Guidebook irebal on Veo. irebal on Veo User guide

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1 Guidebook irebal on Veo irebal on Veo User guide

2 Table of contents Section 1: irebal user roles & global settings... 1 Section 2: Models & trading rules Section 3: Create & configure: portfolios Section 4: Accounts & account settings Section 5: Rebalance portfolios Section 6: Review & approve Section 7: Order blotter Section 8: Glossary Section 9: Answer key irebal on Veo User Guide tdainstitutional.com C

3 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key 1: irebal user roles & global settings irebal on Veo User Guide tdainstitutional.com

4 User access to irebal irebal users can be set up with different permissions in order to separate roles and responsibilities in your firm. Only Veo user IDs that you identify will be granted access to irebal. Any user who has been given access to irebal can: Create portfolios with the same accounts that they have access to in Veo Manage portfolio and account settings Run and schedule rebalances Tip - While users who share an environment will share access to models and will use the same Global Settings, each user will only have access to the accounts authorized for his or her Veo user ID. This allows you to have a single environment for your firm but still segregate sets of clients at the Veo user level. Review rebalance results Although users who have access to irebal may submit rebalances and review results, they require additional permission to Edit, Approve, and Submit trades. There are three additional levels of permission that irebal users may be granted: Users with trading access may Edit, Approve, and Submit orders for execution from the irebal Order blotter. Model and security managers may Create, Edit, or Delete any model in the irebal environment. They may also add securities to the irebal Security master or edit trading rules. Administrators may edit the Global Settings for the irebal environment. These settings will affect all users in the environment. Some examples of Global Settings that can be controlled by administrators include default rules for cash settings, reinvestment of dividends and capital gains, and minimum trade sizes tdainstitutional.com irebal on Veo User Guide

5 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key irebal environment sharing All irebal users within a single firm will typically share a single environment, although any user or set of users can have their own irebal environment. An irebal environment shares: A Security master A Model inventory with target security allocations Global system settings that control default behaviors An irebal Order blotter for trade management and execution Each user within a single irebal environment will have access only to the accounts that they are authorized to view in Veo, allowing for users to share system setup and workflow but still only access their own subsets of authorized accounts. Global settings Your firm s irebal environment shares default rules that are defined in your system s Global Settings. To review and modify global default settings, users with administrator permission can click the Global Settings link that appears at the top of any irebal screen. Many items such as accounts and securities that are added to your system will use these Global Settings as initial defaults. However, you can override these settings to customize a wide range of individual items, including: Default buy and sell minimums for securities Custom asset and portfolio categories Firm-level tax sensitivity Default rebalancing bands and rebalance accuracy ranges Cash minimum and cash targets by account type Default trade settings, such as share rounding and dividend or capital gains reinvestment Allowing SMA use Allowing the use of external accounts in rebalancing irebal on Veo User Guide tdainstitutional.com

6 Securities In the Securities section of Global Settings, you can add and manage custom asset categories. These custom categories let you organize your securities in a way that is consistent with how you prefer to categorize investments and view portfolio allocations. Some common examples are Asset class, Sector, or Industry. A user with administrator permissions can control the name of the custom asset category by editing the description and the abbreviation. The abbreviation that you enter will be used in column headers throughout the system. You can also control the choices that will be available when assigning an asset category to individual securities. Tip - If you allow clients to supply social restrictions, like avoid investing in sin stocks, you can tag securities with this social category and then restrict this category in the client portfolio. You can add your own asset category choices by entering an abbreviation and a description and clicking Add. Or you can select from irebal s values by clicking View suggestions and moving the selected values over to the values listed as In use. The asset categories can be used to restrict buying or selling a group of securities from a client s portfolio tdainstitutional.com irebal on Veo User Guide

7 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Account settings The Accounts section in Global Settings allows you to control default settings for assigned accounts. When an account is assigned to a portfolio or when an order is approved for an account, these settings will be used by default. All of the account Global Settings can be overridden for any individual account or order. This screen has four sections: Reinvestments: Accounts that are assigned to portfolios will follow the global default for the reinvestment of dividends and capital gains that you set. These settings can be changed for any individual account. In addition, for mutual fund purchases that you approve and are sent to the irebal Order blotter, this setting can be overridden. This provides a way for you to control reinvestments at the account or position level. Tip - The default minimum dollar amount that you enter can be particularly useful for smaller accounts, where the default percentage might leave too little cash to satisfy your or the client s requirements. For example, if you have entered a cash minimum of 2%, the calculated cash minimum for a $5,000 account would be $100. But if you also had a $250 minimum dollar amount, irebal would use $250 as the account s minimum, not the calculated $100. Cash settings: During full rebalancing and cash management analyses, irebal is designed to check each account s available cash to make sure it s between the account s minimum and target. The global default for the account cash minimum and cash target range is set as a percent for taxable and qualified accounts. This is useful if you typically hold a certain percentage of cash in your accounts for things like covering expenses or for use as a trading buffer. In addition, you can choose a default minimum dollar amount that an account should hold. The account cash minimum and target can be overridden as a custom dollar amount or percent for any individual account. Note: Cash ear-marked in Veo as income cash will be seen in irebal as available cash. To restrict this cash, use the set-aside cash feature in the account level settings. If you want to control cash settings using only the allocation to cash in the portfolio s assigned model, check the Use model cash setting. This setting is most commonly used when rebalancing a single account per portfolio against a model that has an allocation to cash. When this setting is checked, the default account cash settings will simply mirror the associated model s settings. During full rebalancing and cash management analyses, irebal is designed to check each account s available cash to make sure it is between its minimum and target. If cash is outside of this range, irebal is designed to use your set criteria to calculate possible orders to bring the account cash to target. irebal on Veo User Guide tdainstitutional.com

8 Separately managed accounts: If your firm uses SMAs, select Yes to include these accounts in your client portfolios and to have allocations to these externally managed strategies in your models. When this setting is on, you ll be able to create SMA securities and flag the accounts that are being externally managed. This will allow irebal to treat an SMA account as a single holding in a portfolio, similar to a mutual fund or Exchange Traded Fund (ETF). Based on your model targets and rebalancing bands, irebal will calculate possible orders that may add to or reduce the allocation to the SMA, but it won t calculate potential orders for individual positions within the SMA account. External accounts: If your firm has clients who have accounts held outside of TD Ameritrade Institutional, like 401(k) and 403(b) accounts, and you would like those accounts included in the portfolio s rebalance, set this to Yes. When this setting is on, you ll be able to upload externally held accounts and asset information to the client s portfolio. irebal won t consider or present potential orders for externally held accounts, but will consider the holdings in the rebalance. Portfolio settings In the Portfolios section of Global Settings, you can add custom portfolio categories. The Custom category for portfolios lets you organize and group your portfolios in a way that is useful to your firm. Using this field will enable you to filter portfolios and easily group portfolios together for rebalancing or editing. For example, you can manage your firm s workload by creating a separate group of clients to be rebalanced on each day of the week. Or you can create a Custom category for clients who have special cash flow needs and require frequent cash management rebalancing. You also might create a group for clients with unique portfolio customizations that require you to perform a higher level of review within your firm before approving and executing trades. A user with administrator permissions can control the name of the Custom category by entering a description and abbreviation for the portfolio category. The abbreviation will be used in column headers throughout the system. You can also control the choices that will be available when assigning a category to individual portfolios tdainstitutional.com irebal on Veo User Guide

9 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Models and rebalancing In the Models and rebalancing section of Global Settings, you ll find environmentlevel settings that impact the orders irebal will identify during rebalancing. This section has three parts: Tax sensitivity drives the identification of which securities to sell in order to generate cash in an account during cash management. It s not to be confused with full rebalancing, which is designed to present securities that are above their maximum rebalancing band. This setting tells irebal how much emphasis to put on tax lots with more beneficial losses (i.e., lots with greater losses and/or smaller gains) versus lots for securities that are overweight. The higher the Tax sensitivity setting, the heavier the emphasis placed on realizing losses and avoiding gains, especially over the short term. If your Tax sensitivity is set to Low, irebal is designed to always attempt to identify sales of securities that are the most overweight and out-of-band first. It will still attempt to target tax lots of an individual position which have met the criteria you have set as having a more tax beneficial loss. When your Tax sensitivity is set to Medium, irebal will place a moderate emphasis on tax considerations when identifying securities to potentially sell while generating cash in an account. First, it will calculate the sale of those securities that are above your upper band in the model before positions that are within range or below band. irebal does this because securities that are above band would potentially be sold during a full rebalance anyway. However, when identifying which security to sell among multiple securities that are all above band or among multiple securities that are within range or below band, irebal will place a moderate emphasis on gains and losses. This means that irebal may target a security that is less overweight in order to generate a potential sell order with more favorable gain/loss considerations. irebal on Veo User Guide tdainstitutional.com

10 When your tax sensitivity is set to High, irebal will place a heavy emphasis on tax considerations when identifying potential securities to sell while generating cash in an account. Similar to the Medium setting, it will first identify securities that are above your upper band in the model before any that are within range or below band. irebal does this because securities that are above band would be identified for sale or potentially be sold during a full rebalance anyway. However, when selecting which security to sell among multiple securities that are all above band or among multiple securities that are within range or below band, irebal will place a heavy emphasis on gains and losses. This means that irebal will often identify a security that is less overweight in order to generate a sale with larger losses and/or smaller gains. When your tax sensitivity is set to Maximum, irebal will place the most emphasis on gains and losses when identifying securities to sell in order to generate cash in an account. This is the only Tax sensitivity setting that will cause irebal to identify a sale of a security that is in band before one that is above its advisor-set upper band. This means that securities are more likely to be left out-of-band and will need to be sold during a full rebalance. For this reason, the Maximum setting is typically used by firms who use irebal primarily to manage cash flows or for other actions besides full rebalancing. Firms that are highly tax sensitive but do use full rebalancing with some regularity are potentially better served by the High tax sensitivity setting, which places a similar emphasis on gains and losses. However, the High setting won t identify sales of securities that are in band before those that are above band and would require selling during a full rebalance regardless of gain/loss impact (unless restricted using other settings) tdainstitutional.com irebal on Veo User Guide

11 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Activity: Tax sensitivity * Review the scenario below and read the notes. Portfolio holdings Model specifications Tax implications Symbol Weight Target weight Maximum weight % Over target Out-of-band? % Gain/loss JOEM 23.50% 25.00% 27.00% -1.50% No 0.00% JPHW 23.00% 25.00% 27.00% -2.00% No % GVRC 27.50% 25.00% 27.00% 2.50% Yes 30.00% LSSE 26.00% 25.00% 27.00% 1.00% No 15.00% Sell preference order based on tax setting Low Medium High Max GVRC GVRC GVRC JPHW LSSE LSSE JPHW JOEM JOEM JPHW JOEM LSSE JPHW JOEM LSSE GVRC * Examples shown are hypothetical and for illustrative and educational purposes only. Since client portfolios are designed to be managed in accordance with the financial circumstances, investment objectives, and preferences of individual clients, the actual asset allocation or rebalance settings of a particular account may differ from the settings and strategies at left. Examples are in no way shown as an endorsement or recommendation of these strategies or companies as TD Ameritrade doesn t make recommendations or determine the suitability of any security, strategy, or course of action for you. irebal on Veo User Guide tdainstitutional.com

12 Notes The unrealized gain/loss of each tax lot is considered independently. For simplicity, this example assumes each position has only one tax lot. For this example, all lots are assumed to be long term. If some were short-term gains, for example, you would see an increased emphasis being placed on avoiding those lots for sale, depending on your settings. In the Low setting, the securities were chosen based on descending distance to target. None of the holdings gain/loss implications in this example were high enough to impact this sequence. In the Medium setting, the securities that were over target are still selected first because their gains are not significant enough to move them down in priority. However, gain/loss impact now changes the order of preference for JPHW and JOEM because the holdings have a relatively similar relationship to target, but JPHW has a loss that can be captured. In the High setting, GVRC is still selected first since it is above its maximum weight and would be sold during a full rebalance anyway. But the rest of the securities that are not out-of-band have a similar enough relation to target that the gain/loss impact drives the prioritization among them under the High setting. In the Maximum setting, GVRC was not selected first because of its significant gain, despite being out-of-band. Instead, the gain/loss impact outweighs the relation to target for all securities in this example tdainstitutional.com irebal on Veo User Guide

13 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Rebalancing bands: Global Rebalancing bands are used to calculate the default minimum and maximum percent of the portfolio for each security as it is added to a model. Any user with the model and security manager permission can override these calculated bands to create custom bands for any model target. Rebalancing bands help irebal determine if a security is outside of the specified range and requires correction during rebalancing. This setting must be entered as a number between zero and 100. Let s look at an example. If your model target for a security is 10% of the portfolio value and the default minimum rebalancing band is set to 20% of the target, the minimum band for the security will be calculated as 8%. The security will be considered out-of-band and requiring correction when it is below 8%. Similarly, if the default maximum rebalancing band is set to 20%, the maximum band for the security will be calculated as 12%. The security will be considered out-of-band and will require correction when it is above 12%. When you edit global Rebalancing bands, you must select one of the following three methods to apply these new band values throughout your environment: Apply going forward only. This method leaves all existing rebalancing bands as currently set. Only new model targets added going forward will use these new default rebalancing bands. Apply to current and future model targets that rely on global Rebalancing bands. This method recalculates rebalancing bands for existing model targets that rely on the global default. Existing model targets that currently have custom settings won t be changed. All new model targets added going forward will also use the new default Rebalancing bands. Apply to all model targets. This method overrides all Rebalancing bands for all model targets in your environment, including model targets that were using custom bands. All current and future model targets will follow these new default Rebalancing bands. irebal on Veo User Guide tdainstitutional.com

14 Rebalancing accuracy range: While Rebalancing bands is a tool you can use to help determine which securities need to be traded in a full rebalance, the Rebalance accuracy range allows you to determine an acceptable range around target where they should fall after being traded. Rebalance accuracy range is used when a security s weight within a portfolio is outside of the rebalancing band and requires correction, or when a security has been selected to sell or buy for the purposes of raising or investing cash. Your setting determines the acceptable range in which the security weight should fall after being corrected. This setting must be entered as a number between zero and 100 and is stated as a percentage of the rebalance band range for a given Model security. Once it has been determined that a security should be corrected during rebalancing, irebal is designed to bring it directly to its model target first. However, bringing securities exactly to target often means that you will need to trade many or all of the securities in a portfolio in order to get your buys and sells equal and maintain the desired cash levels. The Rebalance accuracy range gives irebal a way to adjust the corrections within your specified range around target to try to resolve the rebalance with only the necessary trades before adding an additional security. During a cash rebalance, when securities have been selected to buy or sell to address the cash need, the accuracy range helps irebal determine the maximum buy or sell for the security. irebal will attempt to help you meet the cash investment or generation need, while also keeping the traded securities within your specified accuracy range. The Rebalance accuracy range is set as a percentage of the rebalance band. For example, if a security s minimum percent, target percent, and maximum percent are 8%, 10%, and 12%, respectively, a rebalance accuracy setting of 50% will place the accuracy range between 9% and 11% for this security. When this security is below 8% or above 12% irebal is designed to bring it back to 10%, but the rebalance could be completed with the security s weight being anywhere between 9% to 11%, in order to avoid extra trades. You can think of the Rebalance accuracy range as a way to balance precision to target and the number of trades that may be required during rebalancing. Setting the accuracy range to a low number, such as 10%, means that the securities that you trade should be left very close to target. It also makes it more likely that the rebalance won t be able to be completed by only trading the securities that were out-of-band, meaning that other securities may need to be traded. Setting the accuracy range to a higher number, like 75%, will increase the likelihood of solving the Rebalance trading only securities that were out-of-band, and accepting that these securities may be left further away from target. Fifty percent or halfway between target and the rebalancing band is the default setting tdainstitutional.com irebal on Veo User Guide

15 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Activity: Rebalancing bands and accuracy range 1. Calculate the default min and max Rebalancing bands for the following: Answers for this activity can be found on page 136. A. A 10% security target with 50% default min and max. B. A 20% security target with a 10% default min and a 25% default max band. 2. Environment A has a 60% Rebalance accuracy range and Environment B has a 20% Rebalance accuracy range. Answer the following questions: A. Which environment is more likely to have fewer trades when performing a full rebalance on the same portfolio? B. Which environment is more likely to have securities closer to their target weights immediately after a full rebalance? irebal on Veo User Guide tdainstitutional.com

16 Trades The Trades settings allow a user with administrator permissions to control the rounding that is applied to potential trades, the default minimum buy and sell amounts, the behavior for taxes and fees, and other order attributes. ROUNDING Tip - You can use the minimum $ as a floor and use the minimum % to scale up with the size of the client s portfolio. After irebal calculates precise order amounts for a portfolio, the orders can be rounded based on your settings. Mutual fund orders will be rounded to the nearest dollar increment selected and equity orders will be rounded in share increments based on the most recent quote on the Order blotter. When rounding mutual fund orders, irebal is designed to round to the nearest dollar increment, up or down. However, irebal is designed to avoid rounding a buy up or a sell down such that the cash for an account would be left below your specified cash minimum. If rounding an order would cause this scenario, irebal rounds the buy down or the sell up instead. When rounding equity orders, buys will always be rounded down and sells will always be rounded up, based on the increments that you select. irebal is designed to round a buy down to 0 shares if the order amount is less than the price of one share. You can cancel buys of 0 shares on the Order blotter. If equity share rounding is set to Do not round, equity orders will still only be created in whole share numbers. irebal will not round a Sell all order type and will not round a sell up to a share amount greater than the account holds. TRADE MINIMUMS During rebalancing, irebal considers both fund-imposed buy minimums and your firm s selected buy and sell minimums. If a security has both a fund-imposed buy minimum and a minimum set by your firm (in $ and/or %), irebal is designed to consider the greater of the two and not calculate buys smaller than that amount. The Trade minimums set here will be applied by default to all securities, but can be overridden in the Security master or in a Security model for any specific security. Your firm s buy and sell minimums can be set as either a $ and/or a %. When setting the minimum as a %, irebal is designed to calculate the minimum based on the portfolio size. If both minimums are set for a security (the % and the $), irebal is designed to abide by the greater of the two tdainstitutional.com irebal on Veo User Guide

