft Navigate the List of Saved Drafts Filter the List of Saved Drafts Continue a Saved Draft Delete a Saved Draft Check the Status of a New Account Approval Workflow

4 2. ACCESS CLIENT ONBOARDING 1. Client Onboarding Overview The NetX360 Client Onboarding tool provides a user-friendly, customizable client onboarding experience. Instead of focusing strictly on account opening, this solution encompasses other aspects of bringing a client into your firm, including opening accounts, funding accounts, and additional products and services. With Client Onboarding, you can: Open new accounts. Save accounts as drafts and complete the onboarding process later. Check the status of recently opened accounts. Complete the fulfillment process after the account is opened. Client Onboarding guides you through the onboarding process, including help at the section and field level, and a Guide Me wizard to assist you where you may need it. Functionality Client Onboarding includes many improvements over the Account Services system to increase productivity and efficiency. Business Parties You can include or exclude Business Parties in the Account Services system, which helps you aggregate Large Trader activity and account data and generate related reports. Cost Basis Reporting Under the cost basis legislation changes, certain financial organizations are required to report to the Internal Revenue Service (IRS) the original or adjusted purchase price (cost basis), when covered securities are disposed of by sale, exchange or redemption. As a result, when reporting cost basis for debt instruments, brokers are required to consider the client elections for amortization and accretion. These elections will be maintained in the Account Services system. Simplified Screens Client Onboarding's screens are easy to use. They include inline validation and help to reduce the time it takes you to open accounts. Less Data Entry You can start new account requests from scratch, use an existing Pershing account, or use information from a client relationship management (CRM) or financial planning system. Client Onboarding's Pre-Fill feature eliminates duplicate data entry. If your firm wants to integrate with CRM/financial planning systems within Client Onboarding, contact your Account Manager. 2

5 2. ACCESS CLIENT ONBOARDING New Entry Points You can access Client Onboarding from the Accounts menu or by right-clicking an existing client or account in the left panel. More Consultative Approach Client Onboarding contains more help for new users or users unfamiliar with particular account types and the account opening process. Custom Fields All custom fields your firm creates for the Account Services account opening process are available in Client Onboarding in the Custom Fields section. System Requirements Use Latest Version of NetX360 For the best possible performance of Client Onboarding, it is recommended that you use the latest version of NetX360. Browser Support Client Onboarding supports the following browsers: Microsoft Internet Explorer 8 and above Mozilla Firefox 14 and above Google Chrome 21 and above Apple Safari 4 and above Entitlements The following entitlements are required to use Client Onboarding. Note: For entitlements for the Client Onboarding Configuration Tool, see the NetX360 Client Onboarding Configuration Tool User Guide. Entitlement Management Service (EMS) For firms using EMS, the entitlement is: BFE # Catalog Type Category BFE Name Access Level Description 996 Functional Account Maintenance New Account Opening Client Onboarding Add Allows a user to open new accounts within in Client Onboarding application. 3

6 2. ACCESS CLIENT ONBOARDING NetExchange Entitlement (NPNX) System For all other firms, the NPNX system entitlement is: Client Onboarding Acct Opening For NPNX users, the following Application Security Data System (ASDS) entitlement is also required: Profile Account Services IBD U.S. Firm Acct Add Only 4

7 2. ACCESS CLIENT ONBOARDING 2. Access Client Onboarding You can access Client Onboarding from the Accounts menu or from the NetX360 side panel. Access Client Onboarding From the Accounts Menu Click Accounts > Other > Client Onboarding. The Client Onboarding landing page displays. Access Client Onboarding from the NetX360 Side Panel (Existing Clients Only) 1. In the NetX360 Households/Groups side panel, expand the household that contains the client s existing account. 2. Right-click the account from which you want to copy information into the new account and select Client Onboarding. If the account has multiple account holders, the Account Holder(s) window displays. 3. Select the desired client and click OK. The Client Onboarding landing page displays. 5

