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TrustNet
SmartStart Module Overview

Individually Registered
Custodian/Broker Interface

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FUNCTION:
 

  With HWA, you can work with any custodian or broker. We want you to choose the business partners that best fit your needs based on the total relationship – and let us build an interface that makes the most of the available data feeds.

An individually registered custodial relationship is one in which each account at your custodian corresponds to a single account in TrustNet. Another term for this is fully disclosed. When using this structure, the data feed from your custodian will include the account number for each transaction or position, which lets us build huge efficiencies.

Your custodian will control the data that they send you. Our role is to make the best use of the data that is available. Typical data items available are:
 
  • A file of transactions that happened yesterday.
  • A file of positions as of last night after the transactions were posted.
  • A file of market prices as of last night. (sometimes in the same file with the positions)
  We have written interfaces for data coming from the following brokers or custodians for individually registered relationships:
   
 
  • AG Edwards
  • American Skandia (annuities)
  • Ameritas (annuities)
  • Atlantic Trust
  • Bear Sterns
  • Bessemer Trust
  • Deutsche Bank
  • Fidelity
  • Harris Bank
  • Investor’s Independent Trust Co.
  • JP Morgan
  • LaSalle
  • Legg Mason
  • Mellon
  • Merrill Lynch
  • Morgan Stanley Dean Witter
  • Northern Trust
  • Old National Bank
  • Oppenheimer
  • PrimeVest
  • Raymond James
  • RBC Dain
  • Robert W. Baird
  • Salomon Smith Barney
  • Sanford Bernstein
  • Schwab
  • Security Benefit Life (annuities)
  • State Street Bank (formerly Investors Bank & Trust)
  • SunLife (annuities)
  • UBS Financial Services
  Please do not feel limited by this list. Because we have experience with so many formats, this means that we can adapt to new formats more quickly.

Program functions in our typical individually registered interface include:
 
  • Account Number Cross Reference. A maintenance program allows you to create the connection between a TrustNet account number and the custodian account number.
  • Transaction Import. This program pulls data from the raw custodian file into a working area within TrustNet. Typically, people first run this program asking to see Errors Only. This prints a list of new assets or accounts that need to be set up before the data is pulled in. Stock Split, Spin-off and Merger transactions are summarized on this report and not imported because custodians typically do not provide sufficient detail on the tax lot level. The data on this report provides totals to verify the detailed transactions created by standard TrustNet programs.
  • Transaction Maintenance. This program allows you to make any adjustment needed to fine-tune the imported transactions. Many custodians give a general transaction code for contributions and withdrawals. This program makes it easy to add a better comment or a more detailed classification while still in the work area. If the custodian is sending you a duplicate of a transaction already on the system, you can delete it at this point.
  • Create Transactions. This program takes the transactions in the work area and creates transactions in the daily file, ready for posting.
  • Position Reconciliation. This program compares the position from the data feed with the position in TrustNet for a specified where held code (or set of codes). A report prints the positions that do not match. Best practice is to run this report daily so that any differences can be found easily.
  • Price Import. This program imports prices from the data feed and adds them to the price history file in TrustNet (used for backdated reports). If this is the latest price available, it would also update the price and date in the asset file (used for current reports and inquiry screens)

BENEFITS:
 

   An Individually Registered Custodial Interface adds value to the core system by …
 
 
  • making it easy to do daily reconciliation. This strengthens your internal record-keeping and should earn you improved marks on your next audit.
  • saving money on market pricing data (if it is available in the data feed).

COMPLEMENTARY MODULES:
 

 
  • Remote Plus Interface from FT Interactive. By importing prices from your custodian or broker first, you can request only the missing prices from Remote Plus. This saves money if you are satisfied to mix prices from different sources, and gives you full flexibility to request any other services that you need from Remote Plus.



04/2010