NetX360 Client Onboarding User Guide

NetX360® Client Onboarding
USER GUIDE
October 2013
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
©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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
Table of Contents
NetX360® Client Onboarding ................................................................................... 1
User Guide .............................................................................................................. 1
1. Client Onboarding Overview ................................................................................ 2
Functionality .................................................................................................... 2
System Requirements ....................................................................................... 3
Entitlements .................................................................................................... 3
2. Access Client Onboarding .................................................................................... 5
3. 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 ....................... 10
Open a New Account ...................................................................................... 11
Generate New Account Forms .......................................................................... 13
4. Continue a Saved Draft ...................................................................................... 15
Navigate the List of Saved Drafts ..................................................................... 15
Filter the List of Saved Drafts .......................................................................... 15
Continue a Saved Draft ................................................................................... 16
Delete a Saved Draft ...................................................................................... 16
5. Check the Status of a New Account ................................................................... 17
Approval Workflow ......................................................................................... 17
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
1
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
2
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
996 Functional Account
Maintenance
BFE Name
New Account
Opening—Client
Onboarding
Access
Level
Add
Description
Allows a user to open
new accounts within in
Client Onboarding
application.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
3
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
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
4
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
5
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
•
529 Plan (UGMA/UTMA)
•
Joint
•
•
Trust
Outside Custodian IRA
403(b)
•
Custodian for Minor
•
Traditional IRA (Participant)
•
State Sponsored Higher
Education
•
Traditional IRA (Rollover)
•
Roth IRA (Participant)
•
Educational Savings—
Coverdell
•
Roth IRA (Rollover)
Transfer on Death (Individual)
•
SEP IRA
•
Transfer on Death (Joint)
•
SIMPLE IRA
•
•
529 Plan (Individual)
•
529 Plan (Trust)
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
6
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
7
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.
. The additional information
Guide Me Help
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
8
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
9
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
10
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:
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.
o
9.
Enter information in all of the required and applicable fields. Required
fields are marked with an asterisk (*).
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
11
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 8.
10. 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:
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.
o
13. Click Submit.
Next Steps
After submitting the account successfully, you can do the following:
To:
Do this:
Upload
Click Upload Documents.
documents for the
new account
Generate PDF
forms
See “Generate New Account Forms
” below.
Open another new Click Open Another Account.
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
12
3. OPEN NEW ACCOUNTS
To:
Do this:
Check the status
of account
requests
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 7.
1. 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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
13
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
14
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
15
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
16
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
NETX360 CLIENT ONBOARDING USER GUIDE
17
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.
FOR PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
Download PDF