Fiduciary Monitoring System

Transcription

1 Fiduciary Monitoring System May 2015 Enhancements Guide Version 1.0

2 Table of Contents Release Notes... 3 Reference Library... 5 Scorecard History... 7 Separate Passive Scoring Scorecards Enhanced LPL Target Date Fund Series Report How To Get Help Appendix Fund Search Appendix Separate Passive Scoring

3 Release Notes Below is a brief summary/explanation of all enhancements and new features included in this enhancement release. Reference Library See User Guide Scorecard History See User Guide Label Change on Passive Criteria o Previously, several passive criteria descriptions contained the name Prospectus to indicate that it was compared to its prospectus benchmark. This led to confusion as to what the word prospectus referred to (the formula or the benchmark). To simplify the label (online), the word Prospectus was removed. o Example Old way: 3 year Tracking Error- Prospectus vs. peers (3 YR PEER TRK ERROR) New way: 3 year Tracking Error vs. peers (3 YR PEER TRK ERROR) Enhanced Criteria Report to handle TDF Criteria o When Separate Target Date Scoring is enabled, the Criteria report now handles the maximum number of criteria that can be selected. The report format does not change, with the exception of multiple pages displaying for a target- date fund criteria if the number of total criteria exceeds 12. Passive Scorecards See User Guide Enhanced LPL Target Date Series Profile Report Section See User Guide Larger Report font size for all Reports o The font size has been increased on all reports to improve overall readability. 3

4 Dashboard Enhancement Inclusion of Custom Fund Assets o All Dashboard cards that include assets will include a single line item for any Custom Funds from plans in an account. All custom funds are summarized into one line item on these cards. Custom Funds are not scored, therefore will not appear in the Low scoring funds Reports Additional option to change colors/shading for pass/fail and history o New report formats now offer the following custom color changes: Fund name color for the different fund status settings (E/W/R/A) For display of fund scores, the background shading and the pass/fail colors. o A form has been created (will be distributed when complete) that shows color examples and lets you select your colors for your reports. It is in a separate document. Note that these color changes must be requested, and then the colors will be changed for you. Refer to the Color Selection Form for where to send your requests for your account. New Criteria in Custom Scoring o The following new criteria are now available in custom scoring: 10 Year Alpha >= 0 10 Year Tracking Error < 10% 10 Year Standard Deviation vs Benchmark <= 150% Benchmark s STD DEV Track Record >= Year Sharpe Ratio >= Benchmark 10 Year Sharpe Ratio 4

5 Reference Library Overview The Reference Library is the new location of LPL corporate documents in the Fiduciary Monitoring System. Items that can be accessed here include Scoring Methodology Documents, Market Commentary, and other corporate materials. The Reference Library can be found inside of the Plan Vault which can be accessed at both the Global and Plan Level. How To Access the Reference Library in the Plan Level Vault Log into FiRM. Access a plan from the Plan List. In the left hand menu in the Plan Management module, click Plan Vault. Click Reference Library in the tab list across the top of the Plan Vault. Here you can download documents that have been made available. Click on Folders in the left- hand Vault menu to access the folder. To open a document, click on the document name and the document will open/download. To download a document, mark the check box next the document name(s) you wish to download. Click the Select Action drop- down and choose Download Selected, and click GO. The file(s) will download to your machine. How To Access the Reference Library at the Global Level Vault Log into FiRM. Click Group Admin. Click Vault Management. 5

6 Click Reference Library in the tab across the top of the Plan Vault. Here you can download documents that have been made available. Click on Folders in the left- hand Vault menu to access the folder. To open a document, click on the document name and the document will open/download. To download a document, mark the check box next the document name(s) you wish to download. Click the Select Action drop- down and choose Download Selected, and click GO. The file(s) will download to your machine. 6