8 3. OPEN NEW ACCOUNTS 3. Open New Accounts Client Onboarding guides you through the process of opening a new account. Supported Account Types Using Client Onboarding, you can open the following types of accounts: Individual Joint Trust Custodian for Minor State Sponsored Higher Education Educational Savings Coverdell Transfer on Death (Individual) Transfer on Death (Joint) 529 Plan (Individual) 529 Plan (Trust) 529 Plan (UGMA/UTMA) Outside Custodian IRA 403(b) Traditional IRA (Participant) Traditional IRA (Rollover) Roth IRA (Participant) Roth IRA (Rollover) SEP IRA SIMPLE IRA If you want to open an account type not listed here, select Other Account Types and click the button for the type of account you want to open. Client Onboarding links you to NetX360 Account Services, where you can open the account. Generate Account Numbers Client Onboarding offers flexibility for generating account numbers for new accounts. You can use any of the following methods to generate the new account number: Specify the exact account number you want to use. Have Client Onboarding generate the account number for you. Specify one to five digits of the account number and have Client Onboarding generate the rest of the account number. Save as a Draft At any point during the new account opening process, you can click Save as Draft to save the information you have entered so far. You can then come back later and complete the saved draft. Drafts are available on the Draft Accounts tab for up to 90 days. You can save the account draft as public or private. The Save as Public Draft check box is selected by default. Public drafts can be completed or edited by others entitled in your group via Work Corner. To make the account draft private, de-select the Save as Public Draft check box. 6

9 3. OPEN NEW ACCOUNTS Export Missing Required Fields When you save a draft account, the confirmation page displays several options for what you can do next, including Export Missing Required Fields. Clicking this button exports a list of required fields that have not yet been populated in the draft account to a Microsoft Excel spreadsheet. Pre-Fill Information for Existing Clients and Contacts If the individual for whom you are opening a new account already has an account with your firm, or exists in your integrated client relationship management (CRM) application, you can use the pre-fill functionality to automatically populate account information in the Primary Account Holder section. This feature saves time by eliminating duplicate data entry. Redtail Integration Redtail Client Relationship Management is integrated with Client Onboarding. If your firm uses Redtail as its CRM tool, you can use Redtail as a source for the Pre-Fill functionality to import client data directly from Redtail. Note: For details on using the Redtail CRM application with Client Onboarding, contact your Pershing Account Manager and your Redtail Account Manager and ask them to activate the integration. Configure Pre-Fill Using the Client Onboarding Configuration Tool, your firm can determine which account details are copied to the new account with the pre-fill feature: Account level details Or Account holder details only You can perform the same steps and pre-fill account information with any additional participants, interested parties, or beneficiaries if applicable. 7

10 3. OPEN NEW ACCOUNTS Get Help with the Account Opening Process Client Onboarding offers the following options to assist you with the account opening process. View Additional Information for a Field You can view additional information for many fields on the Client Onboarding interface as needed. The information icon indicates that additional descriptive information is available to help you enter a value for the field. View Additional Information for a Field Move your mouse over the information icon displays. Guide Me Help. The additional information Client Onboarding s Guide Me feature provides extra help with the account opening process if you need it. When the Guide Me feature is turned on, Client Onboarding divides the account opening process into several steps, providing detailed explanations for many of the fields on the interface. The blue text in the example below is Guide Me text. 8

11 3. OPEN NEW ACCOUNTS Turn On the Guide Me Feature Click Guide Me at the top of the account opening page. Turn Off the Guide Me Feature Click Exit Guide Me at the bottom of each page in the account opening process. Tip: When Guide Me is turned off, you can view the Guide Me text for an individual section by selecting the Additional help text checkbox within each section. Highlight Missing Required Fields Client Onboarding's Highlight Missing Required Fields feature notifies you of required fields for which you have not entered a value. As you move through the account opening process, required fields for which you have not entered a value are highlighted in yellow, and a message appears beside the field. This feature alerts you immediately of missing information, eliminating the need to go back through the account opening process to figure out where you are missing required information. Your firm can also enter default values for fields in the Client Onboarding Configuration Tool. When each Client Onboarding page displays, all required information is highlighted. 9

12 3. OPEN NEW ACCOUNTS Turn On the Highlight Missing Required Fields Feature Select the check box for Highlight missing required fields in the upper right corner of the account opening page. Turn Off the Highlight Missing Required Fields Feature De-select the check box for Highlight missing required fields in the upper right corner of the account opening page. Add Accounts to New or Existing Households or SelectLink Groups During the new account opening process, you can add the new account to a new or existing household or SelectLink group. 10

