Use this section to organize, view, and maintain the accounts you managed for your clients. Advisers with the firm admin permission are the only ones who have the ability to add the accounts from within the dashboard using the account aggregation feature but that doesn't mean an adviser cannot initiate some of the processes to add accounts to the dashboard. Read the below article to find out exactly how adding managed accounts to the dashboard works.
The below articles and video explains how firm admins and advisers can add managed accounts to the dashboard. You will learn how to use the tools within your dashboard to connect the accounts that you manage. In addition to connecting the accounts you manage, this articles describes how your clients and prospects have the ability to add their held-away accounts from over 20,000 financial institutions.
Adding Managed Accounts
There are two primary methods you use to add managed accounts.
1.) Link Custodial Accounts online within Oranj by finding the site URL and entering the username and password to connect your managed account data. Only firm advisers with the firm admin permission have this feature in the dashboard. Once a firm admin adviser has completed the process, they can assign the managed accounts to clients, including the clients who have advisers without the firm admin permission.
The second method to add your managed accounts to your dashboard is:
2.) SFTP or FTP processes whereby you work with the Oranj Client Service team to create the feed between your custodian(s) and your dashboard. This process typically involves signing and sending paperwork back and forth between your custodian and our third party data aggregator(s). You can access the list of institution that use this manual method and their procedures by clicking here.
Any adviser using Oranj has the ability to initiate the SFTP/FTP processes. It is not an "in-app" feature. It's a manual processes as this article describes. However, once the managed accounts are in Oranj, advisers without the firm admin permission will not be able to see the managed accounts until an adviser with the firm admin permission assigns the managed accounts to the client and the client to the non-firm adviser. Firm admins advisers can learn more about their roles and responsibilities as it pertains to setting up non-firm admins to the dashboard by clicking here.
Now let's learn what the Link Custodial Accounts section entails and what maintenance you can perform on managed accounts once they are in the dashboard.
Link Custodial Accounts (credentials-based)
The below video shows how advisers with the firm admin permission can connect managed accounts by finding the site URL, entering their username and password, and answering any other security questions prompted to establish the data feed within their dashboard. It also shows how how clients and prospects can do the same when adding their held-away accounts.
If I'm a non-firm admin adviser, how do I add my managed accounts when the Link the Custodial Account process is required?
If you are a non-firm advisers who would like to add your managed accounts, follow these steps:
1. You will have to either enter your credentials in a firm admin advisers dashboard (who in turn will assign the accounts to your clients) or
2. Have a firm admin adviser turn on the firm admin permission for you. Once you have completed the process, the firm admin adviser can turn off your permission.
What custodian allow me to use this process?
You are able to search for the institutions from within the dashboard. If the institution is listed with the correct URL, that should indicate that you can use this method. If your institution is listed but without the correct URL or the words “SFTP” or “FPT”, your institution is more than likely not available to be added with username and password credentials, and you will have to rely on the manual option described below. Please click here to inquire with any questions in regards to how you can connect your managed account data to your dashboard.
What if my attempt to add my managed accounts fails?
1.) First, follow any and all instructions provided to you from within the dashboard.
2.) It’s always a best practice to double-check that the username and password and/or security answers at the institutions' originating website is correct. Many times users enter the wrong username, password, and/or security answers when adding their managed accounts to the dashboard. Enter this information at the originating site to ensure you are entering them correctly within your dashboard. The image below uses Charles Schwab only as an example.
3.) When you select your institution, a URL will be displayed. That URL should match the one you use when logging into your institution's website. Your dashboard will present many options for even one institution. Always make sure the URL associated with the option you selected matches the one you use when outside the dashboard. The image below uses Charles Netx360 only as an example.
4.) Some your institutional sites require you to go to your settings and permission and allow external sites like your dashboard to obtain your data. If adding your accounts fail, it’s always a best practice to check the Settings area of your institutional account website to ensure it is configured in such a way that it allows external sites like Oranj to share your managed account data.
5.) In addition to allowing your institutional website to allow external sites from obtaining the account data, it must also be configured correctly. Sometimes an adviser will have an outdated or wrong rep code associated with their institution's website in their Settings section, or they assume that their institution has connected their managed accounts to the institutional website. This is not always the case. It's a best practice to connect with your institutional rep or a technical specialist at your institution to ensure that the website you use is configured in such a way that the data can be transferred from their site to Oranj. If your institution doesn't have the accounts correctly syncing to their website, it has zero chance of syncing to Oranj.
5.) Contact our support team. We have a dedicated team ready to service you when the above steps are attempt with no success. Click here to submit a support request.
SFTP/FTP is the technical way of saying that a more manual process is needed to connect your managed accounts to your dashboard. This process relies on you working with the Oranj Client Services team and your custodial representatives to establish this connection and normally requires paperwork to be signed and filled out by the adviser and returned to the custodian and the platform’s data aggregators. Click here to find your institution and the procedure for each one. The major institutions that require a manual process include
- Charles Schwab
- Interactive Brokers
Once your accounts are syncing to your dashboard, there are some key interactions you can take to edit the accounts, set trading settings, assign models to accounts, and assign accounts to the correct client profiles. If you are an adviser without the firm admin permission and do not see your managed accounts syncing to your dashboard, please contact someone with the firm admin permission to connect them. They should know how to resolve this issue.
Whether your are an adviser with the firm admin permission or not, all advisers you can perform this function. Sometimes the aggregator sends the accounts with the incorrect category or as "unassigned". To reconcile this issue, go to the Accounts section and use the Type column to assign the correct account type. If accounts are left as "unassigned", they will NOT appear in your client’s profile or be applied toward your overall AUM. If they are left with the incorrect account type, they may appear in the wrong places within your client’s profile. Please take the time to ensure all accounts have the correct type assigned.
Assign Accounts to Clients
Whether your are an adviser with the firm admin permission or not, all advisers you can perform this function. Managed accounts syncing to your dashboard do not automatically assign to client profiles. Because you might have clients with the same names (father and son, for example), Oranj does not want to make any assumptions on whose account is who’s given the compliance issues that could result by inviting a user with the incorrect accounts. Take the time to use the column called Account Owner to save the account to the correct account owner.
Assign Models to Accounts
Whether your are an adviser with the firm admin permission or not, all advisers you can perform this function. You have the capacity to build portfolio models within your dashboard. Once you have built these models, you can assign them to the accounts you manage to ensure you and your clients understand the asset allocation breakdown for each account that you manage. You can do so in the Model column. Click here to access the articles on building models.