7 Scorecard History Overview Now accessible through Fund Search, users can download historical Scorecards for funds in the Fiduciary Monitoring System. All scorecard types can be accessed (Custom Scoring, LPL 12 Point, Dynamic Scoring), but specific steps must be taken to access each type. How to Access Dynamic Scoring & LPL 12 Point Historical Scorecards Log into FiRM. Access a plan from the Plan List by clicking the plan s Dynamic Scoring access link. Expand the Investment Analysis module in the left- hand menu. Click Draft Portfolio. On the Draft Portfolio screen click the Fund Search button, located near the top of the screen. The Fund Search window will open. 7

8 Ensure the Criteria option is set to LPL 12 Point. o If it is set to Custom Scoring, click the Custom Scoring link in the Criteria box. In the pop- up select the LPL 12 Point radio- button and click Save. Set any other search filters you would like. See the Fund Search appendix section in the back of this guide for assistance using Fund Search. Click Refresh. When your search results appear, click on the PDF icon in the Scorecards Archive column in the results table. The Scorecard History window will pop- up. To access a Historical Dynamic Scorecard, click on a date in the Dynamic Scorecard column. To access a Historical LPL 12 Point Scorecard, click on the PDF icon next to the date you wish to download. How to Access LPL 12 Point Scoring Historical Scorecards Log into FiRM. Access a plan from the Plan List by clicking the Plan Name. Expand the Investment Analysis module in the left- hand menu. Click Draft Portfolio. 8

9 On the Draft Portfolio screen click the Fund Search button, located near the top of the screen. The Fund Search window will open. Ensure the Criteria option is set to LPL 12 Point. o If it is set to Custom Scoring, click the Custom Scoring link in the Criteria box. In the pop- up select the LPL 12 Point radio- button and click Save. Set any other search filters you would like. See the Fund Search appendix section in the back of this guide for assistance using Fund Search. Click Refresh. When your search results appear, click on the PDF icon in the Scorecards Archive column in the results table. The Scorecard History window will pop- up. 9

10 To access a Historical LPL 12 Point Scorecard, click on the PDF icon next to the date you wish to download. NOTE LPL 12 Point Historical Scorecards can also be accessed at the Global Level by accessing Fund Search on the Fiduciary Monitoring System home page. How to Access Custom Scoring Historical Scorecards Log into FiRM. Access a plan from the Plan List by clicking the Plan Name. Expand the Investment Analysis module in the left- hand menu. Click Draft Portfolio. On the Draft Portfolio screen click the Fund Search button, located near the top of the screen. The Fund Search window will open. Ensure the Criteria option is set to Custom Scoring. o If it is set to Custom Scoring, click the Custom Scoring link in the Criteria box. In the pop- up select the Custom Scoring radio- button and click Save. Set any other search filters you would like. See the Fund Search appendix section in the back of this guide for assistance using Fund Search. Click Refresh. When your search results appear, click on the PDF icon in the Scorecards Archive column in the results table. The Scorecard History window will pop- up. 10

11 To access a Historical Custom Scoring Scorecard, click on click on a date in the Dynamic Scorecard column. NOTE Custom Scoring Historical Scorecards can also be accessed at the Global Level by accessing Fund Search on the Fiduciary Monitoring System home page. 11

12 Separate Passive Scoring Scorecards Overview When using Separate Passive Scoring for your plans in the Fiduciary Monitoring System, you can now generate Passive Scoring Scorecards using the Dynamic Scorecard report feature. Passive Scorecards will be produced automatically and can be used with the Default LPL Dynamic Scorecard, or with any Custom LPL Scoring Scorecard a user has created. NOTE Passive Scoring Scorecards can only be produced for plans being scored using LPL 12 Point Scoring. How to Include Passive Scoring Scorecards. Log into FiRM. Access a plan from the Plan List by clicking the plan s Dynamic Scoring access link. Center For Fiduciary Management 6900 College Blvd, Ste. 930 Overland Park, KS

