Asset Sync drastically simplifies the process of importing client accounts into Riskalyze, allowing users to sync in a client account from any one of thousands of financial institutions with just a few clicks. Once the holdings have been imported, Asset Sync can keep the account up to date with nightly syncs (if the recurring option is enabled). Here's how it works:
If you have not already done so, you will need to enable Asset Sync for your account. Go to ≡ icon (top right of your screen) > Settings > Account Details > Add-Ons. Click the white toggle button to enable Asset Sync:
The Asset Sync option will appear at 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 launch the import process. The following options appear for importing accounts:
- Enter Credentials if the client is present and can enter their institution's login information.
- Send Client Request to send the client an email prompting them to set up Asset Sync.
- Send Only to Me will send the logged in advisor an email requesting entry of credentials.
- Turn nightly syncing on or off by toggling "KEEP ASSETS IN SYNC".
In the next few steps, the client will choose the institution where their assets are held and will log in with their credentials. Asset Sync is designed to sync in a single account from a given institution URL:
Completion of Asset Sync
Once the client has successfully imported the account into Riskalyze, an indicator reading "Asset Synced Account" will appear just below the title of the account.
To protect the privacy and security of the data being synced in, Asset Sync depends on the unique login URL of the institution as the primary way to identify the correct institution. If the selected URL available within Asset Sync doesn't exactly match the URL the client uses to log into their account, the sync may not complete. Search for a specific URL within the "Search Institutions" box to help find the best match.
Also, any authentication steps that an institution has set in place may prohibit the account from completely syncing. Typically, these are additional security measures designed to authenticate the client's identity. These security measures are configured by a client when they set up their account and can be adjusted/changed from within the institution website.