System Updates – 2009/02/03
IPS AdvisorPro® is continually working to bring features you want to our software application. Your ideas and requests are critical in helping us determine what improvements are desired. Please continue to send us your ideas and requests. Over the past week we added a number of updates and modifications, as well as having made a few needed corrections, almost entirely based on your suggestions. Thank you.
The following upgrades have been added to your system:
1. Historical Data Update:
The statistical data for the asset classes in IPS AdvisorPro® have been updated to include the year 2008.
UPDATING YOUR MODELS: To implement the statistics update of your asset allocation models, please go to System Setup then click on Asset Allocation Model Management. Open each model on your list with a [STATS] symbol; this will apply the update andthe [STATS] notification next to the model will be removed.
PLEASE NOTE: Models created with custom asset classes in which you were required to input your own portfolio level risk and return statistics WILL NOT be updated. In order to update the data in these models, you will need to obtain the information necessary to manually insert current risk and return data because you are not using the IPS AdvisorPro® statistics.
2. Advisor Questionnaire
The Rebalancing Procedures paragraph will display in any Investment Policy you create ONLY if the response to question 5: Will the portfolio be rebalanced periodically in the Advisor Questionnaire is marked “yes.”
3. Investor Questionnaire (affects Professional and Standard version of Individual/Family AND Trust)
Affected Section: Investment Objectives
Question: Achieving the Investor’s Goals
I/F: Professional — number 13; Standard – number 6
Trust: Professional – number 17; Standard – number 10
On regulatory and legal advice, in the Investor Questionnaire for individual/family and trust clients we have eliminated the question “If the analysis included a Monte Carlo simulation, what was the probability of success?” and the follow-on question as to the date of the simulation. What remains is the checkbox and question regarding whether or not there will be a target investment return for the client; then if so, a) the needed rate of return, after fees and expenses, to achieve the investor’s goals, and b) the expected rate of inflation. We suggest that this remaining return information suffices for the purpose of producing a complete and satisfactory IPS.
For those who still want to include the probability of success of your monte carlo analysis in your client’s IPS, we suggest that you either include this information as part of your free-form discussion on “Investor Circumstances” in the Client Questionnaire, or make a change to your IPS AdvisorPro® templates so that a paragraph is included that appropriately describes the analysis, with blanks for the probability percentage and the date the analysis was performed, which you can easily complete in Step 5 (Modify IPS) of the IPS process.
PLEASE NOTE: This system modification includes the removal of the paragraph titled “Capital Needs Analysis” in the Individual/Family and Trust templates and ALL EXISTING Individual/Family and Trust IPSs which included data based on a Monte Carlo simulation.
4. Asset Classes – name change
Naming change: “REITS” has been changed to “U.S. Real Estate Securities/REITS.”
5. Template Changes
The Account Information table (used to list client accounts) in the PROFESSIONAL and STANDARD templates now includes a column for the “Custodian” which will allow this information to display in your IPS output. Previously, this information was collected in the questionnaire but not displayed in the IPS output.
6. User Management change
The Account Administrator for your IPS AdvisorPro® license can now generate a User Permissions Report. The report includes the user names, roles, and indicates whether they can/cannot manage specific areas in the system. This function can be found under the Account Administration tab—User Management—View User Permissions Report.
The Compliance moderator now has the ability to view and generate IPSs.
The General Administrator can now manage user permissions.
7. Security
To protect your data from inappropriate attempts to access your IPS AdvisorPro® system, user accounts will lock automatically after 3 unsuccessful login attempts. If you fail to successfully log-in within the first three attempts, you will need to wait for 15 minutes before trying again. In the event that a user other than the Account Administrator is locked out, the Account Administrator has the ability to ‘unlock’ their account in the User Management screen under the Account Administration tab.
Bond Benchmark Names
All references to Lehman have been replaced with Barclays Capital, which bought the rights to the Lehman indices.
8. Cover Page:
The amount of whitespace on the cover page has been reduced.
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