AssetBook is YOUR Partner in Regulatory Audits

When the regulators come knocking, will you have the tools necessary to efficiently meet the specific requests that they require?

audit

When you experience the pressure associated with a regulatory audit, you’ll quickly understand the value in having a partner like AssetBook.  We help you produce the incredibly specific reports and lists they require, with minimal interruption to your business. Partnering with AssetBook will give you peace of mind because you’ll be ready when they come knocking.

Our custom approach to audit support streamlines the process because we’re able to produce these custom requests timely and efficiently, such as:

  • Trade Blotters for all investment types for any date range
  • AUM reports by household, account, or portfolio for any date range
  • Global performance reporting by household, account, portfolio or class for any date range including quarterly, monthly or daily intervals
  • Global management fee billing support including detailed breakdown of fee calculation for your entire client base
  • Security and trading analysis reports including 13F reporting requirements

AssetBook has more than 15 years experience in supporting advisors when the auditors call.

Pass

We’ve learned that providing auditors with the exact reports they ask for, no more, no less, drastically speeds up the examination process. Send them happily on their way, satisfied with their findings.

Modestspark Announces January Webinar Series

Here’s what is coming in January:

2-Factor Authentication (2FA) – Release Preview

Audience: Administrators and Advisors
Description: 2-factor auth is coming to Modestspark on January 15th. With security for you and clients always a top priority, 2FA is great feature you should know about. Learn more about the upcoming 1/15/2017 release containing 2FA and how to use these new capabilities.

Wednesday, January 11 @ 08:00am PST

(NEW) Vendor & Contract Management – Product Release

Audience: Administrators, Compliance, Operations, Finance
Description: Modestspark is introducing a brand new product in 2017! With regulatory & compliance becoming increasingly important, having to manage vendors and contracts becomes strategic in understanding & avoiding risk. We’re excited to introduce a new product that helps advisory firms deal with the challenge of managing key relationships and agreements. Join us and learn how Modestspark can assist firms in managing, automating and providing key insights to this needed discipline.

Wednesday, January 18 @ 8:00am PST
-or-
Wednesday, January 25 @ 8:00am PST

Document Center – Deep Dive & Best Practices

Audience: Administrators and Advisors
Description: The Document Center is a key feature within Modestspark. With unlimited storage and easy access for you and clients, the Document Center is a vital place to securely store quarterly reports, invoices and other important documents. Learn more about the use of Document Center, tips/tricks to increase adoption and migration of documents into Document Center.

Thursday, January 26 @ 8:00am PST

This announcement is only sent to Administrators registered within Modestspark. If you feel others in your firm would be interested in attending, please forward this email on.

We hope you can attend!

Happy New Year! – Holiday Hours

In observance of the New Year’s holiday, our office will be closing at 2:00 pm on Friday, December 30, 2016, and will be closed Monday, January 2nd, 2017.

We will reopen for normal hours starting January 3rd, 2017 for end of quarter/year processing.

At the close of another great year, we gratefully pause to wish you a New Year filled with Peace, Prosperity, and Happiness!

Using AssetBook for Tax Planning

As we approach the end of the year, many advisors are taking the time to analyze their client’s accounts, searching for opportunities to save them money on this year’s income taxes.  Since each client’s taxable situation is unique, it is important to understand how cost basis is handled in AssetBook and what useful tools are available to help you with this effort.

We also thought it would be useful to explain in detail the tax lot information being imported into AssetBook from your custodian that could be extremely useful when considering tax harvesting opportunities.tax

Tracking Cost Basis in AssetBook

There are two ways in which we track cost basis in both AssetBook systems:

  1. Internal cost accounting system
  2. Importing tax lots from the big 4 custodians

Using AssetBook internal cost accounting feature

Our internal cost accounting system can track cost basis using the following standard methods:

  • Average
  • FIFO
  • LIFO
  • High Cost
  • Low Cost

Using the imported custodian tax lots feature

This is the preferred method, since by using your custodian’s tax lots mitigates the chance for discrepancies between your custodian’s tax reporting and your own tax reporting.  To use your custodian’s tax lots, notify your custodians that you wish to receive the files.  In AssetBook, enable custodian tax lots by clicking the “Use Custodian Cost” box on each account record.