17 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key DIRECTED TRADING For the Adjust one security submission type, your equivalents and alternates will be considered if you toggle this global setting to yes. This means when you run a rebalance to adjust a security and it holds an equivalent in the portfolio, irebal will take this value into account when calculating trade amounts. In addition, irebal will apply your alternative securities, such as your buy minimum alternatives. TAXES AND FEES In this section you can tell irebal to avoid identifying sales that will create short-term gains or incur redemption penalties. Use the Stop sales within setting to tell irebal not to identify a sale of a security with a short-term gain that will transition to a long-term gain within a specified number of days. Depending on your Tax sensitivity setting, irebal helps you avoid short-term gains, but this setting can be used to create a hard restriction in certain circumstances. For example, let s say you have the number of days set to 30 and today is November 1, If an account is holding a tax lot that is currently at a gain and was purchased between November 1, 2015 and December 1, 2015, irebal is designed to not sell it because it will transition to a long-term gain within 30 days. Instead, irebal is designed to only consider it for selling after it has transitioned to a long-term gain in any subsequent rebalance. If you d like to completely restrict irebal from identifying an order that realizes a shortterm gain in a taxable account, set the number of days to 364 (or 365 for leap years). If you prefer to let your Tax sensitivity setting control the degree of short-term-gain avoidance without adding any hard restrictions, set this number to zero. The Stop sales with Redemption penalty fees setting tells irebal whether to avoid identifying sells for a mutual fund that may incur a redemption penalty. When set to Yes, irebal will check the Order blotter for any purchases of this fund in this account within the number of days set by the fund or custodian, which you can see in the Security master. irebal on Veo User Guide tdainstitutional.com

18 VERSUS PURCHASE INSTRUCTIONS When this option is set to Yes, irebal is designed to send specific lot relief instructions with all sells. This overrides the default account depletion method for the account in Veo. If this option is set to No, irebal is designed to continue to display its potential trades at the lot level, but those lot-level instructions will not be used. Instead, your regular account depletion method will be used. This means that the actual lots sold under your default depletion method may differ from irebal s. Note: Specific lot relief instructions will not be sent in the following scenarios: 1. Mutual fund sales done in dollars. If you want irebal to send versus purchase (VSP) instructions for these, you must edit the order on the Order blotter so it is sent in shares. 2. Mutual fund sales done in average cost accounts. The tax lot relief method for average cost lots must be first-in, first-out (FIFO) and cannot be changed to any other type. The Mutual fund transaction fees setting will determine whether mutual fund fees should be added to the gross trade amount or included in the net trade amount. This setting can be overridden for any individual order on the Order blotter. The Order authorization setting will determine whether orders are being done in a solicited or discretionary manner. This setting can be overridden for any individual order on the Order blotter tdainstitutional.com irebal on Veo User Guide

19 Sec 1: irebal user roles & global settings Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Notes: irebal on Veo User Guide tdainstitutional.com

20 Notes: tdainstitutional.com irebal on Veo User Guide

21 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key 2: Models & trading rules irebal on Veo User Guide tdainstitutional.com

22 Overview Two types of models can be created in irebal: Security models and Blended models. A Security model contains a list of securities with target allocations. If you want to create custom allocations while only managing security targets in a small number of core models, you can create a Blended model. A Blended model contains a list of security models with target allocations. Blended models automatically reflect changes made to the underlying security models. They are sometimes referred to as a Model of models. For more information on Blended models, refer to the section on Blended models beginning on page 31. Security models To create, view, or edit models: 1. Click the Create and configure tab. 2. Select Models. At the top of the model list, you ll see your default Rebalancing bands. As you enter targets for securities in your model, minimum and maximum Rebalancing bands will be calculated based on these default bands. Users with administrator permissions can change the default Rebalancing bands from here. The minimum and maximum Rebalancing bands that are calculated based on your defaults can be overridden for any security directly in the model tdainstitutional.com irebal on Veo User Guide

23 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Create or edit a security model The following is one method of creating a Security model: 1. Click the Create a model button from the model list. 2. In the Create a model window, leave the Security radio button selected and enter a name for your model. The model name must be unique. Tip - To copy a security model, export the model, change the model name on the spreadsheet to the new model name, and then import the new model. 3. You can choose to enter a description for the model; this is optional. 4. Click Continue. From the Security model detail screen, you can add securities and target weights either by selecting securities individually via the drop-down menu or by clicking Select from Security master and selecting multiple securities simultaneously from the Security master list. To add an allocation to cash or a sweep money market in your model, select the security that represents cash ($CASH) and add it to your model as a target security. Even if you don t target cash as part of your allocation, and you typically maintain a small amount of cash in accounts as a buffer or for ongoing cash flows, you ll likely want to enter a corresponding target to cash in your models for consistency. Importing security model targets irebal allows you to import model targets to create a new Security or Blended models or to change model allocations for an existing model. The model upload is done via a.csv file. To download a template from the irebal site: 1. Click Create and configure and select Models. 2. Click Import models. 3. Select Import security model or Import blended model. 4. Click Download template on the Import security models window. irebal on Veo User Guide tdainstitutional.com

24 IMPORTANT TIPS FOR CREATING YOUR.CSV FILE 1. You can optionally import rebalancing bands for your model targets. If you leave data in these columns blank, the global default for rebalancing bands will be used. 2. You must delete the worksheet header that contains instructions. After reading the instructions in the worksheet, select the header, right click, select Delete, and then select Shift cells up. 3. You should not change the column headers on the template. If you do, your import will fail. Tip - You can easily make changes across multiple models by first exporting multiple security models, making changes on the export, and then importing the.csv file. 4. If you re importing targets for an existing model, the model name should exactly match the model name in irebal, including spaces. 5. If a model name contained in the file does not match an existing model in irebal, it will be added as a new model. 6. Targets for a model must total 100%. If the targets don t total 100% for any model in the file, that model won t be uploaded. 7. Your.csv file can contain securities that aren t in the irebal Security master. If your file contains securities that are not in the Security master, irebal is designed to add them to the Security master upon your confirmation. You may also assign an asset category to these new securities during this step. 8. If you want to have a target for cash in your model, include the symbol for cash in your.csv file ($CASH). If your accounts typically have a cash minimum greater than zero, this is recommended for consistency. 9. You must save the file in.csv format, not in.xls format tdainstitutional.com irebal on Veo User Guide

25 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Activity: Create models 1. Create a model for testing purposes: The model should include an allocation to $CASH. Answers for this activity can be found on page 137. Select other securities from your irebal Security master. Targets for securities should add up to 100%. 2. Import a model for testing purposes using one of the following methods: Download the irebal template to be used for import. Export at least one security model from your list of models in irebal, modify the file, and import the new model. 3. Delete one of the models you created for testing. irebal on Veo User Guide tdainstitutional.com

26 Model Targets and Bands To add targets for securities in your model, click the Target field and enter a percentage from zero to 100. You can enter a percentage with up to one decimal. If you enter a percentage beyond one decimal, irebal will round to the nearest tenth of a percent. As you build your model, irebal is designed to add the targets so you can verify that your model targets total 100%. You won t be able to save a model that is already assigned to a portfolio if its allocations doesn t total 100%. When securities are added to a model, they ll automatically use your default Rebalancing bands for minimum and maximum percent. During rebalancing, irebal will consider any security within a portfolio whose percentage is outside of this range as out-of-band and requiring correction. To override the minimum percent and maximum percent for any security in the model, unclick the Use default checkbox and enter new values. The minimum band must be less than or equal to the security s target percentage and the maximum band must be greater than or equal to the security s target percentage. Model Trading Rules When securities are added to a model, their Trading rules will default to the advisorset trading rules listed for that security in the Security master. These rules include trade minimums, tax efficiency, equivalents, and restrictions. To override the Trading rules for any security in the model, unclick the Use Security master checkbox and enter new values. When you unclick this checkbox, all of the trading rules for this security in this model will now be managed directly in the model s settings. If you change one of these Trading rules in the Security master, that change will not be used in this model unless you subsequently reselect the Use Security master checkbox for the security in this model. You should review all of the Trading rules for securities in your model to make sure they reflect the values you want tdainstitutional.com irebal on Veo User Guide

27 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key The following trading rules are available: TRADE MINIMUMS AND TRADE MINIMUM ALTERNATES You can set buy and sell minimums as a $ amount or a %. If you set both, the greater of the two will be used. irebal is designed to calculate the % minimum as a % of the client portfolio. During rebalancing, irebal considers both fund-imposed buy minimums and buy and sell minimums set by the advisor. If a security has both fundimposed buy minimums and buy minimums that you ve set, irebal considers the greater of the two and is designed to not present potential buys that are smaller than that amount. For example, if the fund is imposing a $500 minimum and the advisor has set a $1,500 buy minimum, irebal is designed to consider $1,500 as the buy minimum and not present an $800 buy amount for this security. irebal also allows you to specify a Trade minimum alternate for any security. A Trade minimum alternate is a security that you re willing to buy in place of the security in your model when smaller trades are needed. When irebal presents a potential buy for either rebalance or cash investment purposes that don t meet the minimum for the security in your model, irebal will instead present a potential buy for the alternate security specified. If a Trade minimum alternate isn t specified, irebal is designed to present a potential buy because the buy minimum won t be satisfied. During rebalancing, if an account holds the Trade minimum alternate, that security held will be treated as equivalent to the security in your model. Similarly, irebal won t present a potential sell amount below the user-determined sell minimum. Additionally, irebal is designed not to leave an account holding less than the advisor-determined sell minimum because of a calculated sell. In this case, irebal is designed to generate a potential sell order for the entire holding. Tip - When a fund is listed in the irebal Security master, irebal displays and enforces minimums mandated by the fund for initial and subsequent purchases for either qualified or taxable account types. Any user who has Model and Security manager permissions can see the fund-imposed Minimums by clicking on a security and viewing the minimums section on the Security detail. Tip - If you want the trade minimums and/or the Trade minimum alternate to be the same across all models, then update the security s minimums and/or alternate in the Security master rather than in each individual model separately. LOCATION PREFERENCE The asset Location level is an advisor-driven setting used while rebalancing portfolios that contain a combination of taxable and qualified accounts. This setting is not relevant for firms that rebalance at the account level, where each account is managed as a distinct portfolio with its own model. Location Preference settings are advisor-driven settings used while rebalancing portfolios that contain a combination of taxable, qualified, and Roth accounts. These settings are not relevant for firms that rebalance at the account level, where each account is managed as a distinct portfolio with its own model. A Location level and Roth level can be selected for a security. irebal on Veo User Guide tdainstitutional.com

28 Positive numbers indicate a high tax impact and therefore a stronger preference to locate the security in a qualified account, while negative numbers indicate a low tax impact and therefore a stronger preference to locate the security in a taxable account. The asset Location level creates a relative ranking, with the securities having the highest absolute value receiving the greatest priority to be located into the preferred account type. When a rebalance runs, it will place buys of the security with the highest absolute value into the preferred account type first, and will continue placing buys in sequence based on this ranking, locating buys of securities with numbers nearest to zero last. The result is a greater chance of getting the securities marked nearest to negative 100 and positive 100 into the appropriate taxable or qualified accounts. During rebalancing, this process is also impacted by the presence of holdings of the security being purchased in the portfolio. If the existing holding is held in an account type that conflicts with the asset Location level specified for the security, the location decision will depend on the magnitude of the asset Location level. For securities with asset Location levels between negative 49 and positive 49, which is a lower degree of preference, irebal will always give priority to buying the security where the existing position is held even if it doesn t agree with the asset Location level s preference. For securities with asset Location levels at or between an absolute value of 50 to 100, irebal will give priority to buying in the preferred account type, even if it means buying the security in an account other than the one where the existing position of the security is held. Roth level is an advisor-driven setting that allows you to specify a Roth location preference, in addition to the current taxable vs non-taxable location preference. The Roth level is a number assigned to securities identifying a preference to be bought in a Roth account. Numbers may range from +100 to 0, with +100 representing greatest preference to locate into a Roth account relative to other securities with a lower Roth level. The ability to locate securities into the most preferable accounts according to these settings depends on the existence of excess cash or security sales in those accounts. As a result, buys may also be placed in less preferred accounts where cash is available tdainstitutional.com irebal on Veo User Guide

29 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key EXAMPLES OF LOCATION PREFERENCE SETTINGS 1. If a security s Location level is at or between negative 50 and negative 100, irebal will work in the following order until the entire buy amount for the security is located: First, irebal will search any taxable account that has an existing holding of the security. Then it will search any other taxable account. Tip - If you want the Location level to be the same for a given security across all models, then update the security s Location level in the Security master. irebal will then search any qualified account that has an existing holding of the security and, finally, in any other qualified account. 2. If a security s Location level is at or between positive 50 and 100, irebal will work in the following order until the entire buy amount for the security is located: First, irebal will search any qualified account that has an existing holding of the security. Then it will search any other qualified account. irebal will then search any taxable account that has an existing holding of the security and, finally, in any other taxable account. 3. If a security s Location level is at or between zero and negative 49, irebal will work in the following order: First, irebal will search any taxable account that has an existing holding of the security. Then it will search any qualified account that has an existing holding of the security. irebal will then search any other taxable account and, finally, in any other qualified account. 4. If a security s Location level is at or between zero and positive 49, irebal will work in the following order: First, irebal will search any qualified account that has an existing holding of the security. Then it will search any taxable account that has an existing holding of the security. irebal will then search any qualified account and, finally, in any other taxable account. irebal on Veo User Guide tdainstitutional.com

30 5. During rebalancing, securities with a defined Roth level have the highest priority of placement, and will be located first based on the securities with the highest Roth level value. In absence of a defined Roth level, irebal will locate securities based on Location level, and will not make a distinction between qualified and Roth accounts. TAX ALTERNATE irebal allows you to assign a Tax alternate security to any security in the Security master. This Tax alternate will be purchased instead of the model security if the purchase is located in a non-preferred account type. Tip - If you want a security s Tax alternate to be the same across all models, then update the security s alternate in the Security master. When an alternate security is selected, an alternate account type must also be selected. The account type determines the type of account in which you ll substitute the alternate security for the model security. For example, let s say you have LSSE in your model and you only want it purchased in qualified accounts. In taxable accounts, you want a muni bond purchased in place of LSSE. To have this happen, set the tax alternate security for LSSE as the bond of your preference and set the account type for the alternate bond as Taxable. Then if a buy of LSSE is ever located into a taxable account, irebal is designed to switch the trade to a Buy of the muni bond. Whenever a portfolio holds an alternate to a Model security, the holding will be considered equivalent to the model security. EQUIVALENTS During rebalancing, irebal considers securities that you specify as equivalent to model target securities. Using equivalents can prevent unnecessary transactions and taxable events because irebal won t calculate a sale of an equivalent security in order to purchase the comparable security listed in your model. For example, if you don t want to sell out of a client s existing holding (such as the gold index GOLD1) in order to buy into a similar model holding (such as the gold index GOLD2) then you should list GOLD1 as equivalent to GOLD2. During rebalancing, irebal will then consider the value of the client s holding of GOLD1 when calculating the allocation to your model position of GOLD2. irebal is designed to calculate a sale for some of the existing holding if it is greater than your maximum rebalancing band for GOLD2. irebal will still calculate a buy for model security GOLD2 not equivalent security GOLD1 when buys are necessary, such as when the total holding of the two securities is less than the minimum rebalancing band for GOLD2 unless you set the equivalent as an Alternate if Held tdainstitutional.com irebal on Veo User Guide

31 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Any security can have multiple equivalents. Also, securities that are listed as tax or trade minimum alternates are also automatically considered equivalent to the security for which they re being used as an alternate. It is important to note that Equivalencies will only be calculated during cash management, full rebalance, and single security adjust submissions. They won t be considered when running a tax harvest or security replace submission. It s also important to note that restrictions and minimums set for the model security won t be used for the equivalent security. For example, if you have GOLD2 listed as equivalent to GOLD1 and you set a restriction to never sell GOLD1 in the model, irebal will still consider its equivalent, GOLD2, sellable. To restrict the equivalent security, you must specify a restriction for it directly in the portfolio or in the Security master. ALTERNATE IF HELD You can mark any equivalent as an Alternate if Held. Alt if Held securities are those you d like to buy instead of the model target security when the Alt if Held is already in the account. If you specify multiple alternates, irebal will purchase whichever one there s more of in the account. Tip - If you want a security s equivalents to be the same across all models, then update the security s equivalents in the Security master. Tip - When a fund closes, list it as an Alternate if Held for the new fund in the model. Then irebal is designed to continue to calculate buys for the closed fund for clients who already own it. CUSTOM CATEGORY EQUIVALENTS You can set all securities with a specific custom category as equivalents to each other. This is common for users that use a top-down approach, looking to rebalance at category/class level. By specifying a custom category as an equivalent, irebal will consider any security that is assigned to the custom category as an equivalent security. Please note that custom category equivalents cannot be marked Alt if Held. IMPORT EQUIVALENTS AT THE SECURITY MASTER You can import equivalency rules for both security equivalents and custom category equivalents at the Security master, rather than manually adding equivalents individually. To import equivalents to the Security master, download the template and follow the formatting instructions. RESTRICTIONS You can set restrictions on individual securities, which irebal will reference during rebalancing. These restrictions are Never Sell, Never Buy, Never Buy and Never Sell, Exclude, and No Restriction. irebal on Veo User Guide tdainstitutional.com

32 When the Never Sell restriction is applied, holdings of the security will be counted toward the portfolio s allocation but will never be sold in the rebalancing process. When you select a Never Buy or a Never Buy and Never Sell restriction, you must specify an alternate action for irebal to take. You can instruct irebal to leave the model allocation for that security in cash, prorate it to the other non-restricted securities in the model, or you can specify an alternate security. When the Exclude restriction is applied, holdings of the security won t be counted toward the portfolio s allocation and won t be sold. The portfolio valuation and targets for all other securities will be based on the portfolio s value excluding this security. Restrictions can be set at the Security master, Model, or Portfolio level. Use the No restriction setting to override restrictions set at lower levels. irebal will first search the Security master, then the Model, then the Portfolio settings. For example, if there is a restriction set within the Security master and the Model is set to No Restriction for this security, irebal will ignore the restriction in the Security master for this Model. Similarly, if there is a restriction set within the Model and an individual Portfolio is set to No restriction for this security, irebal will ignore the restriction in the model. Replace Securities across Security Models irebal provides a shortcut to quickly replace one security with another across multiple security models: 1. Identify the models that hold the security you wish to replace. An easy way to do this is to filter for models containing the component security you wish to replace. 2. Select the models where you would like the replacement to occur and click the Replace security button at the bottom of the page. 3. In the Replace a security window, select the security you d like to replace and the replacement security from the dropdown menus. Then click Replace security. irebal is designed to replace the old security with the new security you re selected. The new security will inherit the same target and Rebalancing bands that the replaced security had within each model. The Trading rules for the new security within each model will be defaulted to the rules listed in the Security master for the new security. If any model that you selected already holds the new security, the existing target and the target for the replaced security within the model will be added together to determine the new, aggregate target to the replacement security. Rebalancing bands will also be added together to determine the new minimum and maximum percent tdainstitutional.com irebal on Veo User Guide

