Fiduciary Monitoring System

Transcription

1 Fiduciary Monitoring System July 2015 Enhancements Guide Version 1.0

2 Table of Contents Release Notes... 3 Rename Plan Vault Tabs... 4 View Distribution Contact Passwords... 6 Dashboard Notifications... 8 Fund Change Summary Report Updates to Plan Advice Manager Scoring Peer Group Labeling How To Get Help

3 Release Notes Below is a brief summary of all enhancements and new features included in this release. Fund Change Summary o A FiRM Report has been created for use that lists plan lineup changes. Peer Group Labeling o Peer Group Labels as well as the Peer Group groupings/calculations have been updated to improve simplicity and accuracy. PAM - Update for Separate Scoring o PAM has been enhanced to utilize the new Separate Passive Fund and Target Date Fund Scoring Systems. Rename Plan Vault Tabs o Plan Vault folder organization tabs can now be renamed. Distribution Contacts View Password o Passwords for Distribution Contacts can now be viewed online. Fund Management Export Additions o Two new fields have been added to the Fund Management Export Asset Category and Provider Recordkeeper. Dashboard Notifications o Notification Messages that previously appeared on the FiRM home page will now appear on the Dashboard. 3

4 Rename Plan Vault Tabs Overview The Plan Vault has been enhanced to allow for folder organization tabs to be renamed. Previously folder organization tabs were unable to be edited. How To Change Plan Vault Tab Names Log into FiRM. Access Group Admin from the FiRM home page. On the Group Admin menu, click Vault Management. On the Vault Management Screen click the Edit Tabs button in the upper right- hand corner. The Edit Tabs pop- up window will appear 4

5 The left- hand column contains all existing Plan Vault Tab Names. The right- hand column contains a corresponding slot to update the existing Plan Vault Tab Names. To change a Tab Name enter a new Tab Name in the slot to the right of the existing Tab Name you wish to change. Click Save. NOTE The screen will refresh and your new Tab Name will appear in the Tabs across the top. Changing Plan Vault Tab Names will affect ALL PLANS in your FiRM account. 5

6 View Distribution Contact Passwords Overview Distribution Contacts setup in FiRM for access to the Plan Portal / Plan Vault now are able to have their login credentials displayed ( Address and Password) online in FiRM. This will allow you to assist a Distribution Contact who is having trouble logging into their Plan Portal by ensuring their using the correct login credentials. How To Access Distribution Contact Login Credentials Log into FiRM. Click Plan List on the FiRM home page. On the Plan List screen, select a plan In the Plan Management module, click Plan Contacts. On the Plan Contacts screen, click the Distribution Contacts tab. For any existing Distribution Contact (or after setting up a new Distribution Contact), click the red key icon. The Display Password pop- up will appear. On the Display Password window the Distribution Contacts Name, Address, and Password will appear. 6

7 NOTE You can click the Access Code To User link to send an to the distribution contact containing their login credentials, or click the X in the upper right- hand corner to close the pop- up window. You can locate your Plan Portal / Plan Vault Website URL by clicking Group Admin on the FiRM home page, and clicking Plan Portal Config. The Plan Vault URL can be found in the Plan Portal Friendly URL section on the Plan Portal Config screen. 7

8 Dashboard Notifications Overview LPL- specific announcements have been moved to appear on the Dashboard page as opposed to on the FiRM home screen. How To View New Notifications from the Dashboard Log into FiRM either via the LPL Marketing gateway or directly through FiRM. Any new notifications will popup on top of the Dashboard view automatically and prompt you to Acknowledge the new notifications. After clicking Acknowledge the notification will not popup automatically again until a new one is added. You can access previously acknowledged notifications from the Dashboard screen by clicking on Notifications. How To Access the Previously Acknowledged Notifications Log into FiRM either via the LPL Marketing gateway or directly through FiRM. Click on Notifications from the top menu across the Dashboard page. 8

9 After clicking on Notifications the popup will reappear without the Acknowledge button at the bottom and instead to close the window you will simply click the X at the top right of the popup window. 9