13 Expand the Investment Analysis module in the left- hand menu. Separate Passive Scoring needs to be turned on for a plan to include Passive Scoring Scorecards. o To Turn on Separate Passive Scoring access the Criteria screen in the Investment Analysis Module. o Mark the Enable Separate Passive Fund Scoring check box. o Click Save & Continue. Click Report in the Investment Analysis Module. 13

14 In the Investment Analysis Options report selection list, click Scorecards- Dynamic and move it to the right- side Investment Analysis Chosen box by clicking the right- facing arrow (- >). In the Scorecard Selection drop- down box, choose the LPL Default scorecard template, or a Custom LPL 12 Point Scorecard template you have previously created. Click Generate Report and all passive funds in your line- up will have a Passive Scorecard produced. NOTE For more information on setting up Separate Passive Scoring, see the Separate Passive Scoring appendix in the back of this guide. 14

15 Enhanced LPL Target Date Fund Series Report Overview The LPL Target Date Fund series report has been expanded to include a 2nd page that includes all of the available data points tied to the LPL Separate Target Date Scoring system. Add the Enhanced Target Date Series Profile Report Log into FiRM. Access a plan from the Plan List by clicking the Plan Name. Expand the Investment Analysis module in the left- hand menu. Click Report. Center For Fiduciary Management 6900 College Blvd, Ste. 930 Overland Park, KS

16 On the Report screen in the Investment Analysis Options report selection list, click LPL Target Date Series Profile and move it to the right- side Investment Analysis Chosen box by clicking the right- facing arrow (- >). Click Generate Report and the LPL Target Date Series Profile Report Section will be produced in your Report. 16

17 How To Get Help Retirement Partners Consulting Team Phone: Center for Fiduciary Management / FiRM Phone: CFFM (2336) or info@fiduciarymanagement.com 17

18 Appendix Fund Search Overview Fund Search is an all- new fund search feature in FiRM. It replaces our previous search features Lookup and Add Fund. Fund Search can be used at the Plan Level, as well a new Global Fund Search option has been introduced to allow you to search and add funds to any plan in your account right from the Home Page. Screen Guide 1. Search Results Navigation 2. Fund Type Search Filter 3. Provider Product Search Filter (formerly Vendor Filter) 4. Select List Plan Search Filter 5. Fund Category Search Filter 6. Open Text Search Filter (Fund Name or Ticker) 7. Clear All Filters Button 8. Refresh Search Results (Required After Making Any Filter Changes) 9. Access Criteria Selection Window Button 10. View Drop- Down Toggle (Criteria, Category Performance, Operations, Risk/Return) 11. Action Menu (Add Funds) 12. Fund Search Results Scrolling Table Center For Fiduciary Management 6900 College Blvd, Ste. 930 Overland Park, KS

19 13. View Selected Funds Button 14. Export Search Results to Excel Button 15. Export Search Results to PDF Button 19

20 Key Functions Global Fund Search Add funds to any plan in your account Fund Research Export Results to an Excel or PDF Document Plan Level Fund Search Fund Search o Add funds to a specific plan Plan Criteria Automatically Populated o Fund Research Export Results to an Excel or PDF Document Add o Add funds to a specific plan Plan Criteria Automatically Populated Category Automatically Populated o Fund Research Export Results to an Excel or PDF Document Global Fund Search Global Fund Search allows for the search and addition of funds to lineups in plans across your entire account. You can add individual or multiple funds to lineups to individual or multiple plans in your account. You can also export your search results to an Excel or PDF document. Search For Funds From the Home Screen click Fund Search. This will open the Fund Search Window. Set your search filters. You can simultaneously set as few or as many filters as you wish. o Criteria o Search Text (Fund Name or Ticker) o Category o Select List o Provider Product o Fund Type Optional Select Search Criteria

21 o Click the Criteria link and the Scoring Criteria Selection window will open. o Choose either LPL or Custom Scoring o Select up to 12 criteria as either Selected Criteria and/or Must Pass Marking a criteria as Selected Criteria will show the criteria data point in the fund search results table when the View option is set to Criteria Marking a criteria as Must Pass will filter search results for any View option. 21

