Users Group 2018
We have a lot on the agenda for 2018 that you will want to fully understand. For starters, Version 7.01* was released in November 2017 and we are setting our sites on releasing Version 7.02 in conjunction with the meeting. We will also be going into detail on our new DART (Direct Account Records & Transactions) product. DART makes DST Fanmail come to life like never before…the theme is “Making Data Make Sense”…which DART does with as little or as much effort on the part of your staff as you wish to allocate.
DOL Fiduciary Rule:
Postponed…but open game for questions.
An everlasting topic that we will address to the extent necessary.
Enhanced Data Aggregation aka DART (Direct Account Records & Transactions):
Tracking assets under management and total account activity (not just commissionable trades), identifying and managing qualified, non-qualified and grandfathered accounts, collecting current data from all possible sources and giving reps and management enhanced reporting is continuing to drive a substantial block of our development attention. Couple this with progressively distracted and overloaded broker dealer staff and the need keeps rising for as much automation as possible in the data gathering process. We are enhancing the data and report availability to the rep dashboard and extending much of the dashboard functionality to the broker dealer back office.
UI and UX:
User Interface and User eXperience go hand in hand…and they do not always lend themselves easily to “data” collection, processing and management. In simple terms, we are a “data” company that understands the need to pacify the aesthetic demands of millennials. The goal is to appease their aesthetic sensibilities while impressing upon them the need for data integrity and financial controls so necessary in this industry. A driving force in our efforts to achieve this goal is our commitment to making all our systems mobile friendly. Bring your tablets and smart phones so you can see for yourself what we have done.
Form Based Data Entry:
We can convert any form into a data gathering tool and we will be conducting a how to session on how you can map your own forms to your WinOPS database.
May 7th and 8th, 2018
Holiday Inn Denver Lakewood
7390 West Hampden Lakewood, CO 80227
**In the you have not reviewed Version 7.01, here is a list of key elements included:
Trusted Contact Person: New fields aligned with the requirements and incorporated in WebNAF for those of you using our “Form Entry to Data”
Additional Beneficiary data fields
Investment Objectives “hierarchy”…the majority of the customer account information forms we see now have a hierarchy of investment objectives (income, growth, etc.), which is now accommodated with six levels in addition to the original single “account objective”.
FBO Matching on Downloads: Automatic account matching is problematic with 529 accounts since the parent’s SSN is the same on multiple accounts, even though each may be for a different child. A new FBO field is on the registration and can be used to differentiate accounts on the download.
“Change Log” option: While the above items are included in the core system, tracking changes to the data is optional…and well worth it if you want ongoing records of certain data tables, such as customers and reps, showing the old value in a given field, the new value, the operator who made the change and when the change occurred. The “changes” can be viewed on any specific record or exported to a file for deeper scrutiny across all or part of the data.
Master Download and the “Auto-Loader”: To date, when you want to load a clearing firm, DTCC or DST file, you have to select the file, choose the template to be used and choose your settings. With the Auto-Loader you do the same thing one time…from that point on, the Auto-Loader will identify the file, select the template and settings and “pre-process” the file for you…and it will do it for an unlimited number of files available for processing. Additionally, the Auto-Loader will go to DST Fanmail and DST IDC automatically and pull all available files, process them and present you with the pre-process report for each file as a unique batch.
Mutual Fund Breakpoint (Cumulative Discount) Look up: For those of you who have licensed our Online Product Service, you can now click on a breakpoint lookup button in Orders, Holdings, TFA and Products to see the A-share breakpoint table. Breakpoints are showing up in numerous audits recently…this will not take the place of tracking “cost basis” for breakpoints, but it does give you a quick reference guide.
Miscellaneous: Version 7.01 contains numerous other changes that you can review by requesting our “V701 Testing” document. You can also call us and schedule an online walk through / Q&A session.
Finally, a not regarding Version 7.0 that some have overlooked…cyber security is a serious topic and starting with Version 7.0 we removed the optional choice regarding “encryption” of personal identifying information (pii) data. All data tables that contain pii data are now automatically encrypted, which lets you affirm “encrypted at rest and in transit” on all regulatory questionnaires.