Update November 2018 - Class to Xplan IPS Data Feed Live!
The feed from Class through to the IRESS Portfolio System (IPS) is a 'whole of portfolio' feed meaning that for applicable portfolios, Class would sync / send data through to IRESS overnight.
The feed includes all investments held within the Class portfolio - including unlisted and non-data fed assets such as direct property.
To see more please have a look at the following screen recording:
Class to XPLAN Integration / Data Feed Configuration
The following information has been provided by Xplan.
Background
The Class Super system holds account information obtained from various ‘sources’ (platforms, fund managers, banks etc.).
When an XPLAN site turns on the Class datafeed, users may find their clients now have duplicated accounts - one obtained from the Class datafeed, and one existing account obtained from a datafeed coming directly from the source.
The data in these accounts will be largely the same, but there may be some differences due to Class modifications and the fact that two different datafeeds can supply data with minor differences.
Account duplication will only occur where a user has registered to receive the same data from both Class and another source.
Please note: The Class datafeed also includes internal Class accounts.
How Class Accounts Appear in XPLAN
Class accounts are generally identified with the pattern:
‘source provider name’ – ‘source provider account id’ (Class) – ‘source provider name’.
For example, a Macquarie Wrap account called 12345 obtained from the Class datafeed would be identified in XPLAN as:
‘Macquarie Wrap – 12345 (Class) – Macquarie Wrap’.
The same account sourced directly from the Macquarie Wrap datafeed would typically be called:
‘12345 (Macquarie Wrap) – Macquarie Account Name’.
Please note:
- The ‘source provider name’ may not match up exactly to the equivalent source datafeed name, and
- Some source provider names may not exist as a direct datafeed into XPLAN at all.
Internal Class accounts can be identified by the word ‘Class’ at the end:
ABC123 (Class) - Class.
*XPLAN users can at any time edit these account names in their sites, which datafeeds would not revert. The above is how a datafeed would set the account name using default settings, upon creation of the account.
How to handle duplicate accounts
Once a correctly registered Class adviser mapping is entered into XPLAN and data from Class is imported, Class sourced accounts will be create alongside any equivalent existing account obtained from a source datafeed.
Please note: It isn’t possible for Class accounts to automatically match up and import into the source account.
Setting accounts as Do Not Import
Users are recommended to review the accounts and decide, in each case, whether they want to continue to view and receive updates for the account direct from the source provider, or the one sourced from Class. They can then mark the IPS external account mapping of the account they do not wish to receive updates for as ‘Do Not Import’.
Choosing this option further allows users to decide whether or not to delete existing data within that account.
Users are free to ‘mix-and-match’, choosing to receive some accounts from Class, some from source, and even some from both. They can change their mind at any time as IRESSnet will retain data for both, which then can be accessed via a refresh. This strategy can be used to progressively onboard Class accounts.
Please note: It is not possible to exclude Class accounts from importing to a site before they actually do, unless the user knows the exact account identifier of the Class account and can manually pre-map the IPS External Account and then set it to ‘Do Not Import’.
De-register adviser mapping
If a user determines that they no longer require updates from a source datafeed as all relevant accounts are being supplied by Class, they could alternatively decide to de-register their source datafeed adviser mapping, rather than setting all accounts to ‘Do Not Import’. This action would prevent further updates to those accounts but would not delete the accounts (which would need to be done separately, if desired).
Please note: This action will typically result in the source provider ceasing the provision of data for accounts under that adviser mapping, meaning that IRESSnet will no longer receive updated data. Hence, the user should be confident they will not need to revert back to the source adviser mapping at a later date when choosing to de-register.
Transfer Holdings
Class accounts commence at the Class onboarding date for that account, with opening parcel transactions provided to allow for correct CGT calculations. However, users who wish to receive data updates from the Class account may observe that the source account has historical transactions dated earlier than the Class onboarding date and wish to retain these in the Class account.
In this case, users can have the best of both worlds by choosing to manually merge historical transactions before the Class onboarding date from the source account into the Class account the Transfer Holdings functionality in XPLAN.
Please note: This is XPLAN and not datafeeds functionality.
Users should also delete the Class provided opening parcel trades since the historical transactions will render these unnecessary. Additionally, users should add an appropriate date lock to preserve the manual changes to the portfolio.Users can then proceed to mark the source account as ‘Do Not Import’, and optionally, delete the remaining data contained within.
Learn More
To learn more our find out how this development could help your business, please contact kris.kitto@intello.com.au