22 o Optional Set Scoring Threshold. This will filter search results by only including funds that pass enough Selected criteria to meet or exceed the scoring threshold. You will need to select the Use Scoring Threshold checkbox and set your scoring threshold by marking the radio button below the scoring threshold you wish to use. Click Refresh. Your search results will populate once the query is completed. Add Funds to Single or Multiple Plans Complete the steps above in Search For Funds to locate the fund(s) you wish to add to a single plan or multiple plans. Check the box to the left of the fund ticker for funds you wish to add. Multiple funds can be selected at once. Click the Action button. Select Add Funds from the dropdown. This will add funds to your Selected List. Click the View Selected Funds button. The Selected Funds pop- up window will appear. 22

23 Click the Add Funds to Plan(s) button. The Add Funds page will appear. Choose a fund status using the Fund Status drop- down box. Select the Plan(s) you wish to add the funds to by selecting the box to the left of the Plan Name. o Ensure the correct lineup you wish to add funds to is chosen for each plan. You can change the lineup by clicking the Select Lineup dropdown box for any plan and choosing the correct option. Click Submit. A confirmation page will appear confirming the process was completed. Export Search Results to Excel or PDF Complete the steps above in Search For Funds to locate the fund(s) you wish to export. Ensure the correct View is selected for the export you wish to produce. Click either the Export to Excel or Export to PDF button. When your process is completed the document you requested will download to your machine. 23

24 Plan Level Fund Search Plan Level Fund Search replaces the previous Plan Level Search Features Lookup and Add Fund. Plan Level Fund Search allows for the search and addition of funds to lineups in a specific plan in your account. You can add single or multiple funds at once. You can also export your search results to an Excel or PDF document. Fund Search Using this option will automatically apply a Plan s evaluation criteria to the Search Criteria filter. Add Using this option will automatically apply a Plan s evaluation criteria to the Fund Search Criteria filter as well as set the Category filter based on the category you chose. Search For Funds Fund Search Access the Plan you wish to search for funds within. Click the Investment Analysis module. The menu will expand. Click Draft Portfolio. Click the Fund Search button near the top right of the page. The Fund Search window will open. o Note - Your Plan s evaluation criteria will automatically be set for the Criteria filter. Set Your Search Filters. You can simultaneously set as few or as many filters as you wish. o Criteria (The Plan s evaluation criteria are automatically applied) o Search Text (Fund Name or Ticker) o Category o Select List o Provider Product o Fund Type 24

25 Optional Select Search Criteria o Click the Criteria link and the Scoring Criteria Selection window will open. o Choose either LPL or Custom Scoring o Select up to 12 criteria as either Selected Criteria and/or Must Pass Marking a criteria as Selected Criteria will show the criteria data point in the fund search results table when the View option is set to Criteria 25

26 Marking a criteria as Must Pass will filter search results for any View option o Optional Set Scoring Threshold. This will filter search results by only including funds that pass enough Selected criteria to meet or exceed the scoring threshold. You will need to select the Use Scoring Threshold checkbox and set your scoring threshold by marking the radio button below the scoring threshold you wish to use. Click Refresh. Your search results will populate once the query is completed. Add Funds Fund Search Complete the steps above in Search For Funds Fund Search to locate the fund(s) you wish to add to a plan. Check the box to the left of the fund ticker for funds you wish to add. Multiple funds can be selected at once. Click the Action button. Select Add Funds from the dropdown. This will add funds to your Selected List. 26

27 Click the View Selected Funds button. The Selected Funds pop- up window will appear. Click the Add Funds to Plan button. The Add Funds page will appear. Choose a fund status using the Fund Status drop- down box. Select the Plan(s) you wish to add the funds to by selecting the box to the left of the Plan Name. o Ensure the correct lineup you wish to add funds to is chosen for each plan. You can change the lineup by clicking the Select Lineup dropdown box for any plan and choosing the correct option. Click Submit. A confirmation page will appear confirming the process was completed. Export Search Results to Excel or PDF Fund Search Complete the steps above in Search For Funds Fund Search to locate the fund(s) you wish to export. Ensure the correct View is selected for the export you wish to produce. 27

