Account and Client Cleanup

When new accounts or households are reconciled into Orion, it's common to encounter discrepancies in the way the data from the custodian is presented. Oftentimes, minor adjustments are needed in order for the data to be displayed properly. Below are a few areas will you will want to review and possibly make adjustments.

Householding

When new accounts are reconciled into Orion the system will look to see if there is a household that already contains a matching SSN to the new account. If it finds one, the account will automatically be placed within the existing household. If it doesn't find a match it will create a new household using the client information found on the Name File.

This process can cause some accounts that should be grouped together to be split between multiple household records in Orion. In order to re-group the accounts within Orion you can use the Householding tool. This tool is very easy to use and auto saves all changes as you make them. Simply search for the two households that you would like to combine using the Household One and Household Two search bars and then use the Action buttons to move the accounts.

Purple Action Menu: This menu is for the household level. From here you can select to move all of the accounts over to the other household, edit the household level information, or move documents such as custodial statements and Orion generated statements.

Green Action Menu: This menu is for the Registration level and allow you to move specific accounts to the new household.

Orange Action Menu: This menu is for the Account level and allows you to edit the account options as well as move the account into a registration within the second household.

Empty Household Cleanup: Once the accounts have been moved you can submit a the list of now empty household records here for the XY team to delete.

Client Names

Whether the household was recently combined or if the client goes by a nickname, sometimes you need to update the client's information to make sure that it is displayed properly. You can make changes to the First/Last Name, Full Name, or add in a Report Name that will be displayed in the Portal and on Reports. You can also update email, address, and other demographic information here as needed. Just as a note, data entered here will not feed back into Schwab so you will need to also fill out the appropriate form at Schwab to prevenet issues if the client updates their legal name, address, or other information.

Account Types

Sometimes an account will come in and Orion will not recognize the account type assignment and will instead us Invalid Type. You can correct this issue at the Registration edit screen by searching for the correct type in the Account Type field. If you do not see an account type that you are looking for please reach out to us at Orion@xyinvestmentsolutions.com so we can add it in for you.