Getting Started with ByAllAccounts from the Advisor's Perspective part 3

By Doug Holden on Friday, October 15th, 2010

I worked through the daily process myself for the first time today. In the Setup area, there was a message, “Not all updates”. I wasn’t sure what that meant, though I think it might mean that there was no new information available from my custodian since the last data I posted and accepted. When posting in PortfolioCenter, I got the anticipated “No new Securities” message. I was surprised that I received no price file for October 4. I was also surprised to see an Updated portfolio, which I did not post. It made me wonder if I should expect this every day. The transactions I received were dividend transactions for several quarter end dates prior to the date that I downloaded my positions, so I thought I should block all of them. That must have been the correct choice, because my account reconciled.

I wanted to comment on the benefit of starting out with my own account as a test case with ByAllAccounts. Having just started the process of communicating to my clients, I thought it would be a good idea to bring my account into PortfolioCenter first. No need to deal with the whole credentials thing, and I’m familiar with the data. In addition to experiencing the ByAllAccounts installation and setup procedures, as well as the initial training, I am able to watch the data flow daily from WebPortfolio into the Custodial Integrator, and eventually into PortfolioCenter. It’s a small and manageable amount of familiar data, and has provided me with a good start to understanding the process. I can get used to the daily steps and process without being overwhelmed with tons of new data every day. I feel like I’ll be better prepared once I have some clients sign on and more data starts flowing through.

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