Asset Sync, for Riskalyze Elite and legacy Premier users, simplifies the process of importing externally held client and prospect accounts from over ten thousand institution options into Riskalyze with just a few clicks. Once the holdings have been imported, Asset Sync will keep the account(s) up to date with nightly syncs.
In this article:
- Importing Client or Prospect Accounts
- Navigating Synced Accounts
- Sync Additional Accounts
- Discovering Held Away Assets
Importing Client or Prospect Accounts
The Asset Sync option will appear any time a new account is created in a client's Current Portfolio. In the New Account menu, select Funds, Stocks, and Other for Account Type, then click the Asset Sync button to begin importing the account. You’ll have a few options to choose from when importing accounts:
- Launch Now - This is great to use when your client (or prospect) is present and can enter their institution's login information.
Share Link - Provides a client-specific Asset Sync link that you can insert into your customized correspondence with your client.
Send Email - Send your client an email directly from Riskalyze providing instructions on how to complete Asset Sync. The system will also cc you in on the email thread ensuring you’re included in the process.
Important Note: When generating a link for your client via the Share Link or Send Email options listed above, the link will remain valid for one week. For security purposes, after one week, if your client or prospect has not taken action, the link will expire, and you will need to repeat the process. Additionally, for security purposes, some institutions may have pre-determined credential expiration terms which will limit how long the client's credentials will remain active before needing to be reset. If this is the case and an account has stopped syncing, you'll need to re-send the Asset Sync request to your client. They'll need to re-enter their new credentials to continue syncing their account(s).
(See the animated image below on how to access Asset Sync in a client's current portfolio)
Once your client has launched the Asset Sync workflow using one of the available options listed above, a new browser tab will open for the client. The client will now click the Connect button to choose the institution where their assets are held.
Next, the client will search for their institution by typing in the search bar where Institution Name appears or by clicking on one of the institution thumbnails that populate below the search bar.
After selecting their institution, your client will be directed to a login portal. They will now enter their username and password for their chosen institution and click the Connect button. Because each institution is configured differently, your client may be prompted with two-factor authentication (see the FAQ section below for a two-factor example).
Once the client has clicked the Connect button, the accounts will start to sync. Depending on the financial institution, this process may take a few minutes to complete. When the accounts have been synced a confirmation screen will appear. The client can now either 1) click the Connect Another button to add accounts from other financial institutions or 2) click the X button in the top right corner to exit the workflow.
Once the X button has been clicked, the client will see a confirmation screen. The client may now click Done or click Cancel to go back to the connect account workflow.
After clicking the Done button the client will now see the list of accounts they have selected to sync to their Riskalyze current portfolio. At this point, they can click the Connect button in the top right corner to add additional accounts or close the browser tab to exit the Asset Sync workflow.
Navigating Synced Accounts
After your client or prospect completes the Asset Sync workflow, Riskalyze will send an email confirmation to your email inbox indicating that accounts are waiting for your review. Click the link in the email to navigate to the client’s profile. Open the client’s Current Portfolio and click on the View Accounts button at the bottom of the screen to view the accounts available for syncing.
Select the accounts you would like Asset Sync to pull into the Current Portfolio and click Sync Accounts.
Once the accounts are synced, you can hover over the orange Asset Sync icon on your client’s portfolio to see when the account was last synced.
Clicking on this icon will display an Asset Sync drop-down menu where you can complete the following actions:
- Resolve any connection issues
- “Sync Now” to pull over any changes that may have occurred since the nightly sync
- “Stop Syncing” the account. This stops the data feed for this account.
Syncing Additional Accounts
If ever you need to come back and sync additional accounts into a client's portfolio, no need to create a new account as we did at the beginning of this article. Simply open the client's current portfolio, click on the Portfolio Actions button, and finally, choose Asset Sync Settings. (see image below)
This will open the Quovo Connect Portal and your client may repeat the steps listed above to search for additional financial institutions and choose which accounts they'd like synced into their portfolio.
Q - Does Asset Sync replace my already connected CRM or Custodial integration?
Asset Sync works as an outside account aggregator so you can quickly get a snapshot of client accounts that are not under your management. Doing this will now allow you a more holistic view of your client’s portfolio and aggregated Risk Number for those held away accounts. Your connected integrations are designed to keep accounts that you already managed synced into your client’s Riskalyze portfolio through those established integrations.
Q- What does two-factor authentication in Asset Sync look like?
Example of a two-factor authentication screen.
Q - What if my client is syncing from a large institution with several branches?
Often an institution will have several portals for clients to log into. If your client has multiple products at an institution, they may need to sync from numerous institutions to get an aggregate of their positions into Asset Sync. For example, the client may have both a brokerage account with Fidelity and a 401(k). In this instance, they would want to select the standard Fidelity option in Asset Sync for the brokerage account and then select to sync from Fidelity Net Benefits for the 401(k) account.
To help the client better identify their specific institution they may click on the link icon (see image below) to open the institutions log in screen in order to verify that it matches the portal they normally log into.
Q - If my client/prospect has already gone through the Asset Sync process but needs to sync more accounts at a later date can they do that?
Absolutely! You’ll need to add a new account to your client’s Current Portfolio, choose Funds, Stocks and Other >> Asset Sync. Launch Asset Sync and click the Connect button in the top right corner to add more accounts via Asset Sync.
Q - Why won’t Asset Sync import my client/prospects account?
Account aggregation, while reliable, may vary from institution to institution. Please keep in mind that syncing assets depends on the quality of the API (aka connection) that's available at the time of the sync. Institutions update their API code periodically, and clients may be impacted by these updates from time to time. Smaller institutions may not have an existing connection and may not be accessible for Asset Sync. If you encounter a speed bump while using Asset Sync please contact our Customer Care team at firstname.lastname@example.org.
Discovering Held Away Assets
Now that you've got the low down on Asset Sync, check out this webinar and learn the step-by-step of how advisors have used Riskalyze to make clients want to cough up the details on held away assets.