33 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Activity: Edit model trading rules SCENARIO 1: A fund held in one of your models has closed, meaning that you cannot purchase any more of it in your clients accounts. You ve decided to buy a new fund in its place moving forward, but you don t want to sell out of the old fund just to buy the new one for existing clients. What should you do to configure this behavior in irebal? Answers for this activity can be found on page 138. SCENARIO 2: You have a security in one of your models that you consider to have a very high tax impact, so you want to instruct irebal to locate that security in qualified accounts. When rebalancing a taxable account, you would like to instead buy an alternate security with what you consider to be a low tax impact to fill that part of the allocation. What should you do to configure this behavior in irebal? Blended Model A Blended model contains a list of security models with target allocations. Blended models automatically reflect changes made to the underlying security models, allowing you to create custom allocations while only managing security targets in a small number of core models. A Blended model is sometimes referred to as a Model of models. CREATE OR EDIT A BLENDED MODEL To create a Blended model: 1. Click Create a model. 2. Select the Blended model radio button and enter a name for your model. The model name must be unique. 3. You can choose to enter a description for the model. 4. Click Continue. 5. From the Blended model detail screen, add the security models that you would like to include as part of this Blended model by selecting the security models from the drop-down menu. irebal on Veo User Guide tdainstitutional.com

34 BLENDED MODEL ALLOCATIONS MODEL TARGETS AND SECURITY-WEIGHTED TARGETS To add targets for the security models within a Blended model, click the Target field and enter a percentage from zero to 100. You can enter a percentage with up to one decimal. If you enter a percentage beyond one decimal, irebal will round to the nearest tenth of a percent. As you build your model, irebal is designed to add the targets. This helps you ensure that your model targets total 100%. You won t be able to save a model that s already assigned to a portfolio if its allocations don t total 100%. As you enter target allocations for security models, irebal will calculate weighted targets for the underlying securities. The Target of the security model will be multiplied by the target of the securities within the security model to determine the weighted target. For example, if a security model has a 50% weight in a Blended model and a security within that Security model has a 30% target, that security will have a 15% weighted target in the Blended model. You can see the weighted target for each security by expanding the Security model. Note that these weighted targets are based on the current allocations in the underlying security models. If you subsequently change any of the underlying security model targets, the Blended model will automatically inherit those changes and update its weighted-security targets tdainstitutional.com irebal on Veo User Guide

35 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key BLENDED MODEL ALLOCATIONS REBALANCING BANDS AND TRADING RULES irebal will also calculate the Rebalancing bands or minimum and maximum percent to be used for each security in the Blended model. This is done in the same way as the weighted target calculations: by using the advisor-set minimum and maximum percent from the underlying security model multiplied by the target percent assigned to this Security model within the Blended model. irebal will also use the advisor-set security trading rules from the underlying security models for Blended model allocations. You can see a list of the individual securities, their minimum and maximum percentages, and trading rules in the Security allocation section for the Blended model. If any security is being used as a target in more than one Security model targeted in the Blended model, irebal is designed to total the weighted targets and bands for the security and use those totals as the target and bands for the Blended model. If there s a conflict among trading rules for the same security, irebal will default to using the Trading rule listed for the security in the Security master. For example, LSSE has a $500 sell minimum in the Security master. In a sample Blended model, there are two security models with targets to LSSE. One of the security models has a $200 sell minimum for LSSE and the other has a $1,000 sell minimum for LSSE. irebal is designed to detect the mismatch and use the Security master s $500 sell minimum for LSSE when rebalancing to this Blended model. When this conflict arises, you ll see a warning on the security within the Blended model in the Security allocations section. Activity: Blended model weights CALCULATING BLENDED MODEL WEIGHTS A Blended model has two security models both with 50% target weights. One of the security models has four securities with even distributions of 25% apiece. What will the target weight for each of these securities be within the Blended model? Answers for this activity can be found on page 139. irebal on Veo User Guide tdainstitutional.com

36 MODEL MARKET CENTER Model Market Center provides access to a vast selection of third-party models and is designed for advisors looking for ways to potentially reduce costs while still retaining investment management fiduciary control and responsibility, flexibility, and trading discretion. You can access Model Market Center through the models inventory page. There will be two tabs available. The first is the Models in Use tab, which is your inventory of models. The second is the Model Market Center tab. Clicking on this tab will launch the Model Market Center and will display a list of models by well-known asset managers, along with characteristics of each to help you shop for strategies that meet your client s needs. You can use filters to find the models you might be interested in, based on things like a specific risk category or a specific asset class. To view more details about a particular model, click on the model name hyperlink. The Manager Model Detail screen provides an overview of the model and is complete with marketing materials, commentary and/or prospectus. You can enter notes, which will be stored with the model. A list of the securities comprising the model will be available. Note: You will only be able to view the Target % weightings after subscribing to the model. To subscribe to the model, click the Subscribe to model button. After subscribing, the manager model will be listed on the Models in Use tab in irebal, idenfied by the green check mark under the subscribed column. Clicking on the model allows you to customize the trading rules for a subscribed to model to accommodate specific client needs. Whenever you log in to irebal, alerts will let you know if the model provider has made any changes to their target allocations so you can take action as you wish. You can click the red envelope in the Models in Use inventory to view changes. Additionally, within irebal you can create blended models using both a subscribed to model and any other security model listed in your model inventory. To unsubscribe to a Model Market Center model, ensure that no portfolios are assigned to the model and then use the delete function at the bottom of the Models in Use inventory page. Material made available through the Model Market Center is provided by third-party Model Managers who are separate from and unaffiliated with TD Ameritrade. TD Ameritrade has not paid for or been involved in the preparation of the content, and has not verified, endorsed or approved the content. TD Ameritrade assumes no responsibility for any fact, recommendation, opinion or advice contained in any such model portfolio or materials and expressly disclaims any responsibility for any investment decisions or for the suitability of any security or transaction based on it tdainstitutional.com irebal on Veo User Guide

37 Sec 1 Sec 2: Models & trading rules Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Model Market Center is an offering of TD Ameritrade, Inc. Registered Investment Advisor (RIA) that leverages irebal on Veo technology to provide independent RIAs access to model portfolios provided by third-party asset managers. Model history Each model retains an audit history of changes made to it. To view this audit history: 1. Click Create and configure. 2. Select Models. 3. Click the model name. 4. Click the View history link in the header of the Model detail screen. This will open a Model history window that displays all the changes made to the model since its creation, including the date and time the change was made and the user who made the change. Asset category pie chart If you re using the asset category classification in irebal, you can see the composition of this Blended model based on category. irebal is designed to assign a color to each category within the model. To see the composition of this Blended model by category, select the Asset pie chart radio button in the Security allocations section. Assigning models to portfolios A model must be assigned to a portfolio in order for the portfolio to be fully rebalanced or analyzed in cash rebalance types. This assignment can be done manually or via an upload on the portfolios page. Portfolios can only be assigned to complete models. Complete models are models whose targets add up to 100%. If targets do not add up to 100%, the model will be considered incomplete. The irebal home page is designed to display reminders about any incomplete models. Activity: Model History LOOK AT MODEL HISTORY When was your test Security model last changed and by whom? What did the user change? Answers for this activity can be found on page 139. irebal on Veo User Guide tdainstitutional.com

38 Notes: tdainstitutional.com irebal on Veo User Guide

39 Sec 1 Sec 2 Sec 3: Create & configure: portfolios Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key 3: Create & configure: portfolios irebal on Veo User Guide tdainstitutional.com

40 Creating portfolios Accounts must be assigned to an irebal Portfolio before they can be included in any rebalance. A Portfolio can contain one or multiple accounts for an individual client or family and will be rebalanced together against a single model. Any user with access to irebal can create a Portfolio using the list of accounts that he or she currently has access to in Veo. There are several methods of creating portfolios. Pick the workflow that s right for you based on whether you re rebalancing at the household level or at the individual account level. CREATING HOUSEHOLD-LEVEL PORTFOLIOS Follow these steps to manually create an irebal portfolio containing more than one client account. (Note: Accounts that are in the same irebal portfolio will be rebalanced as a single, aggregate entity against a model. Only accounts belonging to the same client or family should be included in the same portfolio.) 1. Navigate to Create and configure. 2. Click Portfolios. 3. Click Create a portfolio. Tip - Follow these steps to create multiple irebal portfolios at once: 1. Navigate to Create and configure. 2. Click Accounts. 3. Click the Unassigned accounts tab. 4. Click the Import accounts to portfolio assignments. 5. Download the template. 6. Fill in the template with the new portfolio name and the account numbers to assign. To create multiple account portfolios, list the portfolio name on each row with the corresponding account number. 7. Upload the.csv file. 4. Give the portfolio a name. This is typically the name of the individual or client family. 5. Select the accounts you want to include in this portfolio from the list of the accounts you have access to on Veo. You can easily find the accounts by clicking Show filters and filtering by account number, account name, or rep code. You can also create portfolios by first going to the unassigned accounts list and then filtering or searching by name, account number, or rep code. Then select the accounts you wish to add to a portfolio and click the Assign selections to irebal portfolio button tdainstitutional.com irebal on Veo User Guide

41 Sec 1 Sec 2 Sec 3: Create & configure: portfolios Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key CREATING INDIVIDUAL-ACCOUNT PORTFOLIOS Follow these steps to create irebal portfolios containing only one client account. When you re rebalancing each individual client account against a model, this method should be used. You can create multiple irebal portfolios at once using this method. 1. Navigate to Create and configure. 2. Click Accounts. Tip - Selecting a large number of accounts and assigning them to portfolios may take some time to process. If applicable, consider assigning 300 to 500 accounts to portfolios at a time. 3. Click the Unassigned accounts tab. 4. Select the accounts you want to assign to irebal portfolios. 5. Click the Assign each selection to its own portfolio button. In this individual account workflow, irebal is designed to name each portfolio using the account name and account number. IMPORT ACCOUNT TO PORTFOLIO ASSIGNMENT If you plan to use household portfolios, you can use the Import account to portfolio assignments feature to create several household portfolios simultaneously. An import template will be provided for download with formatting instructions. ASSIGNED ACCOUNTS HOLDINGS When assigning an account or group of accounts to portfolios, you will be presented with a consolidated list of securities held in the selected accounts. You may choose to add these securities in your irebal Security master now by leaving the checkboxes selected. If you don t want to add these securities, unselect the checkboxes. Securities held in your accounts when your irebal environment is initially enabled will automatically be added to your Security master so they don t have to be added later but can always be deleted if desired. Securities in your Security master can be used as model targets and can have Trading rules applied to them such as trade minimums and restrictions. You can assign asset categories assigned to securities during this step. Securities not in your Security master can t be used as model targets and will potentially be presented for sale during rebalancing. irebal on Veo User Guide tdainstitutional.com

42 If you don t add these securities in your Security master now, you can add them at a later time. When you re done with this step, you will be given the option of navigating to the portfolio s detail page to configure the portfolio s settings. Activity: Create Portfolios 1. Depending on whether you re rebalancing at the household level or the single-account level, follow the steps above to create five portfolios. 2. Answer the following questions: Were any new securities added to your Security master? Answers for this activity can be found on page 140. How many accounts in your environment can now be included in a rebalance? Portfolio settings irebal has settings you may choose to help you customize each unique portfolio Some Portfolio settings will impact irebal s processing and potential trades presented such as the settings for the portfolio s associated model and accounts, security restrictions, and scheduled rebalances. Other settings will help you organize your portfolios, including the settings for a portfolio s Custom category and Portfolio notes. Viewing and Editing Portfolio Settings PORTFOLIO LIST All portfolio settings, with the exception of portfolio name and portfolio notes, can be viewed and edited directly from the Portfolio list. To access the Portfolio list, click the Create and configure tab and select Portfolios. The following columns are available on the Portfolio list: Portfolio status: The Portfolio status column helps you identify portfolios that are in an incomplete or unauthorized state tdainstitutional.com irebal on Veo User Guide

43 Sec 1 Sec 2 Sec 3: Create & configure: portfolios Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Incomplete portfolios are ones that do not have an assigned model or they do not have any assigned accounts. When a portfolio doesn t have an assigned model, you cannot successfully process any cash rebalances or full rebalances on incomplete portfolios. However, you can run Directed trade rebalance types such as tax loss harvesting. When a portfolio doesn t have any assigned accounts, you cannot successfully process any rebalance types for it. You can assign accounts and/or a model to a portfolio to resolve the incomplete status. Unauthorized status means that your firm s administrative user hasn t given you access to at least one account in the portfolio. This happens infrequently, but if it does, you must remove the unauthorized accounts from the portfolio before you can edit the portfolio s settings or rebalance the portfolio. The Accounts quantity column displays the number of accounts that are currently assigned to a portfolio. You may add accounts to a portfolio from here. The Model column displays the portfolio s associated model. When rebalancing, target allocations and trading rules specified in this Model are used. You may add or change the model association from here. Restrictions quantity displays the number of portfolio-specific restrictions. Any security or category restrictions shown or added here will override those set in the portfolio s associated model. Along with adding restrictions, you can also remove them from here. Restrictions can be set on individual securities or categories of securities. You can set three types of restrictions, which will be referenced during rebalancing. These restrictions are Never Buy, Never Sell, Never Buy and Never Sell, Exclude, and No Restriction. When the Never Sell restriction is applied, holdings of the security will be counted toward the portfolio s allocation, but shouldn t be calculated for sale in the rebalancing process When the Never Buy restriction is applied and the security is being used as a model target in the portfolio s model, irebal is designed to avoid calculating a buy for the restricted security/ ies and to instead take the alternate action specified on the restriction. Alternate actions include leaving the model allocation for the restricted security/ies in cash, pro-rating the % to the non-restricted securities in the model, or buying an alternate security. When the Never Buy and Never Sell restriction is entered, both rules listed above are applied. When the Exclude restriction is applied, holdings of the security won t be counted toward the portfolio s allocation and won t be considered for sale. The portfolio valuation and targets for all other securities will be based on the portfolio s value excluding this security. irebal on Veo User Guide tdainstitutional.com

44 When the security has No Restriction in this portfolio, any restriction listed for this security in the portfolio s model or in the Security master will not be applied for this portfolio. The portfolio Custom category column can be used to organize portfolios in your own way. Only administrators may change the name of this field from the Global Settings. However, any irebal user may add new values and assign category values to portfolios. The Scheduled rebalances columns show you the number of scheduled rebalances for this portfolio. You can also see the name of the rebalance and the next date when it s scheduled to occur. If the portfolio was included by being individually selected, you may use the Scheduled rebalances fields to remove the portfolio from the rebalance. If the portfolio was included in a rebalance via auto-filter (indicated by the lightning bolt icon), the matching criteria on the portfolio must be changed or the criteria within the scheduled rebalance must be changed in order to remove the portfolio from the scheduled rebalance. You may click the scheduled rebalance name to view and edit its settings. Last rebalance result provides a link to the portfolio s most recent rebalance result tdainstitutional.com irebal on Veo User Guide

45 Sec 1 Sec 2 Sec 3: Create & configure: portfolios Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key EXPORT PORTFOLIO LIST All portfolio settings, with the exception of portfolio notes, can be exported from irebal from the Portfolio list. Select the portfolios you want to export and click Export Portfolios. You can either export the portfolios model and category or all portfolio details. PORTFOLIO DETAIL SCREEN Tip - Use the Portfolio notes to remind you to check clientspecific preferences. Use this, for example, if a client requests a phone call before trading. Portfolio notes never expire. Clicking on the portfolio name from the portfolio list will bring you to the detail screen. The detail screen will show you the same settings that are available on the portfolio list, plus this additional information: Portfolio name is the name assigned to the portfolio. You may change the Portfolio name in the Portfolio detail screen by clicking the Edit link in the page header. Created identifies the date the portfolio was created in irebal. Last edited identifies the date the portfolio settings were last edited by a user in your environment. Market value shows the beginning-of-day market value for the portfolio and reflects a sum of all of the portfolio s assigned account values. Portfolio notes help you keep track of important items about a client s portfolio. You may set the priority of notes or archive notes that are no longer relevant. To help ensure that the user approving the trades is aware of high-priority items, any highpriority note will trigger the display of a warning whenever a user approves orders for the portfolio. irebal on Veo User Guide tdainstitutional.com

46 Editing Multiple Portfolios IMPORTING MODEL ASSIGNMENTS irebal allows you to import model assignments for your client portfolios using a.csv file. A template can be downloaded from the irebal site: 1. Click Create and configure. 2. Click Portfolios. 3. Click Import model assignments. Tip - You can easily create the upload file by exporting current model assignments from irebal in the same format. Select all portfolios, export model assignments, change model assignments on the.csv, and then import the edited file. 4. Click Download template. You can also export the model assignments for existing portfolios, add, or change the models of the exported portfolios, and import this file. There are some things that you should remember when creating your.csv file: 1. You shouldn t change the column headers on the template. 2. The portfolio name and model name must be exactly as they appear in irebal, including spaces. If a portfolio name or model name contained in the file doesn t match a portfolio or model in your environment, the record won t be imported. Portfolios can only be assigned to complete models. A complete model is a model that contains target allocations that add up to 100%. If your file contains a portfolio assignment to an incomplete model, the record will not be imported. To upload your saved.csv file: 1. Click the Create and configure tab. 2. Select Portfolios. 3. Click Import Model assignments and then click Browse. 4. Locate the file on your hard drive and click Continue tdainstitutional.com irebal on Veo User Guide

47 Sec 1 Sec 2 Sec 3: Create & configure: portfolios Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key EDITING PORTFOLIO SETTINGS FOR MULTIPLE PORTFOLIOS You can edit the Portfolio model or the portfolio Custom category for multiple portfolios at once. To do this: 1. Select the portfolios you want to edit. 2. Click Edit selections. 3. Edit the Model or the Custom category to the new value. 4. Click Save. Activity: Edit Portfolios 1. Assign a model to three of your portfolios. 2. Change the name of one of your portfolios. Answers for this activity can be found on page Answer the following questions: Why are some portfolios in an Incomplete state? Which portfolio in your environment has the highest market value? irebal on Veo User Guide tdainstitutional.com

48 Notes: tdainstitutional.com irebal on Veo User Guide

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51 Sec 1 Sec 2 Sec 3 Sec 4: Accounts & account settings Sec 5 Sec 6 Sec 7 Glossary Answer Key 4: Accounts & account settings irebal on Veo User Guide tdainstitutional.com

52 Assigned accounts Accounts must be assigned to an irebal portfolio before they can be included in any rebalance. For information on Assigning accounts to portfolios, please review the Portfolios section beginning on page 59. Assigned accounts are accounts that you have access to in Veo and are assigned to irebal portfolios, making them available for rebalancing. You can view this list by clicking the Create and configure tab and selecting Accounts. The Assigned accounts list gives you some important information about your clients accounts and allows you to edit irebal settings that will impact rebalancing. The following account information is available on the Assigned accounts list and can t be edited in irebal: Account number, which displays the TD Ameritrade Institutional account number. Account name, which displays the name of the account as shown in Veo. You may edit the displayed account name in Veo. This will also update the displayed name in irebal. Type, which displays the type of account for this client such as IRA, individual, or trust. Market value, which reflects the start-of-day account balance from Veo. Taxability, which reflects the tax status of the account (Taxable or Qualified). irebal sets the tax status according to the account type. Gain and loss amounts won t be calculated during rebalancing for qualified accounts. Advisor, which displays the rep code that is assigned to the account in Veo tdainstitutional.com irebal on Veo User Guide