28 Click either the Export to Excel or Export to PDF button. When your process is completed the document you requested will download to your machine. Search For Funds Add Access the Plan you wish to search for funds within. Click the Investment Analysis module. The menu will expand. Click Draft Portfolio. Click the Add button in the toolbar near the middle of the page. Scroll to find the Category you wish to add a fund to and click Regular. The Fund Search window will open. o Note - Your Plan s evaluation criteria will automatically be set for the Criteria filter and the chosen category will be automatically set for the Category filter. o If the category you wish to add a fund to isn t available in the Add dropdown, select Categories in the Investment Analysis module menu. Select the box next to the category you wish to add and click Save. Set Your Search Filters. You can simultaneously set as few or as many filters as you wish. o Criteria (The Plan s evaluation criteria are automatically applied) o Search Text (Fund Name or Ticker) o Category (The chosen category is automatically applied) o Select List o Provider Product o Fund Type Optional Select Search Criteria 28

29 o Click the Criteria link and the Scoring Criteria Selection window will open. o Choose either LPL or Custom Scoring o Select up to 12 criteria as either Selected Criteria and/or Must Pass Marking a criteria as Selected Criteria will show the criteria data point in the fund search results table when the View option is set to Criteria 29

30 Marking a criteria as Must Pass will filter search results for any View option o Optional Set Scoring Threshold. This will filter search results by only including funds that pass enough Selected criteria to meet or exceed the scoring threshold. You will need to select the Use Scoring Threshold checkbox and set your scoring threshold by marking the radio button below the scoring threshold you wish to use. Click Refresh. Your search results will populate once the query is completed. Add Funds Add Complete the steps above in Search For Funds Add to locate the fund(s) you wish to add to a plan. Check the box to the left of the fund ticker for funds you wish to add. Multiple funds can be selected at once. Click the Action button. Select Add Funds from the dropdown. This will add funds to your Selected List. Click the View Selected Funds button. The Selected Funds pop- up window will appear. 30

31 Click the Add Funds to Plan button. The Add Funds page will appear. Choose a fund status using the Fund Status drop- down box. Select the Plan(s) you wish to add the funds to by selecting the box to the left of the Plan Name. o Ensure the correct lineup you wish to add funds to is chosen for each plan. You can change the lineup by clicking the Select Lineup dropdown box for any plan and choosing the correct option. Click Submit. A confirmation page will appear confirming the process was completed. Export Search Results to Excel or PDF Add Complete the steps above in Search For Funds Add to locate the fund(s) you wish to export. Ensure the correct View is selected for the export you wish to produce. Click either the Export to Excel or Export to PDF button. When your process is completed the document you requested will download to your machine. 31

32 Appendix Separate Passive Scoring Overview The Separate Passive Fund Scoring function is now available on the Criteria Page in Investment Analysis. When enabling this feature you can set unique Passive Fund criteria that will apply to only passive funds in your lineups. When using this feature, report sections that produce fund criteria data will separate Passive Scored funds into their own segment within the report section (e.g. Refreshed Fund Criteria Report). NOTE All peer group comparisons are made against the passive peer group. The passive peer group includes all index labeled funds within the Morningstar Open Ended, ETF, and CIT universe of funds with the exception that Inversed and Leveraged funds are omitted from the ETF universe. 32

33 How To Activate Separate Passive Fund Scoring Setup Select a plan from your Plan List or setup a new plan. Click on the Investment Analysis module to expand the module. Select Passive Fund Scoring Criteria Check the Enable Separate Passive Fund Scoring checkbox. o This will activate the Passive tab to the right of the Active Tab. Click Save and Continue. 33