You’ll be happy to hear that this highly anticipated upgrade has crossed the finish line!
Because this release has so many new elements, we’ve included information in this update to help thoroughly explain the new functionality you’ll see and experience in eQuipt Dashboard. This update should provide you with thorough understanding of what you’ll see in the new “eStatus” and “eAction” columns.
The new eStatus column represents the Client or Prospect’s eDelivery Status for their accounts held at Pershing or National Financial Services (NFS). The information in this column reflects their eDelivery preferences as of the prior business day. This does not include any accounts held with a Direct Business Sponsor, nor does it include the status of Broker-Dealer mailings like Firm Correspondence and Disclosures and Policies. The eDelivery status of the latter can be found in the Reg BI Status column.
The new eStatus column will display next to every Client and Prospect record in the eConsent Dashboard. There are a couple things to note about this new column:
1. The eStatus column can be filtered by Status-Type
2. There are five eStatus-Types listed below, and you will only see one of these five eStatuses, per client. You can find what each eStatus means in
greater detail, as you read further.
• No Brokerage Documents
• Not Enrolled: Paper Fees
• Partial eDelivery: Paper Fees
• Partial eDelivery: No Fees
• Full eDelivery: No Fees
3. The eStatus will be reflected as of Prior Day close. This means that the initial status shown when you access the Dashboard will be reflecting the eDelivery status for the Client as of Close yesterday. Think of it like mutual fund pricing. The eQuipt system is calculating NAV (eStatus) after hours and showing the NAV price the following day. Clicking on the eStatus itself will display the live results of your Client’s eDelivery settings. We will cover this in greater detail elsewhere in the Updates.
There are different reasons why you’ll see the “No Brokerage Document” eStatus, included below. However, when you see “No Brokerage Document,” it should immediately tell you that this client/prospect could not have enrolled in eDelivery, because it’s not possible as they don’t have Pershing or NFS accounts. So, “No Brokerage Document” means the following:
1. Brokerage Client with No Brokerage Documents (all accounts are closed, but client record is still active)
2. Non-Brokerage Client with No Brokerage Documents (no accounts exist at the custodian)
3. Prospect Records (no accounts established)
You will see the “Not Enrolled: Paper Fees” eStatus for a Client who does have a brokerage account at Pershing or NFS but does not have any of their accounts enrolled in eDelivery, whatsoever. This means that they will incur paper related fees on certain documents because they are being sent to them via U.S mail. Additionally, these Clients have never used eQuipt, WealthScape (NFS), or NetXInvestor (Pershing).
In the sample below, this Client is also missing an email address, which needs to be added to be able to Invite the Client to enroll in eDelivery via eQuipt.
This eStatus indicates when a Client has at least one or more Pershing or NFS account documents enrolled in eDelivery, but at the same time, they have one or more of their account documents not enrolled in eDelivery specifically for Trade Confirmations or Prospectuses, which means they will receive fees for having those documents sent to them via U.S. mail.
In the sample below, we can see that this Client has opted into eDelivery for a few documents, but is not enrolled for Trade Confirmations or Prospectuses. In this scenario, you can use the Resend eDelivery feature, which we will cover later.
The “Partial eDelivery: No Fees” eStatus tells you that the Client has established online access to their brokerage accounts, does not have all of their account documents enrolled in eDelivery, but they are all enrolled in eDelivery for Trade Confirmations and Prospectuses, which means they will not incur any U.S. paper-mailed delivery fees. Whew! That was a lot.
This eStatus is also for clients who have provided eDelivery enrollment via eConsent. eConsent eDelivery enrollment by default does not include Statements or Tax Documents.
Even though this Client is not fully enrolled in eDelivery, their current eDelivery preferences do not result in paper fees on their account(s). Fees only apply to Trade Confirmation and Prospectus, which are enrolled in eDelivery in the sample below.
And at long last, we have arrived, at Full eDelivery: No Fees. This eStatus indicates that the Client is fully enrolled in eDelivery for all document categories; even those not included in default eQuipt eDelivery enrollment.
These Clients get a gold star for having taken the extra step of accessing eQuipt Client Portal, navigating to their eDelivery preferences, and enrolling their accounts in eDelivery for Statements and Tax Documents.
You can also see that the eStatus column allows you to see specifically what the Client is either enrolled in or not enrolled in, at the custodian. To view this information, just click on the eStatus itself. Clicking the eStatus will show you the live eDelivery settings for your Client’s accounts.
In the sample below, you can see the information that shows for a Client that is not enrolled in eDelivery. If this was your client and decided to invite them to enroll in eDelivery using eConsent, and they accept, it enrolls that account in eDelivery for all its documents, excluding Statements, Tax Documents, and Quarterly Performance Reports (QPR).
We have taken the original “Action” column and broken out its functionality into two separate columns. The first is the “eAction” column, which is now where you will go to send an initial eConsent invitations and eDelivery update invitations to clients who may be subjected to paper fees. The second column is the “Reg BI Action” column. This is where you go to send Disclosures and/or re-enroll in eDelivery invitations for Reg BI documents.
We won’t spend too much time here as the functionality and terminology are the same as they’ve always has been. As we mentioned, Invite is still used to send an email to a Client or Prospect to provide their eConsent and to enroll them in eDelivery.
When the email is sent via the “Invite” option, both Clients and Prospects are enrolled in eDelivery for Reg BI Disclosures, but only Clients have their Pershing or NFS accounts enrolled in eDelivery for everything but Statements and Tax Documents.
When the Client or Prospect has already initially been invited but did not provide eConsent, the Re-Invite option can be used to generate a new email notification (when they are not able to locate the initial invitation).
This is used to send an eDelivery Re-Enrollment email that re-enrolls the Client in eDelivery for all Custodian and Broker-Dealer documents, excluding Statements and Tax Documents, that they previously opted out of. This is slightly different from “Re-Enroll” in the “Reg-BI Action” column, which only Re-Enrolls the client or prospect in the Broker-Dealer Firm Disclosures category. You’ll learn more about this in the next section.
Before this release, “Send Disclosures” and “Re-Enroll” were found in the original “Action” column. Now, you can find that functionality in the Reg BI Action column.
This is pretty straightforward (as it is the same functionality as before). From the “Reg BI Action” column you can “Send Disclosures” and send emails to have clients “Re-Enroll in eDelivery” of only the Firm Disclosures category. “Re-Enroll” will not update any settings at the Custodian, unlike the “Resend eDelivery” in the “eAction” column.
This small but mighty change is a new column that allows you to see whether your Client or Prospect has registered for eQuipt Client Portal. Just a reminder: Your client can have existing eDelivery settings from WealthScape or NetXInvestor. However, eQuipt Client Portal registration is ultimately required if they want to access any documents they signed up to receive electronically that are not sent by the custodian.
In the “Client Portal” column, all Clients or Prospects will have a status of either “Registered” or “Not Registered.” A status of “Registered” indicates that the user has established their profile on eQuipt Client Portal, has a User ID and password, online access to their brokerage account information. A status of “Not Registered,” means that they do not have an eQuipt Client Portal account.
New! Reg BI Action column