53 Sec 1 Sec 2 Sec 3 Sec 4: Accounts & account settings Sec 5 Sec 6 Sec 7 Glossary Answer Key Assigned account settings The following settings are available on the Assigned accounts. They can be edited by any user who has irebal access and is authorized to view a particular account. Editing these settings will impact rebalancing. These settings include: Assigned to portfolio Treat as SMA Tip - You can place trades On hold in the irebal Order blotter if you need to wait for an SMA transfer to complete before using that cash for other purchases. Frozen Dividend and capital gains reinvestment Maintained cash Set-aside cash ASSIGNED TO PORTFOLIO This displays the irebal portfolio to which an account is assigned. Clicking the portfolio name will take you to the Portfolio detail page. TREAT AS SMA This setting allows you to specify an account as a separately managed account or SMA. This setting will only be visible if you have the Allow use of SMAs setting turned on in Global Settings. An SMA is an account that is managed outside of irebal, typically by a third-party manager. irebal is designed to roll up a designated SMA account s holdings and treat them like a single position in the portfolio, similar to a mutual fund or an ETF. This allows you to rebalance the allocation to the SMA as part of the overall portfolio and leaves the trading within the SMA account to the thirdparty manager. An irebal portfolio with an SMA must have at least two accounts: the SMA account and a funding account. The funding account will be treated as if it holds the SMA security. irebal is designed to present possible sells in the funding account to make cash available when buys of the SMA security are needed. When an SMA security is overweight or requires reduction, irebal is designed to present a possible sell of the SMA security and assume that the cash will move to the funding account, potentially using that cash to buy other securities in the funding account. You must ensure that the cash transferred out of an SMA has settled into the funding account before placing the corresponding buys. If you need to wait for an SMA transfer to complete, you can place trades On hold in the irebal Order blotter. irebal on Veo User Guide tdainstitutional.com

54 You must set the SMA symbol and Funding account fields for an SMA account in irebal, and the SMA security must be set up in your irebal Security master before the account is marked as an SMA. irebal will calculate sells in the funding account to make cash available when buys of the SMA security are needed. When an SMA security is overweight or above band, irebal is designed to generate potential sell orders of the SMA security, potentially using the cash to buy other securities in the funding account. Users are responsible for ensuring that the cash transferred out of an SMA has settled into the funding account before placing the corresponding buys. FROZEN irebal allows you to mark accounts that are assigned to a portfolio as Frozen. When an account is Frozen, its holdings will still count toward the portfolio s allocation during rebalancing, but buys and sells will not be presented in the account. REINVESTMENTS When you assign accounts to a portfolio, they will inherit your Global Settings for Reinvestment of dividends and capital gains. However, you can edit these settings for any account. The reinvestment selections you set in irebal will only be applied to new purchases of mutual funds submitted from irebal s Order Blotter. MAINTAINED CASH Maintained cash settings are available in the Assigned accounts list. When you assign accounts to a portfolio, they will inherit your Global Settings for cash minimum and cash target. Accounts that follow the Global Settings will be marked with a checkbox in the Use global column. However, you may edit these cash settings for any account and give the account a custom minimum and target cash percentage or dollar amount by clicking on the Edit icon. With Full rebalancing or Cash management rebalancing types, irebal seeks to ensure that an account maintains a cash amount within the account s minimum and target range. irebal will avoid calculating orders that will leave an account with a cash amount below its specified minimum. An account s cash target may be surpassed in some instances. For example, the portfolio s model might require a minimum cash amount that exceeds the account cash targets for its underlying accounts. Note: Cash earmarked in Veo as income cash will be seen in irebal as available cash. To restrict this cash, use the set-aside cash feature in the account level settings tdainstitutional.com irebal on Veo User Guide

55 Sec 1 Sec 2 Sec 3 Sec 4: Accounts & account settings Sec 5 Sec 6 Sec 7 Glossary Answer Key You can maintain a margin balance in an account through irebal. To do this, set the account s cash minimum and cash target range to a negative dollar amount. For example, if you want the account to maintain a $10,000-$15,000 margin loan, set the cash min to -$15,000 and the cash target to -$10,000. Note, however, in order to successfully rebalance the margin account, the model assigned to the account s portfolio cannot contain an allocation to cash ($CASH). Tip - Set-aside amounts and setaside schedules can be uploaded. SET-ASIDE CASH Set-aside cash reflects an amount of cash that you wish to hold aside for the account. It can be set as a percentage of the account s market value or as a dollar amount. Set-aside cash can be used to restrict irebal from using cash earmarked as income cash in Veo. When this setting is used, irebal is designed to keep the specified amount of cash in the account, excluding it from consideration when comparing the portfolio to its model. You can also create a schedule of various Set-aside cash amounts with a separate start date for each. This can be used for dollar cost averaging by setting decreasing amounts for an account over a period of time. Each subsequent set-aside amount will become active on its scheduled date, replacing the preceding amount. To end a Set-aside cash schedule, enter a setaside amount of zero when you want the account to be fully invested to its target cash range. On the Assigned accounts list, the current, active set-aside amount and the date of the next scheduled set-aside amount is displayed. To view the full set-aside schedule for the account, click the next scheduled amount or click the account number to go to the Account detail screen. irebal on Veo User Guide tdainstitutional.com

56 Editing Assigned Account Settings With the exception of the account s portfolio, all account settings can be edited directly on the Assigned accounts list or by clicking the account number to navigate to the Account detail page. The account s portfolio can be edited from the Account detail page by clicking on the account name and selecting a new portfolio from the drop-down menu. Some settings like the Frozen flag, Reinvestment options and Maintained cash can be edited for multiple accounts simultaneously. To do this, select the accounts, click Edit selections, and change the settings on the Edit multiple accounts screen. Import Cash Settings If you already have your account cash requirements in another system, you can quickly update them in irebal using a file import. This is done via a.csv file. To download irebal s template: 1. Click Create and configure. 2. Select Accounts. 3. Click Import cash settings. 4. Click Download template tdainstitutional.com irebal on Veo User Guide

57 Sec 1 Sec 2 Sec 3 Sec 4: Accounts & account settings Sec 5 Sec 6 Sec 7 Glossary Answer Key IMPORTANT TIPS FOR CREATING YOUR.CSV FILE There are some important things to remember when creating your.csv file: 1. You must delete the worksheet header that contains instructions. After reading the instructions in the worksheet, select the header, right click, select Delete, and then shift the cells up. 2. You should not change the column headers on the template. If you do, your import will fail. Tip - You can easily create the account cash import file by exporting the account cash settings in the same format, editing the settings on the exported file, and then importing the edited file. 3. Save the file in.csv format, not in Excel format. 4. The account number on the file must exactly match an account number from your Assigned accounts list in irebal. 5. Cash minimum should be less than or equal to cash target. 6. If a cash minimum is entered in the file, a cash target for the account must also be entered. 7. If you don t want to override the cash minimum or cash target on the account, leave these columns blank. If you do this, only Set-aside cash will be updated for the account. 8. If you don t want to override the Set-aside cash for accounts, leave those fields blank. If you do this, only the cash minimum and target will be updated. 9. If you want to import a Set-aside cash schedule, there should be one line item for each scheduled date. 10. If you don t follow all of these rules, the record will not be imported. irebal on Veo User Guide tdainstitutional.com

58 Export Cash Settings To export a list of all of your Assigned accounts and their cash settings: 1. Select the accounts you wish to export. 2. Click Export cash settings. This export will be in the same format needed to upload account cash settings, giving you easy-to-edit settings for multiple accounts. Activity: Edit Account Settings 1. Create the following Set-aside cash schedule for an account: The client requires $5,000 to be available for withdrawal on the 15th of the month for three months. Answers for this activity can be found on page On the fourth month, the client requires $10,000 to be available on the 15th for withdrawal. On the fifth month, and every month thereafter, the client doesn t require any cash for withdrawal. 2. Change the Maintained cash for an account An account should hold a minimum of $5,000 and has a cash target of $8,000. An account should hold a minimum of 2% and has a cash target of 5%. 3. Scenario Your client has requested that you not trade in his or her taxable account because of some pending decisions. His or her qualified accounts are still available for trading. What would you do in irebal to enforce this? tdainstitutional.com irebal on Veo User Guide

59 Sec 1 Sec 2 Sec 3 Sec 4: Accounts & account settings Sec 5 Sec 6 Sec 7 Glossary Answer Key Notes: irebal on Veo User Guide tdainstitutional.com

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61 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key 5: Rebalance portfolios irebal on Veo User Guide tdainstitutional.com

62 Overview irebal was designed to make rebalancing and portfolio management as easy and efficient for advisors as possible. Here s some general information about rebalances in irebal: AD HOC OR SCHEDULED Rebalancing can be done in an ad-hoc manner with an unscheduled request, or it can be scheduled to automatically scan portfolios for your various pre-determined items such as identifying cash needs, controlling allocation drift, and identifying possible tax harvesting opportunities. When using scheduled rebalances, you can request to be alerted in Veo or by when irebal has generated potential orders. Simply subscribe to the irebal alert in the Trading section of Veo alerts. ONE OR MULTIPLE PORTFOLIOS irebal enables you to rebalance any number of portfolios in one or more simple actions, regardless of each portfolio s model association. You can use any of the available rebalance types for one portfolio, a filtered set of portfolios matching specific criteria, or all portfolios in your environment. SELECTION OF REBALANCE TYPES Rebalancing can be used to perform a full portfolio review, cash management only, or to do more tactical operations such as across-the-board portfolio adjustments or tax loss harvesting. irebal even lets you manually create orders with a view into the potential impact of those orders on a portfolio. The different rebalancing types available are Fully rebalance cash and securities, Manage cash only, and Directed trading tdainstitutional.com irebal on Veo User Guide

63 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key Manage cash only allows you to: Generate and/or invest cash in accounts. Generate cash only by trading when cash is below the account s minimum. Invest cash only by trading when cash is above the account s target. Directed trading allows you to: Adjust one or multiple securities to its model or user-defined target percentages. Sleeve rebalancing can be accomplished by adjusting all securities following a specific security custom category back to its model target. Replace securities while controlling maximum gains for each client and investing into one or multiple replacements. Mutual fund swap and exchange orders can be created in this submission type. Tip - You control the emphasis placed on avoiding gains or capturing losses by using the Tax sensitivity setting in Global Settings. The higher you set this setting, the more likely irebal will be to present potential trades selling something other than the most overweight security cases where the gain/loss outcome is more desirable by doing so. Use customized rules for tax harvesting purposes in order to find and realize losses that meet your criteria, target a loss amount for each individual client, and invest the proceeds into temporary replacement holdings. Manually adjust portfolios. SELLING DURING REBALANCING Whenever irebal calculates sales in any rebalance type, an attempt will be made to select the tax lots of the position in the most tax-efficient manner that satisfies the rebalancing needs according to the advisor s settings. In other words, irebal is designed to select tax lots in order to minimize gains and maximize losses with added emphasis on short term lots. Tip - Use the Trade explanation field to enter notes about why the rebalance is being run. For example, changed client strategy or client requested a withdrawal. This will be a helpful guide when researching a portfolio s history. TRADE EXPLANATION All rebalance types provide a free-form text field for you to enter notes. These notes will remain on the portfolio result for every portfolio contained in the rebalance. You can also overwrite the trade explanation for any portfolio when reviewing the results of the rebalance. This is a useful tool for reviewing portfolio rebalance history. irebal on Veo User Guide tdainstitutional.com

64 Scheduling a Rebalance When do scheduled rebalances run? You control when scheduled rebalances are run for your portfolios. Scheduled rebalances typically run in the morning on each day after a trading day. This means that scheduled rebalancing typically runs on Tuesdays through Saturdays. If your selected date for a scheduled rebalance falls on a Sunday, Monday, or the day following a market holiday, the rebalance will be processed on the preceding processing day. For example, a rebalance scheduled for Monday will actually process on the preceding Saturday morning. It will be available for your review on Monday or sooner, if you choose. The overnight rebalance section of the irebal home page will show you the most recent rebalances. How frequently will a scheduled rebalance run? You control how often scheduled rebalances are run for your portfolios. When you choose to have a rebalance run Later, you will designate a frequency, start date, and end date in the Schedule section of the Create a scheduled rebalance screen. If you want a rebalance to run one time in the future, select One-time and the date in the future for which you want this rebalance to run. If you want a rebalance to recur at a specified frequency, select Recurring and then select Daily, Weekly, or Monthly tdainstitutional.com irebal on Veo User Guide

65 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key When using Daily, you can choose to process the rebalance every business day by entering 1. Or you may enter another number to process the rebalance less frequently. When you select Weekly, you can select the day of the week on which you want the rebalance to run. If you want the rebalance to process every week, enter 1. Or you may enter another number to process the rebalance less frequently. Your rebalance will be ready for your review on the morning of the day that you selected. When you select Monthly, you can select a day of the month on which you want the rebalance to run. If you select the 29th, 30th, or 31st of the month, and the rebalance is scheduled to run in a month that doesn t have that number of days, the rebalance will run on the last processing day of that month. You must also select a start date and may enter an end date for recurring rebalances. The rebalance will always run on the start date you enter or on the preceding processing date before your selected start date. You can select to have your recurring rebalance never end by selecting No end date. You can also have the rebalance end after a specified number of occurrences. Tip - Scheduled rebalancing provides you with a means to enforce discipline around consistent monitoring of your portfolios, but potential trades are only generated during these scheduled actions if called for based on your settings and a portfolio s current status. irebal is designed to process your portfolios through the desired rebalance at your defined intervals and create a record of that action each time, but you only receive an alert when trades are identified, and you always review and approve before any trades are executed. You ll be reminded in the alerts section of the irebal home page when any of your rebalances are about to expire. This alert will show for any rebalance that has only one remaining scheduled occurrence. Tip - If you want to schedule a rebalance to run quarterly, select Monthly as a frequency and enter 3 as the number of months. Similarly, if you want to schedule a rebalance to run twice a year, select Monthly as a frequency and enter 6 as the number of months. irebal on Veo User Guide tdainstitutional.com

66 Include Portfolios When running any type of rebalance, you can include any number of portfolios, each with different model associations. To include portfolios in an ad-hoc or a scheduled rebalance, you may do either of the following: Select the portfolios from the Portfolio list and then click Rebalance selections at the bottom of the page. Go to Rebalance portfolios and then to Create a rebalance. Then select the type of rebalance you want to process and whether you want this rebalance to run now for immediate results or schedule it for later. If you ve already selected portfolios from the Portfolio list, those portfolios will be shown in the Included portfolios section of the Create a rebalance screen. If you have not selected portfolios from the Portfolios page, or if you want to include more portfolios, you can add portfolios in one of three ways: 1. You can individually list portfolios by selecting them from the drop-down menu and clicking Add. 2. Or select multiple portfolios by clicking Select from portfolio list. This will load a window containing all of your irebal portfolios. Select the portfolios you would like to include. Note that you can filter within this window using portfolio name, model, or portfolio category tdainstitutional.com irebal on Veo User Guide

67 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key 3. You may also include portfolios using the Auto filter. The Auto filter includes portfolios that match all of your specified criteria. This is especially useful when you re scheduling a recurring rebalance, because irebal is designed to automatically pick up all portfolios that match the criteria each time the rebalance runs. To use the Auto filter, turn it On. The auto-filter criteria include Model, Custom category, and portfolio activity details. Model allows you to select only portfolios that have a specific model association, only portfolios that have no model, or all portfolios. Custom category allows you to select only portfolios that have a specific portfolio category, portfolios that are uncategorized, or all portfolios. Tip - If you want to make sure all of your portfolios are included in a periodic rebalance that you have set up, use the Auto filter and select All models or All categories. This will pick up all of your portfolios, even portfolios that are created after the rebalance was scheduled. Portfolio activity - Not rebalanced in number of days allows you to automatically pick up portfolios that haven t had this type of rebalance run in a specified number of days. For example, if you only want to run a full rebalance for portfolios that haven t had a full rebalance run in the last 30 days, enter 30 in the number of days. This helps you ensure that all portfolios are reviewed periodically. Or - Click the checkbox to only rebalance portfolios with assigned models that recently changed. If you enter only one criterion, the other ones that are not specified won t be applied. When done entering criteria, click Apply. irebal on Veo User Guide tdainstitutional.com

68 Fully Rebalance Cash and Securities A Full rebalance is a complete portfolio review that will check account cash and portfolio positions to ensure they fall within the ranges you defined in the model. A Full rebalance requires a model to be assigned to the portfolios being processed. It will honor advisor-set trading rules listed in the portfolio, in the assigned model, and in the Security master. If settings conflict, it will follow this order of priority: first the Portfolio, then the Model, and then the Security master. These rules include buy and sell minimums, location level, equivalents, alternates, and restrictions. irebal will also follow any Global Settings, such as avoiding redemption penalties, short-term gains, and ETF commissions. A Full rebalance looks at portfolio and account cash values after satisfying set-aside and extra cash requirements. It will correct cash that is outside of the defined range by proposing buys or sells in accounts and attempting to bring cash to target. It will create buys or sells in order to correct any out-of-band positions to target, while also considering equivalents and alternates. A Full rebalance also supports the generation of extra cash as well as full account liquidation tdainstitutional.com irebal on Veo User Guide

69 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key Manage Cash Only There are three Manage cash only rebalance types that evaluate account-level cash versus the cash minimum and cash target for each account in each included portfolio: Generate and/or invest cash, Generate cash only, and Invest cash only. These rebalance types will create potential orders as needed to bring account cash back into the acceptable cash range. They only identify orders when account cash is out of range and don t identify orders for the sole purpose of correcting other out-of-band securities. All Manage cash only rebalancing requires a model to be assigned to the portfolios being processed. These rebalance types will honor your selected trading rules listed on the portfolio, in the assigned model, and in the Security master, prioritized in that order when settings conflict. These advisor-selected rules include: buy and sell minimums, location level, equivalents, and alternates. They also follow your settings for avoiding redemption penalties, short-term gains, ETF commissions, and any security-specific restrictions listed in the model or portfolio. There are three sub-types available under Manage cash only, Generate and/or invest cash, Generate cash only, and Invest cash only. irebal on Veo User Guide tdainstitutional.com

