Steps To Take

Before Sending Your Data To Be Converted

  • Contact each download source you have purchased an interface for in the new software. Ex, Schwab, Pershing, Fidelity, DST Fan Mail, etc. Explain to them that you have a new portfolio management software system.
    1. For interfaces you were using in your old system and plan to continue using in your new system, find out the following:
      • Can you receive two daily downloads, one in the old software format and one in the new software format? The old software files will allow you to continue generating reports and maintain daily activities in your old program while your data is being converted. The new software files will be used when you get your converted data back. This keeps you from having any gaps in your data. (Occasionally the download format will be the same for both programs and the download company will not send it twice. If you run into this, create a new subdirectory and copy the downloaded files into it every day before you process them in your old software.)

§         Request complete position files for reconciliation reports in the new system. This should be provided automatically, but occasionally you have to request them.

§         If in the past you were tracking the accounts by some code other than their account number, get a complete list of account numbers, account names, and account types from the download company. You will need this information for the mapping table in the new program.

    1. For new interfaces with your new program, you will need to do the following:
      • Contact the broker or mutual funds download company to establish a download. Most interface download companies can have you ready to download within two weeks.

§         If you will be starting up with DST Fan Mail, take steps to initialize this download immediately. They can take up to 6 weeks to coordinate the various mutual funds and variables for downloading. Also request that someone notify you when all the funds are ready for downloading from the internet. You will want to call DST every 2 weeks to check on the status of your download. Sometimes they forget to call. You can contact DST at 816-435-4527.

§         Find out if a communication software package is needed to work with your new interface. For example, Schwab Waterhouse and DST download from the internet, so they do not use communication software. Fidelity uses Advisor Channel, Vanguard uses Advantage, and some of Pershing's broker dealers use Info Direct as communication software. If your interface requires communication software, it will not work without it.                                                               

    1. Contact Portfolio SolutionsTM to schedule a data conversion date. The best date is one that coordinates with the downloading of your new data files. The following need to be delivered to Portfolio SolutionsTM- , (Be sure to reconcile your data before you send it)

§         Advent/Axys: send files with extensions
   .cli   .dex   .pri  fac
   .prf   .inf   .pbf

§         Centerpiece: send files with extensions
   .dat   .ddf

§         CAPTOOLS: send ALL files

§         DbCAMS: send backup of program
   Roll-up positions prior to backing up

4.      If you have requested interface initialization, set up the ability for Portfolio Solutions to download your information.  Or copy any interface directory, which contains download files. For example, reconciliation, transaction, security, or price files. This is the location on your hard drive where the software is reading the downloaded data. In Centerpiece you can find it in the program under utilities then transfer parameters in the interface. In the windows version it is under settings on the interface screen, then the paths and assignments tab. In Advent/Axys this would be the path you translate your download files from. For SchwabLink files, check your SchwabLink configuration files to determine all paths that receive downloads.

5.      Specify Security Categories. Keep in mind that securities can be broken down into different criteria that will affect the way you are able to calculate and compare performance information. For Centerpiece, provide an assignment list that includes each security and its Security Type (Equity, Mutual Fund, Fixed, etc.), Asset Class (User Defined), Sector Code (User Defined), and Subsector Code (User Defined). You can easily change Asset Class, Sector, and Subsector codes in Centerpiece. Security Types are not easily corrected. If these are not provided, the basic levels of categorization will be used. For Axys, provide the Security Type, Asset Class, and Industry Group. If this is not included, all Mutual Funds will be classified as security type mf and be grouped as the asset class, Equity. Please send this information either in written format or in a file.

6.      Send an example of all reports to be created in new program. (There is an additional fee for setting up the reports and/or billing specs)

  • Acceptable formats for file delivery:

Zip Disks, CD_ROM, pcAnywhere

NOTE: If you do not want data for a particular client converted into the new system, purge the records prior to sending your data to be converted. The expense of converting and balancing a file will be charged for each file processed.

·         Maintenance on Your Old Software

Continue to update your old software with daily downloads until you are comfortable and ready to switch to the new system. This will guarantee that you have a backup plan if you need to produce reports, but are not completely ready to use the new system.

·         Getting Started with Your New Software

    1. Take advantage of the time while your data is being converted to become familiar with your new program. You will benefit from working through the tutorial and help topics built into the program.

2.      Once you receive your converted data and load the database into your new program, you can contact your new software technical support to make an appointment with a technician to set up your new interfaces and walk through your first download. Make sure they understand your data has been converted and you are not starting with initial positions. You should also have manuals with the purchase of the software for each interface to help you through the set up process.


FAILING TO CALL AHEAD TO SCHEDULE ANY DATA CONVERSION WILL RESULT IN THE PROJECT BEING WORKED ON AS TIME IS AVAILABLE. IT IS RECOMMENDED THAT YOU CALL AHEAD TO AVOID CONFLICTING WITH OTHER JOBS.

If you have any questions, please call.

 

Portfolio SolutionsTM
PO Box 6094
Columbia, MD 21045
301-596-3178
fax 410-992-7910
email portfoliosolutions@comcast.net

 

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