Planit:Product Selection

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PlanPlus Planit User Guide Table of Contents

Product Selection

When you click “Add Asset” to any account you are always brought to the Product Selection screen.

Adding in Registered and Non-Registered is much the same as adding in “Personal Use”, lets go over an example. Again you would click the “Add Asset” link.

After clicking this link it will bring you to the Product Selection screen. You will notice that there are several ways to search for products. You can choose the Product Type, Asset Class or you can bring up a list of your favourites providing you have entered them under the “Favourite Products” to learn more about this please go to the Administration section of this manual. You also can search by Product Name, Company Name or by Product Code and typing it into the description. The best way to search for a product in the product master is by actual product code. For a mutual fund, that would be its actual fund code. For a stock that would be its ticker symbol.

In this example, AGF Canadian Bond was searched for by its product code.

1. Enter product code into the Description field then select Product Code.
2. Select a favourites list if desired, then click Search.
3. Click Select to choose the product and redirect to the Detail Assets & Liabilities screen.
4. Click Fund Details if you wish to view more information about the product.

Searching for a product by its code, if most or all of the code is known, is more efficient than the other options, but if the product code is not known it is possible to search for a product by its name (default) or the name of the company the product is affiliated with.

Upon clicking select the Detail Assets & Liabilities screen is displayed. Edit the description if needed and enter an account number if required. There is a choice here to enter either the market value of the holding or the number of units held. It is recommended that, if known, the number of units is entered. The unit price is updated in the system regularly, so if the number of units is selected, the system will keep the value current so the advisor does not have to manually update repeatedly. Regardless of selection, once the market value or number of units is entered, click calculate and the system will calculate the value of the choice that was not selected.

Because this is an RRSP holding, it’s not important to enter an accurate ACB since taxation on RRSP’s is based on the full value when withdrawn, not on accrued gains in the account. So it’s your choice whether you want to bother recording the ACB on registered accounts or not. There is also a section where you can identify any liabilities against this asset.

You will also notice the “Allocation Breakdown” this identifies how this particular product is classified relative to asset allocation. In this case the AGF Canadian Bond fund is classified as “Fixed Income”. Once we have completed all the details we can click on Save. Back at the Detailed Accounts Screen were we can expand our RRSP account and see our new holding under this account.

As many assets as required can be added to each account, just by clicking Add Asset. ^[1]

TIPS when adding investment assets:

• To enter a Mutual Fund you would go to the “Add asset to account” link beside the account you want to add the asset to, this will bring you to the Product Selection Screen. To get a listing of all “Mutual Funds”, select Mutual Funds from the Product Type drop down menu and select “Product Name” then hit search. A list of all Mutual Funds will appear.
• If you wish to search by a mutual fund company name you would do the same process except you would search by “Company Name” and record the company name in the “Search field”. If your client had an AIM fund and you did not know the “Product Code”, you would type AIM in the search field, and all the AIM mutual fund products would be shown on the screen for you to select your client’s asset.
• Searching by Product Code if known is much easier and if you follow the same steps you only need to type the ”Product Code” in the “Search Field”. The same can be done by searching for the fund name.
• The same process can be used for entering stocks except your “Product Type” would be “Stocks”.
• You can also search by “Class” by selecting the appropriate asset class from the drop down box.
• Also you can create your own favourite product list and when you are searching you can just bring up your favourites. Please Note: Refer to the Administration section of this manual for complete instructions on how to create your favourites list.
• Once you have found the fund you want, select the fund and enter your asset information on the detailed asset screen.
• When you cannot find the product within the search engine, we do have a list of generic products within all asset classes that you may use to substitute. To search for these generic products, choose the “Generic Products” from the favourites list drop down menu. This will bring up the entire generic product list. You also can use the “Add Custom Product” when you cannot find the fund you are looking for. For information on how to use this please read on.

Custom Products

When you click “Add asset to account” one of your accounts, it brings up the Product Selection screen, however you will see a button called “Add Custom”. When you click the “Add Custom” button, it will bring the screen where you can enter details of the product with the ability to set the custom asset allocation for the product. This will allow advisors to enter off book holdings using a single product where they can identify the allocation of the account as opposed to having to enter multiple detailed holdings for the account.

References

1. ↑ Images from Planit:Assets_and_Liabilities#Adding_Registered.2FNon-Registered_Assets