70 GENERATE AND/OR INVEST CASH After satisfying set-aside and extra cash, the Generate and/or invest cash rebalance type looks at each account s cash value within an included portfolio, and compares it with the account s cash minimum and cash target. If cash for any account is below the cash minimum defined for the account, irebal will attempt to identify sells to bring cash to target. irebal is designed to consider two factors when identifying potential sells: tax lots for positions that are most overweight compared to model target, and tax lots with more-efficient tax consequences. You control the emphasis given to both of these factors using Tax sensitivity in Global Settings. If cash for any account is above the cash target defined for the account, cash will be invested by identifying potential buys. irebal identifies potential securities to buy by looking at positions that are underweight compared to the model target. If cash for any account is above the cash target defined for the account, potential buy orders will be identified to invest the excess cash. irebal is designed to look at positions that are underweight compared to the model target and identify those as potential buys. irebal will attempt to bring securities equally toward target, while minimizing trades when possible. When generating or investing cash for an account, irebal attempts to bring account cash to the account s cash target. If this will leave the portfolio cash value the sum of account-level cash outside of the minimum or maximum band defined for CASH in the portfolio s model, irebal is designed to adjust the cash correction in the account to keep the portfolio-level cash in line with the model range. irebal will not calculate orders that leave account-level cash below account cash minimum. Buys or sells may be identified for the sole purpose of bringing cash within range. This rebalance type also supports the generation of extra cash, set-aside cash, and account liquidation tdainstitutional.com irebal on Veo User Guide

71 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key GENERATE CASH ONLY After removing set-aside and extra cash, the Generate cash only rebalance type looks at each account s cash value within an included portfolio and compares it with each account s cash minimum. If cash for any account is below the cash minimum defined for the account, irebal will attempt to identify sells to bring cash to target. irebal is designed to consider two factors when identifying potential sells: tax lots for positions that are most overweight compared to model target, and tax lots with more-efficient tax consequences. You can control the emphasis given to both of these factors using the Tax sensitivity in Global Settings. When generating cash for an account, irebal attempts to bring account cash to the account s cash target. If this leaves the portfolio cash value above the maximum band defined for CASH in the portfolio s model, irebal is designed to identify potential trades that will adjust the cash generation amount for the account toward account cash minimum. irebal won t violate the specified account cash minimum. irebal won t create buys in this rebalance type. This rebalance type also supports the generation of extra cash, set-aside cash, and account liquidation. INVEST CASH ONLY After removing set-aside cash, the Invest cash only rebalance type looks at each account cash value within an included portfolio and compares it with the account s CASH target. If cash for any account is above target, the excess cash will be invested in the account to bring cash to target. If this will leave the portfolio cash value below the minimum band defined for cash in the portfolio s model, irebal will adjust the cash invest amount or will eliminate the invest amount in an attempt to keep the portfolio cash value in range. irebal will not create sells in this rebalance type. irebal on Veo User Guide tdainstitutional.com

72 Extra Cash and Liquidate The Full rebalance, Generate cash, and Generate and/or invest cash rebalance types support one-time requests for full-account liquidation, or a specific amount of extra cash for immediate withdrawal, or other needs. It is important to remember that these specific advisor-driven settings will only be used once for this rebalance only. irebal is designed to generate potential sales to accommodate these requests, but if the cash isn t removed before any subsequent rebalances, irebal will treat it as available cash and may use it to identify further purchases. You can set ongoing cash needs to be maintained across many rebalances in the account s settings under set-aside cash. For more information on setaside cash, see the tutorial on Accounts beginning on page 142. When liquidation of an account is requested during rebalance setup, irebal is designed to ignore any stated restrictions or trading rules in the model or the portfolio, and identify sell orders for all holdings in the account. It will also identify potential sell orders for excluded positions. 1. To enter an extra cash amount or to mark an account for full liquidation, go to the Included portfolios section of the Create a rebalance screen and expand the portfolio containing the account that you want liquidate or add extra cash to. 2. To enter an extra cash amount, enter the amount in dollars in the Extra cash column. 3. To mark an account for liquidation, click the checkbox in the Liquidate column tdainstitutional.com irebal on Veo User Guide

73 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key Extra cash can also be imported to the rebalance for multiple accounts simultaneously. This can allow you to process your management fees more efficiently for accounts that will be included in the rebalance. You ll be able to manage your client accounts to your model and potentially not have to keep additional cash on the sidelines for the purposes of fee distribution. If these amounts are available for export from your portfolio accounting system, you can import extra cash following these steps: 1. Click the Import extra cash settings button. Then download the.csv template. 2. Fill in the template, including two columns named Account number and Extra cash amount. 3. Save the file to your computer as a.csv file. Tip - If you re calculating upcoming withdrawals or other one-time cash needs using another system like a portfolio management system, you can export and import those cash amounts, using irebal s Extra cash feature. This is a fast way to make sure that all of your accounts have the calculated cash amounts available on the fly. 4. Browse for the file and click Continue. irebal is designed to automatically include the portfolios containing these accounts in the rebalance, along with their extra cash amounts. You do not need to select these portfolios on the Create a rebalance screen before importing your file. Activity: Full and Cash Rebalancing 1. Scheduling scenarios: You d like to check accounts every day to make sure that any excess cash gets invested according to your maintained cash settings. What should you do? Answers for this activity can be found on page You d like to check accounts at the end of every week to make sure they have enough cash to accommodate upcoming cash needs based on your maintained cash settings. What should you do? 2. Full rebalancing scenarios If all of your positions are within their rebalancing band ranges but the account level cash is below its minimum, will a full rebalance generate potential orders? If all of your positions are outside their rebalancing band ranges but the account level cash is between its minimum and target, will a cash rebalance generate potential orders? irebal on Veo User Guide tdainstitutional.com

74 Directed Trading Directed trading rebalance types are designed to help you easily make tactical changes to all of your portfolios at once. Directed trading rebalance types don t require a model to be associated with a portfolio. All Directed trading types will consider set-aside cash as well as trading rules listed for the securities in the portfolio s model or in the portfolio settings. If the portfolio doesn t have a model associated, the rebalance will consider the trading rules listed in the Security master. These rules include buy and sell minimums and location level. They also include your settings for avoiding redemption penalties, short-term gains, and ETF commissions as well as any security-specific restrictions listed in the model or portfolio. Equivalents and alternates won t be considered during Directed trading. All Directed trading rebalancing types, with the exception of Manual adjustment, can be scheduled or can be run ad hoc. ADJUST ONE SECURITY The Adjust one security rebalance type allows you to quickly react to shifts in the market by making across-the-board changes to a specific holding in any number of portfolios. In this rebalance type, you can buy or sell a security to either a specified target or to each portfolio s model target for the security. In order to adjust a security to its model target, each included portfolio must be associated to a model. To process this rebalance type: 1. Select Directed trading and then choose Adjust one security from the dropdown menu on the Create a rebalance screen. 2. To choose the security, select from the Securities drop-down menu in your irebal Security master tdainstitutional.com irebal on Veo User Guide

75 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key 3. To control the orders that irebal may identify, select from the following transaction types: Either buys or sells to meet target, which will create potential buys or sells as needed based on each portfolio s holding relative to target. Buys only to meet target, which will only present possible buy orders for the security in portfolios where it is below the specified target. Sells only to meet target, which will only create potential sells for the security in portfolios where it is above the specified target. 4. You can either enter a specified target percentage of the portfolio or you can use each portfolio s model target for this security. If you select the portfolio s model target, included portfolios must have a model assigned. You can enter a specified target percentage by selecting Specify a target percentage and then entering a target from 0% to 100%. irebal will calculate the buy or sell of the total portfolio s value, less set-aside cash and any excluded holdings. 5. You can choose to allow irebal to create orders in taxable accounts, qualified accounts, or both. 6. You can determine whether irebal should buy using only cash above an account s cash target or an account s cash minimum. irebal on Veo User Guide tdainstitutional.com

76 HARVEST TAX LOSSES The Harvest tax losses rebalance type is designed to help you identify qualifying losses in your client s portfolios according to your settings, and to buy replacement securities for each security harvested. You can harvest all qualifying losses or enter a specific target loss amount per client portfolio. Sales will only be identified in taxable accounts when harvesting tax losses. To process this rebalance type: 1. Select Directed trading and then Harvest tax losses from the drop-down menu on the Create a rebalance screen. 2. Enter securities that you want to be harvested. irebal will only create potential sells for securities that are listed. To list securities for harvesting, you can enter the securities individually from the drop-down menu, you can select multiple or all securities from the Security master, or you can select from a previous tax harvest. 3. Select a loss detection level of either position or lot level. Select Position level if you only want to sell when an entire position in an account meets your loss thresholds. Select Lot level if you re willing to sell partial holdings in an account if only some lots of a holding meet your loss thresholds tdainstitutional.com irebal on Veo User Guide

77 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key 4. Enter loss thresholds per security. You can quickly enter the same percent and/or dollar amount for each security to be harvested by filling in the Harvest security settings and clicking Apply. You can further edit the thresholds for any individual security in the table. If you don t enter thresholds, irebal will consider any security or tax lot with a loss of any amount as eligible for sale. When using Lot level, any tax lot with a percentage loss meeting or exceeding your specified percentage loss threshold will be initially considered for sale. Once all qualifying lots of a holding in an account have been identified, those lots are only eligible for sale if the total loss for the order the sum of all qualifying lots also meets your dollar amount loss threshold for the security. When using Position level, any entire holding in an account with a total percentage and dollar loss exceeding your thresholds will be eligible for sale. 5. Enter a replacement security for each security to be harvested, or enter None (leave in cash). You can quickly enter the same replacement security for each security to be harvested by filling in the Harvest security setting for Replace with and clicking Apply. If the harvest security is sold, and a replacement security is listed, that replacement security will be purchased for the same amount of the sale. irebal is designed to automatically consider this replacement security as equivalent to the security sold if this portfolio is rebalanced in the next 30 days, avoiding identifying potential orders that would create a wash-sale concern. The Alerts section of the irebal home page will contain an alert 30 days after the harvest action, informing you that the wash-sale period has passed and that you might want to consider rebalancing to sell the replacement security and buy back into the security that was harvested. irebal on Veo User Guide tdainstitutional.com

78 You can also enter a Target loss amount per portfolio in the Included portfolios section, potentially allowing you to offset a specific gain for a client. If you don t enter a Target loss amount, irebal will simply identify all losses that meet your defined loss thresholds. When you re harvesting at the Position level, irebal will stop selling after it has sold the last necessary holding needed to satisfy the target loss amount that you ve specified for the portfolio specified. When you re harvesting at the Tax lot level, irebal will stop selling when the estimated portfolio loss amount exactly reaches your stated target. When using a Target loss amount, you must select a loss detection level from among four choices, allowing you to determine not only the amount but also the type of losses you are seeking. These choices include: Tip - By scheduling a Harvest tax losses rebalance type to run periodically, you can have irebal monitor throughout the year for losses that meet your thresholds and alert you when qualifying opportunities exist. Use all losses to minimize trades, prioritizing from the largest dollar loss first. With this choice, irebal is designed to identify the tax lot or the position with the largest loss first and will stop selling when the target is met in order to minimize the number of trades performed in the portfolio. If the target can t be met, all tax lots or positions with losses that meet your thresholds will be sold. Use short-term losses only to meet the target. With this choice, irebal will only identify tax lots or positions containing short-term losses, and will only count short-term losses toward the target. If the target can t be met, all tax lots or positions with short-term losses that meet your thresholds will be presented for potential sale. Use long-term losses only to meet the target. irebal will only identify tax lots or positions containing long-term losses, and will only count long-term losses toward the target. If the target can t be met, all tax lots or positions with longterm losses that meet your thresholds will be presented for potential sale. Use short-term, then long-term losses to meet the target. To meet the target, irebal will first identify tax lots or positions containing short-term losses and then will include tax lots or positions containing long-term losses. If the target cannot be met, all tax lots or positions with losses that meet your thresholds will be presented for potential sale tdainstitutional.com irebal on Veo User Guide

79 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key REPLACE SECURITIES Replace securities enables you to quickly react to changes in the market or apply your own fund preferences by making across-the-board changes to any number of portfolios. This rebalance type allows you to replace all or part of your clients holdings in one or more securities with one or more replacement securities while also controlling for things like maximum realized gains. In this rebalance type, you can: Determine whether potential sell orders should be generated in Taxable or Qualified accounts, or in both Select a security to be replaced and the percent of that security to be sold. To identify the securities to replace, you can either enter the securities individually from the dropdown menu, or you can select multiple or all securities from the Security master. You can enter a percent to sell for each security up to 100%. If you enter 100%, the entire holding of the security in the designated account type will be identified for sale. The amount to be sold will be based on the amount held within the account type that you selected. Identify a maximum short-term or total gain to be realized in taxable accounts. You can quickly enter the same short-term or total maximum gain for all securities being replaced by filling in the Max gain settings and clicking Apply, or you can individually enter maximum gains for each security in the table. If you don t enter any maximum gain threshold, irebal is designed to calculate a sell the selected security regardless of the gains realized. If you do enter a threshold, irebal will stop calculating sales when either your specified percentage of the security is sold, or when the maximum gain is reached. Enter a security or multiple securities to replace the security being sold. To enter multiple securities, select Multiple replacements from the drop-down menu and enter multiple replacement securities along with the percentage of the sold security s proceeds to use for each buy. The total percentage for replacement securities must equal 100%. irebal on Veo User Guide tdainstitutional.com

80 MANUAL ADJUSTMENT The Manual adjustment rebalance type allows you to see a complete picture of a portfolio s details and enter buys and sells manually. When entering orders, you will see the impact on the portfolio allocation, cash balances, gains and losses, and more. All of this will be immediately reflected on the screen as you make edits. irebal won t create any orders in this workflow. You will also be warned if an order you re entering violates trading rules listed for the security in the portfolio s model or in the Security master. These rules include your buy and sell minimums, redemption penalties, and ETF commissions as well as any security-specific restrictions listed in the model or portfolio you ve chosen. The available cash calculated for the accounts will be the total cash in the account less any set-aside cash. Activity: Directed Trading 1. Client with gains scenario: Your client calls and says, In my retail account, I sold some stock that was gifted to me and incurred a $20,000 short-term gain. Can you offset this gain for me in my taxable account? What is one way you can instruct irebal to process this request? Answers for this activity can be found on page Change mutual fund scenario: You ve decided that a certain fund or security held in some of your models no longer suits your needs. You ve selected a new fund that you d like your clients to hold in place of this fund. However, you don t want to realize more than a 25% gain in any portfolio when processing the sale. How can you instruct irebal to help you implement this change? tdainstitutional.com irebal on Veo User Guide

81 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5: Rebalance portfolios Sec 6 Sec 7 Glossary Answer Key Notes: irebal on Veo User Guide tdainstitutional.com

82 Notes: tdainstitutional.com irebal on Veo User Guide

83 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key 6: Review & approve irebal on Veo User Guide tdainstitutional.com

84 Overview You can review rebalance results for your scheduled and ad-hoc rebalances and edit irebal s presented orders. As you make edits, you ll be able to see the impact of those orders on the portfolio. After reviewing or editing orders, you can approve them and send them to the irebal Order blotter, or you can refuse the orders. You can do this for all portfolios included in a rebalance simultaneously or for individual portfolios. Tip - Overwriting irebal s autogenerated rebalance name and giving rebalances their own, custom name can potentially make finding a specific rebalance easier. From the Order blotter, you can view all of the individual account orders approved by users in your firm, create block trades and allocations, and enter limit prices or other special instructions on your orders before sending them for execution. Rebalance Results All rebalance results for scheduled or ad-hoc rebalances are listed in the Rebalance results. After submitting an ad-hoc rebalance, you ll be taken directly to this list and the rebalance you just submitted will be highlighted. Or you can access these results by clicking Review and approve and then selecting Rebalance results. irebal keeps a history of all rebalances that were run in your environment. You can filter this list by various criteria to help find the rebalance that you want to review. The available filters include the following: Date range, which identifies when the rebalance was run. Rebalance ID, which is a unique number assigned to each rebalance. It will help TD Ameritrade technical support identify a rebalance if you need to call with questions. Type shows the type of rebalance that was run. Owner identifies the user ID of the person who submitted or scheduled the rebalance. Rebalance Name is the name that you assigned to your rebalance. If you didn t name the rebalance, the name irebal assigned to it will display. You can also filter by Account number or Portfolio name. When you ve identified the rebalance on the list that you want to review, click the Rebalance name to View the results for the included portfolios tdainstitutional.com irebal on Veo User Guide

85 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key Approval Status: What Does it Mean? Each portfolio s rebalance result has an approval status. This status can be seen either on the Rebalance result summary or at the top of the individual Portfolio result detail page. To go to the Rebalance summary screen: 1. Click Review and approve. 2. Select Rebalance results. 3. Filter for the rebalance by any attribute (such as the rebalance name). 4. Click the rebalance name that you want to review. If irebal has presented potential trades in your rebalance, the initial status of the portfolio results will be Pending. This means that the portfolio result is ready for your review. To prevent duplicate or conflicting results, each portfolio can only have one Pending result. If you run a subsequent rebalance for a portfolio that already has a pending result, that result will be changed to Ignored. These results can be re-enabled, which will then ignore the newer, pending result. You may Refuse irebal s identified orders. You may also Refuse and resubmit the rebalance for a portfolio or for a group of portfolios. Refuse and resubmit can be used when you want to run a fresh analysis of the portfolio because a change has occurred. That change might be a cash deposit or distribution in an account, market volatility, or changes to the irebal Portfolio, Model, or Security settings. The resubmitted rebalance will use your initial rebalance request with the most up-to-date account positions and cash balances as seen in Veo and the most up-to-date market prices for securities, as well as the current Portfolio, Model and Security settings in your environment. If a user has approved orders, the portfolio s status will be Approved. This means orders within this result have been sent to the irebal Order blotter where they can be executed. A portfolio s rebalance result may reflect N/A. During rebalancing, if irebal has not presented any trades in the portfolio, the portfolio result doesn t have to be Approved or Refused. You may still view the portfolio s holdings and enter orders on the rebalance result. If you enter orders, the portfolio result s status will become Pending. irebal on Veo User Guide tdainstitutional.com

86 Reviewing and Approving Results for Multiple Portfolios From the Rebalance result summary screen, you can perform a high-level review of irebal s presented orders and you can Approve, Refuse, or Refuse and resubmit the rebalance for multiple portfolios. You may click on each portfolio and review its individual results before approving. The rebalance name in the page header can be clicked to view the settings that were used for the rebalance. This is particularly useful when you have run a Directed trade, like a single security adjust or tax harvest, because it allows you to review the parameters that you instructed irebal to use. The information about the orders shown in the Rebalance result summary includes: The total number of portfolios analyzed in this rebalance The total number of portfolios with orders The total number of trades presented The total number of securities with orders The number of portfolio results per approval status For each portfolio, the information shown includes: Portfolio name Original irebal outcome Whether a user made edits to the original identified trades Approval status Date and time when the rebalance was completed Number of orders If account cash is within range Estimated short-term and long-term gain or loss for orders in taxable accounts in the portfolio Portfolio category Estimated redemption fees or penalties tdainstitutional.com irebal on Veo User Guide