Tools to identify tax saving opportunities

We thought it would be useful to explain in a couple of tools available that could be extremely useful when considering tax harvesting opportunities.

Tax Considerations tile in the Household Dashboard

The Tax Considerations tile is a very good way to see your client’s tax picture at a glance.  The tile shows you all taxable income, short and long term realized gain/loss.  It also displays the client’s top 3 unrealized losses for positions in taxable accounts.

Account Unrealized Gains/losses Report

Once to get a look at your client’s tax picture, run the unrealized gain report.  This report can be run at either the Household or Accounts levels.

Other useful reports

  • Household Rebalancing by Class with Last Buy Date (rebalancing report that shows cost basis and gain/loss for each position).
  • Advisor Positions Unrealized Gain/Loss (Global report across clients)
  • Advisor Positions Unrealized Gain/Loss Sums (Global report across clients)

For more detail on using AssetBook for tax management and planning, click here do download the complete white paper.

 

Quarterly Webinar – Dec 14, 2016 at 4PM EST

Webinar Details

AssetBook will be conducting a quarterly webinar where Rob Major, CEO will discuss recent development, company updates and give you some tips on best practices for the upcoming quarter end. We hope to see you there!

After registering, you will receive a confirmation email containing information about joining the webinar.
If you have any problems registering, please contact Sarah Flanagan at

Holiday Hours

Happy Thanksgiving from all of us at AssetBook!

Our office will be closed on Thursday, November 24th and Friday, November 25th in observance of the Thanksgiving Holiday.

We will resume normal business hours on Monday, November 28th.

Upcoming InvestorView Webinars in November

Our client portal partners, ModestSpark, will be holding several webinars this month. These webinars focus on key features, best practices, and deep-dives on specific topics.

Here’s what is coming in November:

2-Factor Authentication (2FA) – Sneak Peek

Audience: Administrators and Advisors
Description: 2-factor auth is coming to Modestspark! With security for you and clients always a top priority, 2FA is a great feature you should know about. Learn more about the upcoming release containing 2FA and how to use these new capabilities.

Wednesday, November 30 @ 10:00am PST


Document Center – Deep Dive & Best Practices

Audience: Administrators and Advisors
Description: The Document Center is a key feature within Modestpark. With unlimited storage and easy access for you and clients, the Document Center is a vital place to securely store quarterly reports, invoices, and other important documents. Learn more about the use of Document Center, tips/tricks to increase adoption and migration of documents into Document Center.

Tuesday, November 22 @ 8:00am PST


On-boarding QuickStart

Audience: New Customers (Administrators)
Description: This session walks new customers through the onboarding process. From data imports to configuration and rollout activities, we’ll cover the basics to get you started!

Tuesday, November 29 @ 10:00am PST


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How to assign multiple households to one InvestorView user name

It’s easy to assign multiple households to a single InvestorView username.  There are a number of reasons that advisors may want to do this.  For example, if an advisor is managing multiple households for a family and each of those households needs to be accessed by the primary trustee.

In order to accomplish this, simply choose each of the ClientID’s (your AssetBook household name), when registering a user.

From the main client list in the Administrator portal, click the Register button. Fill in the email (this is the username) and Display Name (which is how your client will view their own name in the portal).

Next, pick each ClientID to be attached to the username by picking each client from the drop-down list.

reg

The result will be that when the user log’s into the portal, there will be links to each household that is linked to the user.

You can also add a household(s) to a username that has already been registered. From the Administrator portal, click Clients, Registered Users and then the Clients tab.

Next, click the small arrow just to the left of your registered user, and then Update.

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Finally, just add the households that you wish to assign to this username.

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Save and you are all done.

Watch this blog for a follow up post on how you can also add multiple usernames (or emails) to a single household.

YOU CAN NOW SUBSCRIBE TO OUR BLOG!

⇐ Enter your email in the sidebar to receive an email every time we post.