Boosted SMA Capabilities with Xplan
Iress has recently taken the first step to improve SMA capabilities within IPS and WealthSolver.
Before this recent development, users utilising SMA options within WealthSolver encountered a discrepancy in the representation of underlying options' asset allocation and fees. Despite being imported, the underlying options did not accurately reflect in the overall SMA's asset allocation and fees. To rectify this issue, users previously needed to manually remove each individual option and incorporate the overall SMA option (FC option) from the platform into their scenarios. These FC options, created and maintained by Iress, providing a consolidated view of the SMA's asset allocation and fees, aligning with the disclosures outlined in the SMA options' documentation.
With the recent software enhancements in version 20.10.293, Iress has implemented a change that simplifies the process and enhances the user experience. Now, WealthSolver allows the rolled-up SMA option to be seamlessly imported. This integration facilitates a comprehensive overview where the underlying options are readily visible within the Investments Options SMA's tab. This enhancement streamlines the workflow for users, eliminating the need for manual adjustments and providing a holistic view of the SMA within WealthSolver. By showcasing the underlying options alongside the rolled-up SMA option, users can effortlessly access vital information related to asset allocation and fees, fostering a more accurate understanding of their investment portfolios.
As part of our ongoing commitment to expanding coverage and improving user experience, Iress has been dedicated to enhancing the functionalities of our software. However, in the course of this ongoing development, users may find some options are imported without fees and asset allocation. These situations arise when the options are not yet mapped within our system, creating discrepancies in the representation of fees and asset allocation. Please note that custom options entered via users, site will display as UNL. Users will need to add fees and asset allocations via IPS in order for WealthSolver to source that data.
While our mapping practices are continuously evolving to encompass a broader range of options, here’s the list of fund managers that have completed mapping in our system:
- Macquarie Wrap
- Netwealth
- Panorama
- HUB24
Providers that are still to be completed include CFS First Choice, CFS Custom Solutions, Navigator and AMP North.
Note: No support can be provided for Praemium as they are not currently using a file format that allows for the identification of SMAs.
We understand the importance of accuracy and completeness in the data imported into our systems. While we continue to increase the coverage, we acknowledge the need for immediate solutions to address these concerns. As a temporary workaround, users encountering these issues are advised to remove the imported options from IPS and incorporate the FC (Overall SMA) options available on our platform. This temporary workaround enables users to leverage WealthSolver's research capabilities by utilising the FC options, which accurately reflect disclosed asset allocation and fees.
While we actively work on refining our mapping practices to encompass a wider spectrum of options, this interim solution ensures uninterrupted modelling and research capabilities for our users. We remain committed to swiftly resolving these mapping discrepancies to provide a seamless experience for all our clients.
We appreciate your patience and understanding as we diligently address these concerns and work towards a more inclusive and seamless system for all our users. Rest assured, our team is dedicated to resolving these issues promptly to ensure a more robust and reliable platform for your financial modelling needs.
Ref: Iress Article 15/11/2023