87 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key Potential wash sale violations Portfolio market value High-priority notes that may be outstanding on this portfolio From the Rebalance result summary screen, you can also view rebalance results in aggregate form, across all portfolios by clicking the View Aggregate Orders button. This view is designed to help advisors quickly and efficiently understand the rebalance results and highlight outliers. The top half of the page displays all securities with Pending or Approved orders in the rebalance. This list can be sorted and filtered. To see all accounts and portfolios containing the order, click on any row in the table. The portfolios and accounts containing the order will fill into the bottom half of the page. If you want to edit the order for a particular portfolio, click on the Portfolio name to be taken directly to the portfolio result detail screen. For each security traded, the aggregate information shown includes: Security symbol and description Security type and custom category The number of portfolios and accounts included The transaction type The total order amount across For each portfolio containing an order, the information shown includes: Account number Whether account is Taxable or Qualified Order amount Estimated cash allocation percentage before and after adjustment Portfolio name and custom category Transaction type Estimated position market value after adjustment Estimated position allocation percentage before and after to adjustment irebal on Veo User Guide tdainstitutional.com

88 The orders can also be exported from this view. To do this, select the orders you wish to export and click the Export button at the top of the page. A question will follow asking if you d like to export only the aggregate orders or if you d also like the portfolio details. If you select both options, two files will be created. After reviewing this high-level information, you can select any individual portfolio result and Approve, Refuse, or Refuse and resubmit the selections by clicking the appropriate action on the bottom of the page. Approving portfolio results will send the orders to the irebal Order blotter. You must go to the Order blotter if you want to submit them for execution. Activity: Rebalance Result Summary 1. Run a full rebalance on multiple portfolios in your environment. Then answer the following questions: a. How many orders were generated? Answers for this activity can be found on page 151. b. How many unique securities are being traded? c. Which portfolio will realize the most losses as a result of these orders? d. Which portfolio will realize the most gains as a result of these orders? tdainstitutional.com irebal on Veo User Guide

89 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key Editing Orders or Approving Results for Individual Portfolios When a rebalance is complete, you can review and edit the presented trades on the Portfolio result detail screen. This screen gives you a full picture of the portfolio both before and after the presented trades. You can see things like account cash values, individual account positions with gain/loss information, and overall portfolio allocation relative to target both before and after rebalancing. Any edits that you make on this page will dynamically update all other aspects of the account and the portfolio on the page, so you can quickly understand the impact of your edit. You will also be warned of potential trading rule violations that may occur as a result of your edits. To access the Portfolio result detail screen: 1. Click the Review and approve tab and select Rebalance results. 2. Click the rebalance that contains the portfolio results that you want to review. 3. Click on the portfolio name. Portfolio Result Detail: Page Header After you click the portfolio name in the result summary, the Portfolio result detail screen will load. Note that you can review the next or previous portfolio results by clicking the Next or Previous buttons at the top of the page. The page header here will show you the following information about this rebalance: Click the Rebalance name to see the settings that were used for this rebalance. This is particularly useful when you run a Directed trade, like single securities adjust, because it allows you to review the parameters that you instructed irebal to use. Rebalance type shows the type of rebalance that was run. Rebalance ID is a unique number assigned to each rebalance. This will help TD Ameritrade Institutional technical support identify a rebalance if you need to call with questions. Portfolio name shows the portfolio for which this result was created. Outcome shows whether irebal presented potential trades for this portfolio. View the Explanation report for information about the irebal logic encountered during the portfolio s analysis. This report will help you understand why some orders, based on your settings, were presented or not presented during this rebalance. irebal on Veo User Guide tdainstitutional.com

90 Portfolio Result Detail: Approval Status The Approval status bar shows you the current state of the portfolio result. When the portfolio result is in a pending state and the status bar displays Action required, you can: Edit irebal s presented orders or enter new orders. Note that if edits are made, you must click Save or Approve in order to save the edits. Approve orders and send them to the irebal Order blotter. Refuse orders. Refuse and resubmit this portfolio for analysis. irebal will use the same rebalance parameters and will use up-to-date positions, cash balances, and market data. When the portfolio result is Refused or Ignored, you can re-enable the result. Doing this will change the status of any pending rebalance result for this portfolio to Ignored. When the portfolio result is approved, you can: Click the link to view the orders for this result on the irebal Order blotter. Recall the orders if the orders are in an active state on the Order blotter. Recalling orders will change the portfolio result from Approved to Pending (or Action required). If edits were made to this result, the edits and the user who made the edits can be viewed by clicking the View these orders link on the Approval status bar tdainstitutional.com irebal on Veo User Guide

91 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key When approving orders for a portfolio, you may see the following warnings: Rebalance was processed prior to market close on the previous business day. This warning informs you that the rebalance was processed using stale market values, and new market values are available due to updated market prices. If you want to resubmit the rebalance so that updated market values are used, you should Refuse and resubmit the portfolio result. An account has negative cash. This lets you know that if the orders were executed at their current amounts, the cash balance will be negative. You can bypass this warning and proceed with the orders if, for example, one of the accounts is a margin account. Approved orders already exist on the irebal blotter for this portfolio. To prevent duplicate orders for an account, you should view the active orders on the Order blotter for this portfolio before approving this portfolio result. There are high-priority notes for the portfolio. If there are active, high-priority notes for this portfolio, you will have an opportunity to review those notes before approving this result. irebal on Veo User Guide tdainstitutional.com

92 Portfolio Result Detail: Summary The Summary section shows high-level information about both irebal presented orders as well as user-edited orders. The information shown here includes: Portfolio: This identifies the portfolio name for this result. Click the portfolio to view or edit its current settings. Restrictions: This link allows you to view the restrictions on this portfolio. High-priority notes: This link allows you to view the details of the high-priority notes on this portfolio. Current model: This is the model to which the portfolio is currently assigned. Click to View or Edit the portfolio s current model settings. Trade explanation: This displays the notes you entered when you submitted or scheduled this rebalance. You can edit these notes for this portfolio. Most recent rebalance result: This displays the most recently run rebalance for a portfolio not including the rebalance you re currently viewing. Next rebalance: This displays the next scheduled rebalance for this portfolio. If there are no scheduled rebalances for this portfolio, this area will be blank. Order totals: This area displays the aggregate number and value of orders as well as estimated gain/loss and penalty implications. This section shows the aggregate number and absolute value of the potential buys and sells that irebal presented versus the values after user edits. If no user edits were made, this section will be blank tdainstitutional.com irebal on Veo User Guide

93 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key Portfolio Result Detail: Cash Values The Cash values section shows each account assigned to the portfolio at the time the rebalance was submitted, with the exception of SMA accounts. SMA accounts are not listed in this section because irebal views them as holdings within the funding account as opposed to accounts within the portfolio. The first part of the Cash values section shows the market value of the account that was used for this rebalance as well as cash in the account before irebal presented potential orders. The following provides information regarding the Cash values section of the Portfolio result details screen: Acct # column: Hovering over an account number displays additional details about the account, such as the account name and type, account cash minimum, and target values as well as any set-aside and extra cash used for the account. Total column: The total cash value for the account is the cash value before any set-aside or extra cash for the account was removed. Available column: Available cash is the total cash in the account less any set-aside and extra cash. Unavailable column: Unavailable cash is the sum of extra cash and set-aside cash. Accounts with cash in range: This displays the number of accounts in the portfolio with available cash at or between the cash minimum and target before irebal presented potential trades. This section will be colored red if at least one of the accounts in the portfolio had cash outside of its specified range. Red arrows: The arrow indicators on each account will either show a red arrow pointing up or down. An arrow pointing up indicates that the account s available cash is now above its target. An arrow pointing down indicates that the account s available cash is now below its minimum because of the rebalance. A green check mark indicates that the account s available cash is within range. Portfolio total row: This shows the portfolio s total market value used in the rebalance as well as the portfolio s total cash, total available cash, and total unavailable cash. irebal on Veo User Guide tdainstitutional.com

94 Adjustments column: This column shows the change in cash for the account as a result of irebal s potential trades. If you enter or edit orders in an account, the cash adjustment for the account will update dynamically to reflect your change. Total, available, and unavailable columns: This section shows the cash values for each account if the presented trades were to be executed at their current amounts. The total cash value for the account is the cash value including presented trades before any set-aside or extra cash specified for the account was removed. Available cash is the total cash in the account including presented orders less any set-aside and extra cash. The unavailable cash is the sum of extra cash and set-aside cash for the account. This value won t change as a result of the rebalance. Accounts with cash in range: This shows the number of accounts in the portfolio that will have available cash at or between the cash minimum and target if presented orders are executed at their current amounts. This section will be colored red if at least one of the accounts in the portfolio will be left with cash outside of its specified range. Green check marks: The arrow indicators on each account will either show a red arrow pointing up or down. An arrow pointing up indicates that the account s available cash is now above its target. An arrow pointing down indicates that the account s available cash is now below its minimum because of the rebalance. A Green check mark indicates that the account s available cash is within range tdainstitutional.com irebal on Veo User Guide

95 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key Portfolio Result Detail: Orders The Orders section of the Portfolio result detail screen displays the potential buys and sells that are presented for each account in a portfolio. By default, this section shows only positions with orders. However, you may show all holdings in the portfolio by clicking Show. The default view shows positions at the total holding level, but you can expand each position to show the underlying tax lots. Or you can expand all positions to view all tax lots in the accounts. All potential orders are presented by irebal as a dollar amount. Orders will be translated to shares after they are approved, so that the share quantity most accurately represents the security s current market price. The first part of the Orders section shows: The account number and the account type (either Taxable or Qualified) The security symbol The market value of the position or tax lot before orders The total cost of the position or tax lot The unrealized gain or loss shown as a dollar amount and as a percent of the position and tax lot if the position is held in a taxable account The middle of the Orders section shows the transaction type that is presented for a security in this account. The transaction type can be either Buy, Sell, Sell all, or None. You will also see the order amount in dollars. Sells are shown as negative values and buys are shown as positive values. You can edit the order amount here by selecting a transaction type for the security in the account or by typing a new value into the Order amount column. irebal on Veo User Guide tdainstitutional.com

96 To edit an order with a transaction type of Sell all, you must first change the transaction type. To propose an order for a current holding in an account for which irebal didn t present an order, click Show positions with no orders, select the transaction type, and enter an order amount. To buy a new security that isn t already held in an account, click the Buy an unheld security button, select the security, enter the amount to purchase, and select the account in the portfolio in which the buy should be processed. When you enter or edit an order in the Orders section, irebal is designed to warn you if any Trading rules or restrictions will be violated. For example: You ve entered a buy or sell amount that is less than your buy or sell minimum for this security. You can override this warning. You ve entered a buy amount that s less than the mutual fund company s minimum. You cannot override this warning. You ve entered a sell for a security that has a Never sell restriction. You can override this warning. The order you ve entered or edited will result in negative cash in the account. You can override this warning. The sell amount you entered is more than the account currently holds. You can choose to sell all of the security instead tdainstitutional.com irebal on Veo User Guide

97 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key When editing a sell at the Position level, irebal will typically select the tax lots of the security to sell in the following order: 1. Largest short-term loss 2. Largest long-term loss 3. Smallest long-term gain 4. Smallest short-term gain The amount of the gain or loss will also be considered when selecting which Tax lot to sell. You can override irebal s selection. You can also determine which tax lots to sell by entering the sell amount at the tax lot level. It is important to note that if your versus purchase instructions in Global Settings are set to use irebal s tax-lot selections, irebal s selections will override selections in Veo. As you edit orders, the following information will be updated on the screen: The remaining holding amount and estimated gain or loss The account cash amount The portfolio s overall allocations This will help you quickly understand the impact of your proposed edit. Any orders that are edited will be highlighted in pink. If you wish to clear all user edits and approve irebal s initially identified orders, click the Clear all edits button at the bottom of the Orders section. The last section of the Orders section shows: The estimated market value of the position if the presented trade is executed The estimated gain or loss of the position if the presented trade is executed and the position is held in a taxable account The total short-term redemption penalty that will be incurred if this order is executed An indication of whether buying this position would result in a wash sale due to an executed sale done at a loss in the irebal Order blotter irebal on Veo User Guide tdainstitutional.com

98 Portfolio Results Details: Allocations This Allocations section shows the allocation to each position in the portfolio versus its model target. Excluded positions won t be listed here. This section identifies the following: Security symbol: This column identifies the security symbol, type, or asset category, depending on your view. Hover over this column to see the full description of the security. Model target percent: This column identifies the model target of each security in the portfolio s associated model at the time of rebalance. Market value: This column displays the market value before presented potential orders for each security in the portfolio and for each security in the model. The market value shown is the sum of the holding across all accounts. Actual percentage: This column displays the security s actual percentage of the entire portfolio before potential orders. Variance or drift: This column displays the security s variance as compared to the model target. The variance can be shown as a relative percent as compared to the model target or as an absolute variance with respect to the portfolio by clicking the Absolute variance link. Arrow indicators: The arrow indicators on each security will either show a red arrow pointing up, indicating that the security s weight was above its maximum band specified in the model, or a red arrow pointing down, indicating that the security s weight was below its minimum band before the rebalance. A green check mark indicates that the security s weight was within range. Adjustments: The Adjustment column shows the change in the holding amount for the security as a result of presented potential orders. A net buy in the portfolio will show as a positive number and a net sell will show as a negative number. If you enter or edit orders in an account, the position adjustment for the portfolio will update to reflect your change tdainstitutional.com irebal on Veo User Guide

99 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key The columns and features to the right of the Adjustment column include: Portfolio value, percent and variance: These columns identify the portfolio value, percent, and variance (or drift) for each security if the identified potential orders were to be executed at their current amounts. Arrow indicators: The arrow indicators on each security will either show a red arrow pointing up, indicating that the security s weight will be above its maximum band specified in the model, or a red arrow pointing down, indicating that the security s weight will be below its minimum band after the rebalance. A green check mark indicates that the security s weight will be within range. The model type used in the rebalance: You can view the model target weights and rebalancing bands at the time of the rebalance by clicking Show model used in rebalance at the top of the Allocations section. The number of positions in range: This shows the number of securities in the portfolio that will be within the minimum and maximum bands specified in the model after potential orders are presented. A red color indicates that at least one of the securities in the portfolio will be out-of-band. Portfolio Result Detail: Allocation Chart At the bottom of the Portfolio result, you ll see a chart of the overall allocation of the portfolio both before and after identified potential orders. You can view the allocation by Security type or, if you are using the irebal asset category to classify your securities, you may view it by Asset type. irebal on Veo User Guide tdainstitutional.com

100 irebal Explanation Report The Explanation report helps you better understand how irebal applies your settings to identify or not identify some orders during a rebalance. The information displayed on the Portfolio result detail screen should typically provide the information you need to review and approve orders, but you may occasionally want to open this report to see special settings, restrictions, or conflicts that may have been encountered during a rebalance. To see the report, click View under Explanation at the top of the Portfolio result detail page. The Explanation report consists of two sections: General rebalance notes and Security and trade action notes. Each section can contain various explanations about scenarios encountered during the rebalance. The General rebalance notes section contains portfolio-level or account-level settings or statuses that may have impacted the rebalance. For example, you ll find information about: Accounts that were fully liquidated, frozen, or blocked from trading. A rebalance that was requested for this portfolio but it had no holdings or no associated model. A rebalance that could not be completed because irebal could not get buys equal to sells. This can happen due to restrictions, security trade minimums, or a substantial conflict between the account cash minimums and the rebalancing bands for cash in the model tdainstitutional.com irebal on Veo User Guide

101 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6: Review & approve Sec 7 Glossary Answer Key The Security and trade action notes section includes specific security, holding, or trade settings that may have impacted the rebalance. For example, you ll find information about: Securities that were restricted from selling or excluded in the Security master, Model, or Portfolio, or could not be sold because of mutual fund redemption penalties, ETF commissions, or short-term gain transitions. You will also see if securities that were counted as equivalents to model target securities were in band but were rebalanced to offset out-of-band securities, or weren t purchased due to potential wash-sale violations. The report will also let you know if securities were purchased as a minimum or tax alternate in place of model target securities, or when securities could not be purchased or sold due to the applicable buy or sell minimum. You will also see notes about the adjustment of cash invest or generate amounts in accounts. Tip - Portfolio Result Detail Screen: Export PDF The Portfolio result detail screen shows a complete picture of a client s portfolio before and after rebalance. If you click Export PDF, you can specify which sections to include and download this screen as a PDF. You can export the results for one portfolio at a time from the Portfolio result detail screen or export results for multiple portfolios in a pending status from the Rebalance result summary screen. If no Explanation report was generated, then the rebalance didn t encounter any scenarios that required explanation. Activity: Portfolio Result Detail Edit Orders 1. On a completed rebalance, edit a buy such that the buy amount is less than the security s buy minimum. Were you warned? Were you able to override the warning? Answers for this activity can be found on page On a completed rebalance, remove a sell. Now save your changes but do not approve the order. How many potential sell orders did irebal generate? How many sells are there in this result now? Where can you go to see the irebal generated sale amount? 3. On a completed rebalance, how can you tell how many mutual funds are out-of-band versus how many equity holdings are out-of-band? 4. Run a manual adjustment on a portfolio that contains a taxable account. Sort the holdings by gain/loss and sell one tax lot of the security with the highest loss. irebal on Veo User Guide tdainstitutional.com

102 Notes: tdainstitutional.com irebal on Veo User Guide

103 Notes: irebal on Veo User Guide tdainstitutional.com

104 Notes: tdainstitutional.com irebal on Veo User Guide

105 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7: Order blotter Glossary Answer Key 7: Order blotter irebal on Veo User Guide tdainstitutional.com

106 Overview To have your approved orders executed, you must submit them from the irebal Order blotter. Each irebal environment shares an Order blotter. You ll only see orders for accounts you have access to in Veo. Only users with irebal trader permissions can access the Order blotter. As portfolio results are approved, orders are sent to this central Order blotter where they can be blocked, executed straight through to the market, or managed outside of the system. Some of the features of the irebal Order blotter include: Straight-through equity and mutual fund order processing. Creating, executing, and automatically allocating block orders. Validating orders. Adding limit and stop prices as well as expiration instructions to orders. Equity-order share rounding based on the most recent market price. Researching order history using a full record of irebal processed orders. It is important that any orders you want to execute are sent through the irebal Order blotter, not only because it provides a streamlined workflow that can potentially save you time, but also because irebal will check the orders in the Order blotter for the criteria that you have previously programmed things like wash sales and possible redemption penalties during subsequent rebalances. Any order submitted through irebal for execution can also be seen on the Veo Order blotter. Any user with irebal trader permissions can navigate to the Order blotter by clicking the View order blotter button on the home page, or by going to the Review and approve tab and selecting Order blotter tdainstitutional.com irebal on Veo User Guide