13 3. OPEN NEW ACCOUNTS Add the New Account to an Existing Household or SelectLink Group If the new account address exactly matches an existing household or SelectLink group, Client Onboarding automatically provides a suggested group with which the new account can be associated. Select the suggested group name to add the new account to the group. Or To search for an existing household, click Household Search and enter the desired search criteria. Create a New Household or SelectLink Group and Add the New Account Select New next to Household or SelectLink Group and enter a name for the new group. When the new account is created, the new household or SelectLink group will be created and the new account will be added. Open a New Account 1. Click Accounts > Other > Client Onboarding. The Client Onboarding Open New Account tab displays. 2. Select the type of account you want to open. Tip: The Automatically generate an account number for me check box is selected by default. This enables the application to automatically assign the next available account number. To manually assign an account number, de-select this check box. 3. Click Open. The Office and IP Selection pop-up box displays. 4. Enter or select the office number in the Office # field to indicate the office in which you want to open the account. If the desired office number is not available, the selected account type may not be available for that office number. 5. Enter or select the investment professional (IP) number in the IP# field to select the IP who should be associated with this account. 6. If you are opening an IRA account, enter or select the Custodian number in the Custodian # field. 7. If you did not select the Automatically generate an account number for me on the initial page, do one of the following: o Enter a partial or full account number in the Account # field. Or o Auto-generate the account number by leaving the field blank and clicking Generate. 8. Click Continue. The Client Onboarding account opening page displays. 9. Enter information in all of the required and applicable fields. Required fields are marked with an asterisk (*). 11

14 3. OPEN NEW ACCOUNTS Tips: Select the Highlight missing required fields check box in the upper right corner to highlight required fields that are missing information. If one of the individuals involved already has an account with your firm, or exists in your integrated CRM application, you can use the Pre-Fill button to automatically populate account level information, depending on the account type. See Populate Information Automatically Using Pre-Fill on page 13. Click the Guide Me button or select the Additional Help Text check box to display information to help you complete the fields on the form. For details, Get Help with the Account Opening Process on page Click Review before Submitting. The Review page displays. 11. Check the Review page to make sure all the information is correct. If needed, you can make changes as follows: o To edit information in any of the sections, click the Edit button in the respective section. o If you need to make any changes, click the Back button at the bottom of the page. 12. If you want to receive an alert when the account has been approved or rejected, select any of the options in the Alert Me section at the bottom of the page. This section lists alert methods you have already set up. If you want to add or change notification methods, click Alert Setup. 13. Click Submit. Next Steps After submitting the account successfully, you can do the following: To: Do this: Upload documents for the new account Click Upload Documents. Generate PDF forms Open another new account See Generate New Account Forms below. Click Open Another Account. Continue a saved draft Select the Draft Accounts tab. To edit an account, select the account and click Edit. Modify the draft as desired and submit the account for processing. You can also generate PDF forms or delete the account (private drafts only) from this tab. 12

15 3. OPEN NEW ACCOUNTS To: Check the status of account requests Do this: Select the Recently Submitted tab. Selecting this tab brings you directly into the Work Status screen for accounts that you have entered, including Drafts, Approved accounts, or Rejected accounts. See Check the Status of a New Account on page 17. Populate Information Automatically Using Pre-Fill If the individual for whom you are opening a new account already has an account with your firm, or exists in your integrated client relationship management (CRM) application, you can use the Pre-Fill functionality to automatically populate account information in the Primary Account Holder section. This feature saves time by eliminating duplicate data entry. For additional details on Pre-Fill functionality, see Pre-Fill Information for Existing Clients and Contacts on page On the Client Onboarding account opening page, click Pre-Fill. The Client Lookup window displays. 2. In the Source field, select the desired source. 3. In the Lookup field, select one of the available options (Account #, Last Name, First Name, Short Name, Household, or SSN/TIN #) and enter lookup criteria. 4. Click Display. Results matching your lookup criteria display. 5. Select the desired account and click OK. If the selected account has multiple account holders, a list of account holders displays. 6. Select the desired account holder and click OK. The account opening page displays, populated with information for the selected account holder. 7. Continue with the rest of the account opening process as described above. Generate New Account Forms After submitting the new account for approval, you can generate forms for the new account. Client Onboarding allows you to conveniently generate required forms for new accounts, as well as optional forms for additional account features you may want to add. Your firm can also add custom forms or any other standard Pershing forms. Note: If you want to preview a blank PDF form which you can complete manually, click Preview blank PDF form next to the desired form. 13