10 Fund Change Summary Report Overview A new Fund Change Summary Report Section has been created to display Plan Investment Lineup changes. This report section is intended for advisors that want to focus on fund lineup changes and fund status changes. How to Use Fund Change Summary This report only contains funds that have been marked as: R To Be Replaced W On Watch List A To Be Added P Proposed 10

11 A Fund Change Instructions module feature has been added to FiRM to define the actions to be taken for a To Be Replaced (R) status fund Fund Closed Map fund assets to another fund NOTE The Fund Mapping tab must be completed for the Fund Change Summary report section to generate. If the Fund Mapping is incorrect due to a bad investment mapping (e.g. mapping to a proposed fund, or a fund that is no longer in the Plan), the Fund Change Summary report section will produce and display an error message. 11

12 Updates to Plan Advice Manager Scoring Overview Plan Advice Manager scoring has been updated to incorporate separate passive and target date scoring. To incorporate these scoring options and to offer greater flexibility in your Watch/Replace Rules, the PAM system has been updated. The system now uses plan level choices instead of setting a global set of criteria to be used for judging all PAM plans. How to Access and Use the New PAM features Log into FiRM. Access Plan Advice Manager by clicking on the link at the top of the dashboard page or on the link from the Home screen. Immediately you ll notice an extra column has been added to the PAM screen for what scoring methodologies are in use for each client A for Active, P for Separate Passive and T for Separate Target Date. When you click on Edit Watch/Replace Rules at the top left you ll be taken to that screen and notice that you no longer have the option/requirement to set global PAM criteria the system will now use the criteria set at each individual plan level. 12

13 You ll also notice that under each pull down menu for a rule there is now an option to set that to Off so that the system will ignore that particular rule and not make a recommendation based on it. Once the rules are set, the system will operate PAM just as it did before the update. When you are inside of a PAM- activated plan and click Criteria to go the criteria page you ll be warned that any changes to the criteria will require you to re- analyze a plan. NOTE Because of a lack of scoring history for both Separate Passive and Separate Target Date scoring methodologies, the system will warn you if it cannot fully measure those methodologies against your Watch/Replace Rules. Those separate scoring systems simply haven t existed in the FiRM tool as long as you can currently set Watch/Replace quarter rules so the system will warn you that its analysis will not include those funds. 13

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15 Peer Group Labeling Overview In an effort to simplify the peer groups being used in reporting as well as more accurately compare funds against similar peers, the Peer Group Labels as well as the Peer Group groupings/calculations have been updated. These changes will be seen in the new Dynamic Scoring format of data. Peer Group Label Changes Log into FiRM. Access the new Dynamic Scoring for a plan from the Plan List by clicking the plan s name. Click to expand the Investment Analysis or FiRM Investment Analysis package by clicking on the bar on the left side of the screen. Click Report to access the Report Generation page. Ensure that the Performance Summary (2015) or Fund Criteria (2015) sections are included in your report by moving the desired section(s) to the right menu using the arrows. On either of those sections you ll see the updated Peer Group Labels applied to the funds in your plan as well as the Peer Group Medians that display just below each set of funds in a given category. The Peer Group Labels are created from the Fund Types included in the peer group o Open Fund Peer Group includes fund types: MF: Mutual Funds, Private Funds CIT: Collective Trusts ISGA: Group Retirement Plan Annuities, Private Placement Subaccounts VAGP: TIAA/VALIC VA Subaccounts Group Policy o ETF Peer Group includes fund type: ETF: Exchange Traded Funds o Variable Annuity Peer Group includes fund type: VA: Variable Annuity/Life Funds o Separate Account Peer Group includes fund type: SA: Separate Account Composites o VA Subaccount Peer Group includes fund type: VANG: TIAA/VALIC VA Subaccounts Non- Group Policy NOTE: The Open Fund Peer Group Label will contain only the abbreviated labels of funds in a given category. (Example: If a category only has a MF and a CIT fund, then the label will show only MF/CIT) 15

16 How To Get Help Retirement Partners Consulting Team Phone: Center for Fiduciary Management / FiRM Phone: CFFM (2336) or info@fiduciarymanagement.com 16