107 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7: Order blotter Glossary Answer Key Active and Closed Order Status Tab ACTIVE TAB The irebal Order blotter is separated into two tabs: Active and Closed. When an order is approved, it can be seen on the Active tab. When an order is executed, canceled, or expired, it moves to the Closed tab. To refresh the Order blotter and view order status updates, click the Refresh blotter button. All status changes will be captured in the order s history. The Active tab lists all of the orders that have yet to be executed, canceled, or expired. Orders in the following states will be listed in the Active tab: Approved: These orders are orders from approved portfolio results that have not been submitted for execution. You can take a variety of actions on Approved orders, including submitting them for execution or canceling them. In addition, you may change the attributes of any Approved order such as the order instructions for equities, or reinvestment options for mutual funds. Pending validation: You can request validation on any orders that can be sent electronically. This will tell you if there are warnings or errors that will be triggered when these orders are submitted for execution. Validated: An order in Validated status didn t encounter any errors or warnings during the validation check. Warning: There may be warnings on orders that you ve attempted to submit or validate. You can click the message in the Trade message column to see the reason for the warning. You will be reminded about orders with warnings at the top of the Order blotter. You can click the warning message to see all orders that have warnings. Submitted: An order that has been submitted for execution will be in this state. Manually submitted: If you re submitting an order outside of irebal, such as by phone or fax, you can change the order s status to Manually submitted. This will help you track the orders that are waiting to be executed outside of the system. When a Manually submitted order is closed, you can change its status to Marked as executed. Overridden: You can override a warning by selecting this status. Overridden orders can be sent for execution. Cancel requested: If you submit an order for execution and then subsequently send a cancel, the order status will change to Cancel requested. The order will move to the Closed tab if the cancel request is successful. irebal on Veo User Guide tdainstitutional.com

108 On hold: You can place orders On hold. Placing an order On hold is one way to control when orders are submitted. For example, if you re going to be selling some bonds or moving money out of an SMA to pay for a purchase, you may want to place that buy On hold until the other activity is complete and the cash is available. You ll be reminded of orders on hold at the top of the Order blotter, and you can click the reminder to see all of these orders. Error: If an order that you ve submitted was rejected due to a failed validation check, you ll see this status. You can click the message in the Trade message column to see the reason for the error. Trades in Error status can be recalled and edited via the Portfolio result. You ll be reminded of orders with errors at the top of the Order blotter. You can click this message to see all of these orders. CLOSED TAB The Closed tab lists all of the orders that have been either executed or canceled, or that have expired. It also contains a complete history of all orders done via irebal. Orders in the following states will be listed on the Closed tab: Filled: An order that was executed electronically will be listed as Filled. You can see the execution detail by clicking on the View history link for the order. Canceled: Orders can be canceled in irebal. Canceled orders can be reverted to an approved state by selecting the order and clicking Revert to approved at the bottom right of the Closed tab. Active orders that have expired will also be shown as Canceled. Canceled with partial fill: Orders that are partially filled can be canceled. They cannot be reverted to an Approved state. You can see the execution detail by clicking the View history link for the order. Marked as executed: If you have handled the order execution outside of the system, such as by phone or fax, you should change the order s status to Marked as executed. This will move the order to the Closed tab of the blotter and maintain history as to when it was marked as executed and who executed it. Orders in a Marked as executed state can also be reverted to Approved status tdainstitutional.com irebal on Veo User Guide

109 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7: Order blotter Glossary Answer Key Viewing Order Information The irebal Order blotter displays the following information on orders for all security types: Account #: The TD Ameritrade client registration in which the order will be placed Account Name: The account name or description for the client account in Veo Symbol: The security symbol, or CUSIP, of the security that will be traded. Hover over the symbol to see the security s description. Trans. Type: This is the transaction type or (market side), of the order. It can be Buy, Sell, or Sell all. For mutual funds, a Sell all will liquidate the entire position. For equities, a Sell all will sell the number of shares shown, which is the amount held in Veo at the time the order was approved. Amount type: The Amount type controls the form in which the trade is sent to Veo for execution. For mutual fund buys, the Amount type will be set to dollars. For mutual fund sales, the Amount type will default to dollars, but can be changed to shares. It is important to note that irebal won t send specific lot relief instructions for mutual fund sales done in dollars. If you want to send specific lot relief instructions for a mutual fund sale, you must change the Amount type on shares. Sales that represent over 95% of the holding value will automatically be set to sell in shares. Equity trades are always represented and sent as shares. Trades in other security types besides equities and mutual funds will always be represented in dollars. Shr Qty: This is the number of shares that will be sent for execution. For equity orders, the number of shares will be rounded according to the parameters you have set in Global Settings. The number of shares will continue to update based on the most recent market price until the order is submitted or closed. For mutual fund trades with a transaction type of Sell all trades, the quantity sold may differ from the quantity seen here. Order Amount: The Order amount is the dollar amount that was approved for the order. irebal on Veo User Guide tdainstitutional.com

110 Order status: The Order status indicates whether the order was submitted for execution or if it has changed to another status. You can change the status for an individual order by clicking the double arrows, or you can select multiple orders and change their statuses at the same time. Trade message: The Trade message includes any warning or error details for the order. To read the full message, click the Trade message link. Order ID: This is the unique ID that was assigned to an order. It s helpful for research and tracking. Security type: This displays the type of the security, including equity, mutual fund, bond, SMA, group, or other. Tkt type: This tells you whether the security can be traded electronically directly from the blotter. (If it can, you will see an E in this column. If the order must be traded manually, you will see an M.) Only equities and mutual funds can be traded electronically via irebal. 10 Day Average Trading Volume: The 10 day average trading volume, as of the prior business day, is displayed for all equity orders. The order amount as a percentage of the 10 day average trading volume is displayed on all block orders. This percentage is calculated at the time the block order is created and does not re-calculate based on price fluctuations tdainstitutional.com irebal on Veo User Guide

111 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7: Order blotter Glossary Answer Key Blocks: Creating, Viewing and Allocating CREATING BLOCKS You can Create blocks for equity trades in irebal if you have a block account number assigned to your Veo user ID. If you have the proper block permissions, you can Create blocks in one of two ways: 1. Have irebal find matching orders in your Order blotter and create all possible block trades from those orders at once. Matching orders are all orders on the same side, with the same symbol, and with order instructions. Tip - You can include an additional account order in an already existing block by selecting the block and a matching account order and clicking the Create blocks button at the top of the blotter. 2. Or you can select only the individual orders that you want to include in a block. To Create blocks using all matching orders on the blotter, simply click the Create blocks button at the top of the blotter. If you click this button when you have not selected any orders, all equity orders in your irebal Order blotter even those that aren t shown in the filtered view you may be looking at will be considered eligible for blocking. When you click Create blocks without selecting any orders, irebal will find any matching equity orders on the same side of market and for the same security that are in an Approved, Validated, or Overridden state. If irebal finds two or more matching orders, irebal will roll up the individual orders into a block trade and store the underlying account allocation within the block trade. If you want to create a block for only a specific security, begin by filtering for that security. Then select the orders you want to include in the block and click the Create blocks button at the top of the blotter. In this case, irebal will only combine the matching orders from the ones you ve selected. irebal on Veo User Guide tdainstitutional.com

112 VIEWING AND EXECUTING BLOCKS Once a block trade has been created, it can be executed electronically using the same method as any other irebal order. You can find your block orders in irebal by sorting or filtering for your block account number. To see the underlying account allocations within a block, click the Block account number to open the allocations window. There you ll see the list of accounts included in the block and their share quantities. Tip - To see only block orders, click the Block orders radio button, do not enter any other filter criteria, and click apply. This will show you all active block orders. If you d like to view or work with the allocation outside of irebal, you can export the accounts and share quantities to a spreadsheet by clicking the Order status and selecting Export allocations from the menu. You can also send the accounts and share quantities to the Allocation page on Veo from here. To find accounts within blocks, select the Block orders button next to Filter within. Then search for the account number or portfolio name that was included in a block tdainstitutional.com irebal on Veo User Guide

113 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7: Order blotter Glossary Answer Key ALLOCATING BLOCKS Executed block orders must be allocated by 6:00 p.m. eastern time on the same day they were executed. If a block order is submitted electronically from the irebal Order blotter and is fully executed on the same day that it is submitted, then irebal is designed to send the allocation for processing and the orders will be allocated into the underlying accounts with no manual intervention. If a block order has only been partially executed by 4:15 p.m. eastern time, irebal will pass the block allocation to Veo. You must go to Veo to allocate this order. You can do this from the Block allocation page on Veo, where the order can be selected from the Saved allocation menu. Your allocation will be named using today s date, then Buy or Sell, then number of shares in the allocation, and then security symbol. It s important to note that specific lot instructions won t be sent with partially executed blocks. If you want to select specific lots, you must do so when allocating the shares in Veo. Tip - It is strongly recommended that you subscribe to the Unallocated trade alert in Veo, which is designed to notify you when an allocation is pending after market close. All block trades must be allocated by 6:00 p.m. eastern time. When partial execution occurs and your block trade is further executed on any subsequent days after the trade was submitted, you must go to Veo s Block allocation page and allocate the executed shares. When a block is partially filled, you ll see a warning at the top of every irebal screen. This warning will provide the allocation name to help you locate it under the executed block orders in Veo. When in Veo, you can allocate the trade evenly by percent of money market, buying power, or total equity, or by manually designating the number of shares per account. irebal on Veo User Guide tdainstitutional.com

114 Trade Instructions You can enter or change Trade instructions for equity orders in irebal. You can edit these Trade instructions for any equity order that hasn t been submitted for execution. ORDER TYPE Order types available in irebal include Market, Limit, Stop, Stop Limit, and Not Held. A Market order is one that seeks execution at the current market price once it is received by the market. Limit and Stop orders require a price to be entered. A Limit order is an order to buy a stock at or below a specified price, or to sell a stock at or above a specified price. A Stop order is an order to buy or sell at the market price once the security has traded at or through the specified stop price. An Equity sell stop order is typically placed with a stop price below the current market price. An Equity buy stop order is typically placed with a stop price above the current market price. There is no guarantee that the execution price will be equal to or near the stop price. A Stop Limit order is a combination of a Stop order and a Limit order. Once the Stop price (or better) is reached, the Stop Limit order becomes a Limit order to buy (or sell) at the limit price or better. A Not Held order is an order that is routed to a specified market maker for execution through an algorithm strategy. Trades can also be routed directly to TD Ameritrade s Block Desk for execution. Click on any link in the trade instructions section of the irebal order blotter to launch the trade instruction window. Clicking the Not Held check box will enable Block Desk and algorithm destinations and accompanying parameters along with any other trade instructions you ve determined. Note in order to enter algorithm orders, your Veo User ID must have the required permissions AND the share quantity for the order must be greater than 3000 shares tdainstitutional.com irebal on Veo User Guide

115 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7: Order blotter Glossary Answer Key EXPIRATION The expiration tells Veo how long to keep the order active or when to execute it. For market orders, Market on close (MoC) is available. This indicates that you want your order to execute as close to the market closing price as possible. These orders must be placed at least 20 minutes prior to the closing time of the market or exchange, and they can t be canceled after 3:40 p.m. eastern time. If you would like to attempt to cancel an MoC order after 3:40 p.m. eastern time, contact a TD Ameritrade trading representative and a best-efforts attempt will be made. For Limit or Stop orders, the following are available: Day: An order that will expire if not executed by the end of the current trading day. Good til date: An order that allows you to specify a date for an order s expiration. Good for 6 months: An order that will remain open until executed or canceled up to 6 months from the day it was entered. Good til date extended: An order that works the same as a Good til date order, but it includes extended-hours trading sessions each day. Extended AM: An order that is valid only between 8:00 a.m. and 9:14:59 a.m. eastern time. Orders marked as Extended AM and placed after 9:14:59 a.m. and before 8:00 a.m. eastern time the next day are active for the next a.m.-only trading session. There is no guarantee that extended-hours orders entered prior to 8:00 a.m. will not be executed before 8:00 a.m. Because some electronic communication networks begin matching orders prior to 8:00 a.m., an extendedhours order might execute before 8:00 a.m. eastern time. Extended PM: An order that is valid only between 4:15 p.m. and 8:00 p.m. eastern time. Orders marked as Extended PM and placed after 8:00 p.m. and before 4:15 p.m. eastern time the next day are active for the next p.m.-only trading session. Day extended: Indicates that you would like your order valid between 8:00 a.m. and 8:00 p.m. eastern time that market day, which includes the regular trading session and both extended-hours (a.m. and p.m.) sessions. It also indicates that if the order doesn t execute, you would like it to be automatically canceled at the end of the day, which is 8:00 p.m. eastern time. Day extended orders placed between 8:00:01 p.m. and 7:59:59 a.m. eastern time will be valid from 8:00 a.m. to 8:00 p.m. eastern time the next market day. irebal on Veo User Guide tdainstitutional.com

116 Reinvestments, Fees, and Trade Authorizations The irebal Order blotter allows you to select whether to have dividends and capital gains distributions reinvested or paid in cash. When orders are approved and placed on the blotter, they will inherit your chosen irebal account settings for reinvestments. However, you can override this setting on any individual mutual fund order before submitting it. You can also choose whether to add transaction fees to the net amount of the trade or include them as part of the net amount of the trade. Please note that this does not apply to no-transaction-fee (NTF) funds. When orders are approved and placed on the blotter, they will inherit your chosen setting for fees from your environment s Global Settings. Reinvestment and fee options are not available on equity trades. For all orders, you can select whether the order was Solicited or is Discretionary. When orders are approved and placed on the blotter, they ll inherit the default setting for trade authorization from your environment s Global Settings. However, you can override the settings for any order on the blotter tdainstitutional.com irebal on Veo User Guide

117 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7: Order blotter Glossary Answer Key Validating and Submitting Orders Before you submit equity or mutual fund orders for execution, you can validate them. Validating an order allows you to review any warnings or errors that may be encountered when the order is submitted. To validate a single order, select Validate from the Order status drop-down menu. To request validation for multiple orders, select multiple Approved orders and click Validate at the bottom of the screen. After an order is validated, you ll be able to see its status. A Validated status indicates that no warnings were encountered. A Warning could mean that there are insufficient funds in the account or some other condition that requires your attention. To view the warning details, click the Trade message column in the message. You may override warnings for one or more orders at once. An Error status indicates that the trade can t be submitted. To view the error details, click the Trade message column. When an error is received, you can recall orders by clicking the rebalance ID in the order history, or you can cancel the order. If you choose not to validate an order, you ll see the same warnings or errors if or when you decide to submit the order. You may submit a single order to Veo for execution by selecting Submit to Veo from the Order status drop-down menu. To submit multiple orders, select multiple orders and click Submit at the bottom of the screen. Only orders in Approved, Overridden and Validated states will be submitted. The Order blotter keeps a count of orders in Error or Warning status at the top of the blotter. You can click these numbers to filter for orders in either state. Remember that the blotter must be refreshed in order to see order status updates. irebal on Veo User Guide tdainstitutional.com

118 Replace, Close, and Cancel Orders If an equity order is in a submitted or partially filled state, it is eligible to be replaced directly on the order blotter. Click the order status of the particular order and select replace where an order ticket will appear to enter the new trade instructions. If the replace request is accepted, the old order will move to the closed tab and a new order will appear on the active tab with a new order ID. The order history of the latest order will reflect the execution data of all shares since the original orders submission. Once an order is resolved or closed, it will move to the Closed tab. This occurs when a full execution for an order is received electronically and the status becomes Filled. It also occurs when you mark an order as Executed or when an order is canceled or has expired. Some orders can t be submitted electronically; these will have a ticket type of M and will be appear on the Active tab until they are manually resolved. To do this, you can change the order s status to Marked as executed. This indicates that the order has been executed using another method. You may cancel or manually execute multiple orders simultaneously by selecting orders and clicking Cancel or Mark as executed at the bottom of the screen. Or you can do this for a single order by selecting the option from the Order status menu. Tip -You can request a cancel for an order that has already been submitted, or you can cancel an order that hasn t yet been submitted. If the order was submitted but not yet executed, and Veo can t process the cancellation request, the status will show as Cancellation rejected. If the cancellation request can be processed, the status will show as Canceled. It s important to note that there s no guarantee that Veo can successfully process the cancel based on the status of the order. You should confirm the response to the cancel request by refreshing the blotter to see the status update for the trade. Once the status changes to Canceled, Filled, or Marked as executed, the order will move from the Active tab of the blotter to the Closed tab. By default, the Closed tab shows orders that were approved today. However, you can filter for any history by using the Date range filter. Please note that the time it takes to display your results will depend on how far in the past your Date range filter is set and how many orders meet your filter criteria tdainstitutional.com irebal on Veo User Guide

119 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7: Order blotter Glossary Answer Key Order History The irebal Order blotter contains a full history of orders with information about the user who submitted them and any trade warnings that were encountered. You can see history for orders on the Active tab as well as orders on the Closed tab. The History section of the blotter identifies the approval date and time, which are the dates and time when the orders were approved and sent to the blotter. It also displays the rebalance ID. Click the Rebalance ID link to view the portfolio s rebalance result, which shows you details about the individual orders. The History section of the blotter also contains a link to View: The order ID given to an order if the order was submitted electronically The executed time, quantity, and the executed price if the order was executed The user who validated, submitted, or canceled the order and the time the status was updated Any trade warnings or errors that were encountered. You may read the entire warning by clicking the Warning message in the Trade message column. Activity: Order blotter There are no test activities for this section. Any orders that are submitted will be executed. irebal on Veo User Guide tdainstitutional.com

120 Notes: tdainstitutional.com irebal on Veo User Guide

121 Notes: irebal on Veo User Guide tdainstitutional.com

122 Notes: tdainstitutional.com irebal on Veo User Guide

123 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Glossary irebal on Veo User Guide tdainstitutional.com

124 10-day average trading volume 30-day tax harvest expiration Account name Action required Ad hoc Adjust one security Administrator role Alt account The order amount as a percentage of the 10 day average trading volume is displayed on all block orders. This percentage is calculated at the time the block order is created and does not re-calculate based on price fluctuations. This alert is shown on the irebal home screen if you have executed trades as part of a tax harvest for a portfolio between 30 to 37 days ago, and the wash-sale period would have just recently expired. irebal will show the Account name as it s displayed in Veo. You may edit the displayed account name in Veo. This will also update the displayed name in irebal. When the portfolio result is in a pending state and the status bar displays Action required, you can: Edit irebal s presented orders or enter new orders Approve orders and send them to the irebal Order blotter Refuse orders Refuse and resubmit this portfolio for analysis. irebal will use the same rebalance parameters and will use up-todate positions, cash balances, and market data. Rebalancing can be done in an ad-hoc manner for unscheduled order proposals and results. The Adjust one security rebalance type allows you to make across-the-board changes to a specific holding in any number of portfolios. You may buy or sell a security to a specific target, or to the portfolios model target. Users with this role may edit the Global Settings for the irebal environment. These settings will affect all users in the environment. Some examples of Global Settings that can be controlled by administrators include default rules for cash settings, reinvestment of dividends and capital gains, and minimum trade sizes. When an alternate security is selected for tax purposes, an Alternate account (Alt account) type must also be selected. The account type determines the type of account in which you will substitute the alternate security for the model security tdainstitutional.com irebal on Veo User Guide

