Riskalyze Trading was designed to make it fast and easy to trade accounts across your entire book of business. This is great when an advisor has full trading discretion over an account, however, advisors will need to take additional steps when trading non-discretionary accounts. In this article, we’ll discuss how Connected Trading within Riskalyze Trading allows you to obtain client approval “in the moment” when trading these accounts.
Connected Trading automatically blocks trades across all of your client accounts, which may not be acceptable when trading non-discretionary accounts. When non-discretionary trading is enabled, your workflow will be slightly altered from the process found here.
Note: Non-discretionary trading can only be enabled by Riskalyze Trading Support and is currently supported for accounts at Raymond James, Pershing, and through our partnership with RBC.
Trading Non-discretionary Accounts
To begin, work your way to the Trading Dashboard by selecting “Trading” in the header navigation.
Here you will see your list of accounts that require trading action. As you scroll through, you’ll notice all non-discretionary accounts have an “eye” symbol as opposed to the typical checkmark.
Selecting the “eye” will open up the trading details window. From here, you can review the trade reasons, the results after the trade, the Risk Number, and the list of buys and sells.
Before processing your trades, you have the ability to jump into Intelligent Tax Optimization and mark the trades as solicited or unsolicited.
Note: Trades not marked as “solicited” will default to unsolicited.
- Solicited means the trade was initiated by the financial professional.
- Unsolicited means the trade was initiated by the client.
Once you are ready to process the trades, you can click “Process Trades” and finalize the trades by selecting “Execute Trades.” Please note, trades for non-discretionary accounts must be reviewed by the advisor, and can only be processed on an account-by-account basis.
Frequently Asked Questions
Can I filter for discretionary and non-discretionary accounts in the Trading Dashboard?
Yes, you can! If you click on the “filter” button in the top right-hand corner of the Trading Dashboard, you can filter by Trade Reason or Discretionary Type. Within Discretionary Type, you can select discretionary accounts or non-discretionary accounts.