16 3. OPEN NEW ACCOUNTS Generate New Account Forms 1. Select Generate PDF Forms and select the desired forms. 2. Click Generate Forms. The selected forms display as PDFs. You can save or print the forms. If your firm has elected to exclude Social Security numbers from forms, the generated forms will not display Social Security numbers. Related Reports The following related reports are available on the NetX360 Report Center (click Service & Operations > Reports & Documents > Report Center). Report ID Report Name MAX240D0 Exceptions Missing Account Information NAD300W3 Accounts Missing W-9 EANXPASR Account Services Report Note: Your firm can use this report to track account opening using Client Onboarding vs. Account Services. 14

17 4. CONTINUE A SAVED DRAFT 4. Continue a Saved Draft At any point during the new account opening process, you can click Save as Draft to save the information you have entered so far. You can then come back later and complete the saved draft. Drafts are available on the Draft Accounts tab for up to 90 days. You can save the account draft as public or private. The Save as Public Draft check box is selected by default. Public drafts can be completed or edited by others entitled in your group via Work Corner. To make the account draft private, de-select the Save as Public Draft check box. Export Missing Required Fields When you save a draft account, the confirmation page displays several options for what you can do next, including Export Missing Required Fields. Clicking this button exports a list of required fields that have not yet been populated in the draft account to a Microsoft Excel spreadsheet. Navigate the List of Saved Drafts The Draft Accounts tab of Client Onboarding displays a list of saved drafts. If there are too many saved drafts to display on one page, a Next button displays in the upper right corner. Click this button to display the next page of saved drafts. If a Prev button displays, you can click this button to move to the previous page. Filter the List of Saved Drafts You can filter the list of saved drafts by selecting Public or Private from the Type of draft field. If you have filtered the list, you can select All from the Type of draft field to view all saved drafts. 15

18 4. CONTINUE A SAVED DRAFT Continue a Saved Draft You can continue a saved draft within 90 days of saving the draft. Continue a Saved Draft 1. Select the Draft Accounts tab. A list of draft accounts displays. 2. Select the desired account and click Edit. 3. Modify the information as desired. 4. Click Review before submitting. The Review page displays. 5. Confirm the information and click Submit. Delete a Saved Draft You can delete a draft if you decide that you no longer need it. Deleting a draft removes it permanently. Delete a Saved Draft 1. Select the Draft Accounts tab. A list of draft accounts displays. 2. Select the desired account. If you created the draft, a Delete button displays. 3. Click Delete. A confirmation message displays. 4. Click OK. 16

19 5. CHECK THE STATUS OF A NEW ACCOUNT 5. Check the Status of a New Account The Client Onboarding Recently Submitted tab displays the Work Status page for the accounts that you have entered including: Drafts Approved accounts Rejected accounts You can use the filters to search for specific requests. You cannot make changes to accounts from this page. Approval Workflow Your firm can use the Pershing default workflow for the account approval process, or create a custom workflow configuration using Albridge. Accounts opened at the front office will be routed to the appropriate back office approval queue, depending on the workflow. Check the Status of a New Account 1. Click Accounts > Other > Client Onboarding. The Client Onboarding Open New Account tab displays. 2. Select the Recently Submitted tab. A list of accounts you have recently entered displays. The Status column indicates the new account's status. 3. If desired, use the filters at the top of the page to narrow the list. 17

20 About Us Pershing LLC (member FINRA, NYSE, SIPC) is a leading global provider of financial business solutions to more than 1,500 institutional and retail financial organizations and independent registered investment advisors who collectively represent approximately 5.5 million active investors. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 23 offices worldwide, Pershing and its affiliates are committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange, and its international affiliates are members of Deutsche Börse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. Pershing LLC is a BNY Mellon company. Additional information is available at pershing.com.