Wealth Management Platform Update
We are less than a month away from launching our new Wealth Management Conversion and, as the man said, this is gonna be great indeed. As we enter the home stretch, we want to thank you for working with us on this conversion. We want to make sure it’s great for all our clients and that everyone is as prepared as possible. To that end, we wanted to present to you the following checklist.
- Ensure you have logged into the new system. We are sending out log in instructions in waves; please check your email and log in once you receive the log in instructions.
- All account numbers will change on Oct. 1, ensure that your firm connections that use the account numbers will be ready to be updated. We will be sending out the cross reference of old account numbers and new account numbers the week of Sept. 12. We will have a sample letter you can use to notify your clients of the account number change on the conversion website. National Advisors Trust will not be communicating to your clients, as that relationship is owned by you, the advisor.
- Review your firm’s stale dated pricing report and ensure all pricing has been updated on the list: Advisor Desk > Account Services > Retrieve > Documents > Reports > Unique Asset Stale Price.
- Review your firm’s overdraft reports and ensure adequate cash and all overdrafts are cleared.
- Review your scheduled remittances for month end.
- Ensure you have adequate cash for fee collection, and disbursements.
- Any remittance scheduled for Oct 1 or Oct 2 will be paid on Monday, Oct. 3. Going forward, all remittances scheduled for the weekend will post the next business day. The exception is when the last day of the month falls on a weekend, it will post on the Friday. For example, December 31st is a Saturday; scheduled remittances will be sent on Friday December 30th.
We have added additional training dates to help provide opportunities for those that missed the training:
New AddVantage Overview and the Login Process
Tuesday, September 13 Noon – 1:30pm CDT
Account Opening and Closing Process
Thursday September 15 1:00pm – 2:30pm CDT
Cash Processing: Disbursements and Receipts
Friday September 16 10:00am – 11:30am CDT
Reports in the AddVantage System
Friday September 16 1:00pm – 2:00pm CDT
If you have completed training, we have opportunities for you to have a mini-dress rehearsal on Sept. 6, 7, 8th from 4pm to 6pm. We have our staff available to assist. You can put submissions into the new system before those times, but our team will be processing the items in the test environment during that time. In addition, we are available to answer questions during this time: Mini-Dress Rehearsal from 4-6pm CT, Tues, Wed, Thur.
On September 30th, all disbursements need to be received by 9:30am central time. Reminder, you can request disbursements in advance to have them loaded in the system for approval prior to 9/30. Any requests received after 9:30am will be processed after conversion is completed.
Our new services guide is available, and you can find it on the homepage of Advisor Desk: Account Services > Forms > Educational Resources. This guide will give you invaluable insight into deliverables and timelines to help you manage expectations. We do ask that you do not print the PDF, as it will be updated as new information becomes available.
Finally, we’ve added information to our FAQs, below is a small sample. Please visit the conversion website for more: for more:
Q: What if I have Investment Management fees that need to be collected on 9/30?
A: Files would need to be loaded by 9/29 to be collected on 9/30.
Q: When will my dividends and interest be posted from quarter end from my securities?
A: The trailing income will be posted on payable date +2 business days. For example, if the payable date is 9/30, the income would be posted to your account on 10/4. This will be the process for all trailing income until we have them all posted.
Q: I want to open an asset services/custody account. How do I go about this?
A: Account opening will resume on Monday 10/3. As previously mentioned, we will have a moratorium on account opening from September 12 – October 3.
Q: I want to open a trust account?
A: Account opening will resume on Monday 10/3. As previously mentioned, we will have a moratorium on account opening from September 12 – October 3. You can submit the paperwork for a trust account; however, the account will not be opened until October 3rd or later.
Q: What is the last day you will initiate a transfer into National Advisors?
A: September 9 is the last day we will initiate any new transfers into NAT. This allows time for the transfer to occur before conversion with the current transfer instructions. You can still submit paperwork, but we will begin initiating after conversion is completed.
We thanked you for your patience at the beginning of this communication, but after reading something this lengthy, we felt we should thank you again.but after reading something this lengthy, we felt we should thank you again. So, thank you. For your patience, but most of all for your business. We can’tSo, thank you. For your patience, but most of all for your business. We can’t wait to get started with the new Wealth Management Platform.wait to get started with the new Wealth Management Platform.