Autopilot is an automated account platform that gives you the ability to implement portfolio decisions and monitor changes over time, through the lens of the Risk Number, right from within Riskalyze. This KB will guide you through successfully activating Autopilot for your book of business.
Autopilot Eligible Custodians:
TD Ameritrade, Charles Schwab, Fidelity, Pershing, LPL, SSG, and TCA by eTRADE
In This Article
First make sure your Riskalyze account is integrated with your custodian(s).
Navigate to: Menu > Settings > Integrations.
Search for your custodian(s) and follow the activation instructions.
Once your custodian integrations are active, you can import client accounts to use with Autopilot. Learn how by following the directions for your custodian in our article Custodial Integrations.
Note: Only accounts imported from a custodian integration are eligible for Autopilot.
You've connected your custodian and imported a client account. Hooray! You’re now ready to use Autopilot.
To Enable Autopilot:
- Navigate to the client's Current Portfolio
- Click the Activate Autopilot (⚡️) button
- If your client's account has any position that should not be traded, click the lock icon (🔓) to tell Autopilot not to generate trades for that position.
Note: Securities that cannot be traded on Autopilot, such as Bonds, will be locked automatically.
Choose a model to trade the account into, or Use Current Holdings
- Click Preview Changes
- Blended Models. To blend models, once a model via step #4 has been selected, add an additional model by clicking the Model button in the Add Investment row and choose your second model. Next, choose the percentage to be allocated to that model. Note that the percentage of the model(s) will determine the cash amount. For example, if Model 1 = 39% and Model 2 = 59%, the resulting cash amount will equal 2%.
- To add additional securities to the portfolio, click the Securities button instead of the Model button and begin typing the name or ticker symbol of the security you wish to add.
- Review the percentage assigned to each allocation or model, and adjust as desired. Set the Cash percentage by increasing or decreasing the other allocations. The minimum cash required is 1%.
- Click Activate Autopilot
- Autopilot will take a few seconds to generate the necessary trades. Once the trades are ready, click View Trades to open the Trading Dashboard.
Note: Autopilot may take up to 10 seconds to generate trades in large accounts. You may perform other tasks in Riskalyze and navigate to the Trading Dashboard later.
Use Current Holdings
In many cases, the account you're working with may already be invested closely to how you'd like. Select "Use Current Holdings" to create a target with the existing allocations in the account. Then edit each allocation individually, adding or removing stocks, ETFs, or mutual funds as desired. This option gives you the freedom to:
- Add one or multiple models to the account
- Add or remove individual allocations
- Lock any allocations that currently exist in the account
- Specify a cash target
Using Current Holdings gives you maximum flexibility to personalize each clients account and deviate from models based trading when necessary.
The Trading Dashboard
The Trading Dashboard is where Autopilot surfaces accounts that need attention. Accounts appear on the Trading Dashboard when you enable Autopilot for the first time, they need rebalancing due to Risk Number or Allocation Drift, a model update has occurred, or cash needs to be put to work.
"Inbox" shows accounts that have trades ready for review. Accounts are grouped by trade reason, eg: Autopilot Activated, Risk Number Drift, Model Updated.
Process the proposed trades by following these steps:
- Click on an account to see the proposed trades
- To place these trades later, click the clock icon to snooze the account.
Use the date picker window to specify how long you’d like for the account to be snoozed.
- If you’re ready to place the trades now, click the checkmark icon to approve the proposed trades.
After you’ve approved all the accounts you’re ready to trade, click "Process Approved Trades" to download a trade file.
"Snoozed" shows all of the accounts you decided to trade at a later time.
Each account shows how long it has been snoozed for, and gives you the option to "unsnooze" it. Simply click "unsnooze" to have Autopilot immediately re-evaluate the account for any needed rebalancing
"History" gives you access to all previously created trade files.
Click on the desired date, locate the custodian you’d like the trade file for, and click the Download button.