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TrustNet
SmartStart Module Overview

Omnibus Custodian/Broker
Interface

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FUNCTION:
 

  HWA does not force its clients to work with a specific custodian or broker. Instead, we would
like you to choose your best custodial partner and let us build an interface that makes the
most of the available data feeds.

An omnibus custodial relationship is one in which your account details are kept private in
your office. Your custodian would see you as a single account (or a small collection of
accounts). This is different from a fully disclosed (or individually registered) relationship
where your custodian has a separate account for each account on TrustNet.

We don’t control what data your custodian will 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. This is typically not useful for imports because each transaction could be for many different accounts.
  • A file of positions as of last night after the transactions were posted.
  • A file of market prices as of last night. Sometimes this is in the same file with the positions.
  We have written interfaces for data coming from the following brokers or custodians for onmibus relationships:
 
  • Federated Investors
  • Fidelity
  • Harris Bank
  • Investors Fiduciary Trust Company (IFTC)
  • Northern Trust
  • Mellon
  • M&T Bank
  • US Bank
  • Wachovia Securities
  • Wright Investors
  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 omnibus interface include:
 
  • 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 new latest price available, it would also update the price and date in the asset file (used for current reports and inquiry screens)
  Other ideas and program options:
 
  • Some clients prefer that the Position Reconciliation and Price Import functions be in the same menu option. Others prefer that they are two separate menu options.
  • Some clients also want an automatic spreadsheet file to show all positions, to supplement the paper report of only the differences.
  • Data feed file names can be structured to be the same every day or to include a date so that you can have a collection of historical files.

BENEFITS:
 

   An Omnibus Custodial or Broker 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 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.