6 tips in setting up data loads
With the new financial year around the corner, it’s a great time to consider setting up data loads for your clients – to benefit from SuperMate’s automation features.
Research your data first
- You may have a gut feel about which banks your clients utilise most, SuperMate’s data extract tool can give you accurate details about the number of accounts and if you include the bank name in the account description, you can even work out which banks.
- Use the multi-fund – more – data analysis – extract tool for the all funds list.
- You’ll want to export the bank account balances extract to export the bank accounts. In Microsoft Excel use filters to find the banks (e.g. filter on MCQ or Macquarie).
- Alternatively, if you don’t store bank names then you will need to refer to the physical or scanned files to gather the details from bank statements.
- We demonstrate this tool in our guided learning video on ‘reporting’ if you want to see this process in action.
- Broking generally entails going through the contract notes to find out broker names.
Consider the (small) cost and time saving benefit
- When considering whom to target, it helps to consider those clients who are moderate and heavy traders, or alternatively those with lots of dividend/distribution paying assets. SuperMate can assist you by giving you prior year transaction numbers.
- Use the multi-fund – more – data analysis – transactions extract.
- You’ll want to run it for the prior financial year and the 205 range of accounts for brokers and 605/607 ranges for revenue/cash.
Communication with clients
- By identifying the opportunity for data services upfront, you’ll be better prepared when delivering your message to your clients for authorities ahead of the new financial year.
- We recommend you keep your message as simple as possible, emphasising what needs to be signed and entered, the need for all signatories to sign the authorities.
- You may want to pre-answer some common questions ahead of your client’s response and include these in your communication.
Authority form hints
- Authority forms can be generated for each service in the authorities screen (available at both fund and multi-fund level).
- Once you’ve received the completed forms back from your clients, it’s a good idea to double-check that they have been filled in correctly and all signatories have signed.
- The authority form should indicate if you need to send an original (keep a photocopy) or can e-mail the authority.
- BankLink transfers can be set up via our support team without additional authorities if you are already utilising this service.
- OmniBroker Direct service offers your clients the opportunity to bypass the authority form process by setting OmniBroker mail address for your site as a second email address via their online account with the broker.
Track your communication
- It’s a great idea to keep a record of the process for each form/client. A spreadsheet is handy to record when forms are sent to and received from clients and forwarded to the provider.
- SISS services will automatically provide progress information of an authority form in SuperMate. This can be viewed in the authorities screen.
- Once in place, it’s a good idea to check the log files for the services each day for error messages.
- Transactions might not be able to be loaded, as banks send through a different reference e.g. a member number rather than actual bank account, and additional references will need to be added to allow the data to be loaded.
- Detailed step by step instructions for setting up and checking each of the automated services is available in the data loads & services section in SuperMate help.
And of course if you have any questions about data loads please contact the support team email@example.com
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