125 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Approve Asset category Assigned accounts Auto-filter Available cash Blended models Block desk Buy minimum Cash management Custom category Directed trading When you Approve orders, the orders will be sent to the irebal Order blotter. You must go to the blotter and submit the orders for execution. In irebal, the Asset category is used to display your composition of models and client portfolios. The Asset category doesn t impact how possible orders are calculated. Assigned accounts are those that you have associated with a portfolio and are ready for rebalancing in irebal. The Auto-filter automatically includes portfolios into a rebalance that currently match all of your specified criteria. Available cash is the total cash in the account less any setaside and extra cash. Blended models are a blend of individual security models. This gives you a way to create custom, dynamic strategies by blending together different mixes of core strategies. TD Ameritrade s dedicated block execution team. Equity orders can be directly routed here from the irebal Order blotter. irebal allows you to specify a Buy minimum for any security. irebal is designed to calculate potential buy orders for securities only if they are above your stated minimum for purchases. Cash management is the process of controlling cash levels in client accounts, ensuring that cash is available for distribution, and that cash is properly invested according to the advisor s direction. The portfolio Custom category column can be used to organize portfolios in your own way. Portfolios can be grouped together or rebalanced together according to their category. A group of Directed trading tools designed to help you quickly react to changes in the market and process across-the-board changes based on your settings in your portfolios, or harvest potential tax losses. irebal on Veo User Guide tdainstitutional.com

126 Early redemption penalties Environment Equivalencies Exclude Explanation report External account Extra cash Early redemption penalties are fees imposed by the fund company when you are selling a fund within a designated period of time after purchase. This fee can be imposed as a percentage of the amount being sold or as a flat dollar amount. You can see which funds in your Security master will impose a redemption penalty by looking at the Redemption penalty columns. These columns show the reported percent fee, dollar amount fee, and minimum number of days that a fund must be held to avoid the fee. You can instruct irebal to avoid calculating potential sales of funds that have been reported to have a redemption penalty. An irebal Environment is shared by a single advisor firm. Users within an Environment share advisor-created models, security settings, global settings, and an Order blotter. Equivalencies are securities that the advisor considers similar and, therefore, filling the same allocation. When specified, irebal will count equivalent securities toward the same model target. Exclude is a security restriction. When the Exclude restriction is applied, holdings of the security won t be counted toward the portfolio s allocation and will not be sold (except in a full liquidation situation). The portfolio valuation and targets for all other securities will be based on the portfolio s value excluding this security. The Explanation report helps you better understand irebal s logic and decision-making process during a rebalance as driven by your settings. An External Account is an account held outside of TD Ameritrade Institutional. These accounts will be treated as Frozen, so irebal won t calculate orders for externally held accounts, but will consider the holdings in the rebalance. Extra cash is a way to quickly enter a specific amount of cash for immediate withdrawal. The Full rebalance, Generate cash, and Generate and/or invest cash rebalance types support the generation of extra cash tdainstitutional.com irebal on Veo User Guide

127 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Frozen Fully rebalance cash & securities Fund-imposed buy minimums Generate and/or invest cash Generate cash only Global settings Group security Harvest tax losses When an account is Frozen, as designated by the advisor in irebal, its holdings will still count toward the portfolio s allocation during rebalancing, but potential buys and sells will not be calculated in the account. A full rebalance is a complete portfolio review that will check account cash and portfolio positions to ensure that they fall within the ranges you defined in the model. These are initial or subsequent minimums for fund purchases that are imposed by the mutual fund company and based on the advisor-selected tax status of the purchasing account. After satisfying set-aside and extra cash, the Generate and/or invest cash rebalance type looks at each account s cash value within an included portfolio and compares it with the account s advisor-determined cash minimum and cash target. After satisfying set-aside and extra cash, the Generate cash only rebalance type looks at each account cash value within an included portfolio and compares it with the account s advisor-determined cash minimum. Global Settings are set by the advisor and control behavior throughout your firm s irebal environment. A Group security is an advisor-set representative security that can be used to roll up underlying securities that you prefer to treat as a consolidated position in irebal. Instead of calculating potential buys and sells for individual securities within a group, irebal is designed to present potential buys or sells of the aggregated group security allowing you to determine which underlying positions to trade outside of the system. irebal offers a flexible tax harvesting feature that allows you to set various loss thresholds for taxable accounts, total loss targets for portfolios, and choose a replacement security for each harvested security. Once the thresholds have been set, irebal identifies eligible losses in taxable accounts and shows you the securities that fit the criteria that you have defined. irebal on Veo User Guide tdainstitutional.com

128 Household Ignored Incomplete models Incomplete portfolio Invest cash only Liquidate Location level In irebal, Household is synonymous with a Portfolio. It is a group of advisor-selected client accounts that will be rebalanced together against one model. To prevent duplicate or conflicting results, each portfolio can only have one pending result. If you run a subsequent rebalance for a portfolio that already has a pending result, that previous (or pending) result will be changed to Ignored. Ignored results can be re-enabled, which will then ignore the newer, pending result. Incomplete models are models with target allocations that do not total 100%. Portfolios can only be assigned to complete models. (Complete models are models in which the targets add up to 100%.) Incomplete portfolios are those that don t have an assigned model or any assigned accounts. After removing set-aside cash, the Invest cash only rebalance type looks at each account cash value within an included portfolio and compares it with each account s advisordetermined cash target. When you mark an account for full liquidation, irebal is designed to ignore any stated restrictions or trading rules in the model or the portfolio and to consider all holdings in the account for sale. The Full rebalance, Generate cash, and Generate and/or invest cash rebalance types support extracash generation. Location level is a number ranging from -100 to +100 that you can assign to any security in the irebal Security master. When you are rebalancing portfolios that contain multiple accounts, this number tells irebal if a security is preferred to be purchased (or located) in either a taxable or a qualified account. A positive number indicates a high tax impact, and therefore a preference to hold in a qualified account. A negative number indicates a low tax impact, and therefore a preference to hold in a taxable account tdainstitutional.com irebal on Veo User Guide

129 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Loss detection level Lot level harvesting Maintained cash Manage cash only Manual adjustment Min buy In tax harvesting, when you specify a target loss for a client, you can also determine a Loss detection level. This tells irebal what type of losses to sell in order to achieve your target loss amount. The choices include: Use all losses, prioritizing from the largest dollar loss first. to minimize trades. Use short-term losses only to meet the target. Use long-term losses only to meet the target. Use short-term, then long-term losses to meet the target. When harvesting at the Lot level, irebal will analyze each specific tax lot and may calculate sales for partial positions when specific tax lots meet your loss thresholds. Maintained cash refers to the advisor-determined accountlevel cash settings. All assigned accounts can have an advisordetermined cash minimum and a cash target set as either a dollar amount or as a percent. During cash and full rebalances, irebal will attempt to bring all account-level cash values within this range. There are three Manage cash only rebalance types that evaluate account level cash versus the advisor-determined cash minimum and cash target for each account in each included portfolio: Generate and/or invest cash, Generate cash only, and Invest cash only. They only calculate possible orders when account cash is out-of-range and not for the sole purpose of correcting other out-of-band securities. The Manual adjustment rebalance type allows you to see a complete picture of a portfolio s details and enter buys and sells manually. irebal allows you to specify a buy minimum for any security. irebal is designed to calculate potential buy orders for securities only if they are above your stated minimum for purchases. irebal on Veo User Guide tdainstitutional.com

130 Min sell Model Model and security manager role Model of models Never buy Never buy and never sell Never sell irebal allows you to specify a sell minimum for any security. irebal is designed to not calculate a sell for any security below your specified sell minimum. When selling a security, irebal is also designed to not calculate partial sales that leave the remaining position below the sell minimum; instead a sell all will be identified. Models serve as the rule for the possible orders that irebal calculates because they contain the advisor-set target allocations and special trading rules that you want your portfolios to follow. Users assigned this role as determined by the firm s admin may create, edit, or delete any model in the irebal environment. They may also add securities to the irebal Security master or edit trading rules. A Model of models, or a Blended model, is a blend of individual security models. This gives you a way to create custom, dynamic strategies by blending together different mixes of core strategies. Never Buy is an advisor-set restriction. When you apply this restriction, irebal will not identify a buy of the security during the rebalancing process. You must also select the action irebal should take instead of buying the security; leave in cash, buy an alternate, or prorate across other model securities. Never buy and never sell is an advisor-set security restriction. When you apply this restriction, holdings of the security will be counted toward the portfolio s allocation, but not considered for purchase or sale in the rebalancing process. You must also select the action irebal should take instead of buying the security; leave in cash, buy an alternate, or prorate across other model securities. Never sell is an advisor-set security restriction. When you apply this restriction, holdings of the security will be counted toward the portfolio s allocation, but not considered for sale in the rebalancing process tdainstitutional.com irebal on Veo User Guide

131 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Not rebalanced in days One time Original outcome Pending Portfolio Portfolio notes Position level harvesting This auto-filter criterion allows you to automatically pick up portfolios that haven t had this type of rebalance run in a specified number of days. For example, if you only want to run a full rebalance for portfolios that haven t had a full rebalance run in the last 30 days, enter 30 in the number of days. This helps you ensure that all portfolios are reviewed in at least this amount of time. When scheduling a rebalance, if you want a rebalance to run one time in the future, select One-time and the date on which you want this rebalance to run. This tells you whether irebal presented possible orders in its analysis of the portfolio. When the portfolio result is in a Pending state and the status bar displays Action required, you can: Edit irebal s calculated orders or enter new orders. Approve orders and send them to the irebal Order blotter. Refuse orders. Refuse and resubmit this portfolio for analysis. irebal will use the same rebalance parameters and will use up-todate positions, cash balances, and market data. A Portfolio is the client relationship that irebal will rebalance against a single model. This is often referred to as a Household. An irebal Portfolio can contain one account or multiple accounts of different types. Accounts cannot be rebalanced in irebal until an advisor assigns them to a Portfolio. Portfolio notes are designed to help you keep track of important items about a client s portfolio. You may set the priority of notes or archive notes that are no longer relevant. To help ensure that the user approving the trades is aware of any advisor-determined, high-priority items, any high-priority note will trigger the display of a warning whenever a user approves orders for the portfolio. When harvesting at the Position level, irebal is designed to only sell entire positions when your selected loss thresholds are met. irebal on Veo User Guide tdainstitutional.com

132 Rebalance accuracy range Rebalance ID, Rebal ID Rebalance name Rebalancing bands Recall Redemption penalties Re-enable Refuse The Rebalance accuracy range determines the advisor-set acceptable range within which the security weight must fall after trading. This range is set as a percent of the rebalancing band and can be controlled by an administrator in the irebal Global settings. This is a unique number assigned to each rebalance. It will help TD Ameritrade technical support identify a rebalance if you need to call with questions. You can name your rebalance. If you don t name the rebalance, irebal will assign a name. Rebalancing bands are levels that you set within a model. A security s weight can safely drift between these levels within a portfolio. During rebalancing, irebal will scan to see if any securities in the portfolio fall above or below the rebalance band, and therefore require correction. irebal is designed to calculate possible orders for out-of-band securities during a full rebalance. You may Recall the orders for a portfolio s result if the orders are in an Active state on the Order blotter. Recalling orders will change the portfolio result from Approved to Pending (or Action required). Redemption penalties are fees imposed by the fund company when you are selling a fund within a designated period of time after purchase. This fee can be imposed as a percentage of the amount being sold or as a flat dollar amount. You can see which funds in your Security master will impose a redemption penalty by looking at the Redemption penalty columns. These columns are designed to show the percent fee, dollar amount fee, and minimum number of days that a fund must be held to avoid the fee. You can instruct irebal to avoid calculating possible sales that show that they will incur a redemption penalty. When the portfolio result is Refused or Ignored, you can Re-enable the result. Doing this will change the status of any Pending rebalance result for this portfolio to Ignored. You can Refuse orders that irebal has calculated tdainstitutional.com irebal on Veo User Guide

133 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Refuse and resubmit Replace order Replace securities Restrictions Roth location Scheduled rebalances Security master Security model Refuse and resubmit can be used when you want to run a fresh analysis of the portfolio because a change has occurred. That change might be a cash deposit or distribution in an account, market volatility, or changes to the irebal portfolio, model, or security settings. Open equity orders may be eligible to be replaced. If the replace request is accepted, a new order and order id will appear for the remaining shares. The Replace securities rebalance type allows you to replace all or part of your clients holdings in one or more securities with one or more replacement securities, while controlling for your selected maximum realized gains. Restrictions are ways to tell irebal to ignore (exclude) or to never include a security for a potential sell. Restrictions can be set globally (in the Security master), within the model, or for an individual client (via Portfolio settings). Roth level is an advisor-driven setting that allows you to specify a Roth location preference, in addition to the current taxable vs non-taxable location preference. The Roth level is a number assigned to securities identifying a preference to be bought in a Roth account. Numbers may range from +100 to 0, with +100 representing greatest preference to locate into a Roth account relative to other securities with a lower Roth level. Scheduled rebalances are a way for you to have irebal periodically evaluate your client portfolios according to your settings. Any rebalance type in irebal can be scheduled to run overnight or as frequently as daily. The Security master is where you will manage securities and their rules for rebalancing. A Security model contains a list of securities with target allocations that you have set and want your client portfolios to follow. irebal on Veo User Guide tdainstitutional.com

134 Sell minimum Set-aside cash Sleeve rebalancing SMA SMA securities irebal allows you to specify a Sell minimum for any security. irebal is designed to not calculate a sell for any security below your specified Sell minimum. When selling a security, irebal is also designed to not calculate partial sales that leave the remaining position below the Sell minimum; instead a sell all will be identified. Set-aside cash is an amount of cash that you wish to hold aside for the account. It can be set as a percentage of the account s market value or as a dollar amount. You can choose to begin setting aside cash at some date in the future and can choose to stop setting aside cash by creating a set-aside schedule. When an account has an active Set-aside cash amount, irebal is designed to keep the specified amount of cash in the account, excluding it from consideration when comparing the portfolio to its model.. Rebalance strategy where only a subset, asset class, or sector of the model holdings are corrected to target, leaving the other model holdings unchanged. Select the Adjust one security submission type in directed trading. An SMA is a separately managed account. You can include SMA accounts in your clients portfolios and can include allocations to SMAs in your model. To enable this, turn on Allow use of SMAs in your firm s Global settings. irebal can handle SMAs by rolling up the holdings and treating them as a single asset in the portfolio. A portfolio that has an SMA must have at least two accounts: one SMA account, which has underlying holdings managed outside of irebal, and one funding account, which will be treated as if it holds the SMA security. irebal is designed to calculate sells in the funding account to make cash available when buys of the SMA security are needed. When an SMA security is overweight or above band, irebal is designed to calculate possible sells of the SMA security, potentially using the cash to buy other advisor-selected securities in the funding account. Users are responsible for ensuring that the cash transferred out of an SMA has settled into the funding account before placing the corresponding buys tdainstitutional.com irebal on Veo User Guide

135 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Stop sales with redemption penalty points Straight-through Subscribed model Swap/Exchange Target loss amount Tax alternate Tax efficiency Tax harvesting This setting is found in the Trades section of Global settings. When set to Yes, irebal is designed to avoid calculating possible sales that show they will incur a redemption penalty. To find purchases done within the early redemption period, irebal will check its Order blotter. Straight-through refers to synchronous trading connectivity that doesn t require interim manual steps such as File creation or Import/Export. Model selected from the Model Market Center for use rebalancing use. Once selected, a Subscribed model will appear in the primary Model inventory and will automatically receive updates from the model provider. Mutual fund transactions between share classes or fund families that can be generated through Replace or Tax Loss Harvest submission in directed trading. A Target loss amount is an advisor-set target amount that can be entered per portfolio when harvesting losses. This setting can potentially allow you to offset a specific gain for a client. If you do not enter a Target loss amount, irebal is designed to harvest all losses that meet your selected thresholds. A Tax alternate is an advisor-selected security for which irebal is instructed to calculate potential buys instead of the model security if the purchase is located in a pre-selected, nonpreferred account type. Tax efficiency settings control the location preferences for a security. These settings include Location level and Tax alternates. irebal offers a flexible Tax harvesting feature that allows you to set various loss thresholds for taxable accounts, total loss targets for portfolios, and choose a replacement security for each harvested security. Once the thresholds have been set, irebal identifies eligible losses in taxable accounts and shows you the securities that fit the criteria you have defined. irebal on Veo User Guide tdainstitutional.com

136 Tax sensitivity Taxability Trade explanation Trade minimum alternate Trading access, Trading role Unassigned accounts Unauthorized portfolio Unavailable cash Variance This setting tells irebal how much emphasis to put on tax lots with preferable tax impact versus lots for securities that are overweight when identifying securities to sell to raise cash during the cash management process. Taxability in irebal reflects the tax status of the account (Taxable or Qualified). irebal sets the tax status according to the account type. Gain and loss amounts won t be calculated during rebalancing for qualified accounts. Trade explanation is a free-form text field for you to enter notes about why a portfolio or group of portfolios is being rebalanced. A Trade minimum alternate is a security that you select and indicate that you are willing to buy in place of the security in your model when smaller trades are needed. Trade minimum alternates are automatically considered equivalent to the security for which they are an alternate. Users with Trading access may edit, approve, and submit orders for execution from the irebal Order blotter. Unassigned accounts are those that aren t yet associated with a portfolio and therefore not ready for rebalancing in irebal. An Unauthorized status means that your user ID doesn t have access to at least one account in the portfolio. Unavailable cash is the sum of extra cash and set-aside cash. Variance is the distance between the model target for a security and the security s actual weight within a portfolio. This is also known as Drift.Tax efficiency settings control the location preferences for a security. These settings include Location level and Tax alternates tdainstitutional.com irebal on Veo User Guide

137 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Answer key irebal on Veo User Guide tdainstitutional.com

138 Page 13 Activity: Rebalancing Bands and Accuracy Range 1. Calculate the default min and max Rebalancing bands for the following: a. A 10% security target with 50% default min and max bands. Answer: A 10% security target with 50% default min and max bands would have a min percentage of 5% and a max percentage of 15%. This means irebal would consider this security out-of-band when the security drifts below 5% or above 15%. b. A 20% security target with a 10% default min and a 25% default max band. Answer: A 20% security target with 10% default min and a 25% default max bands would have a min percentage of 18% and a max percentage of 25%. This means irebal would consider this security out-of-band when the security drifts below 18% or above 25%. 2. Environment A has a 60% Rebalance accuracy range and Environment B has a 20% Rebalance accuracy range. Answer the following questions: a. Which environment is more likely to have fewer trades when performing a full rebalance on the same portfolio? Answer: Environment A with the higher percentage is more likely to have fewer trades in a full rebalance. The greater the percentage you enter, the further away from target irebal can leave a security after rebalancing. The higher percentage means a further distance from target. Therefore, a higher percentage results in a wider range around target for irebal to adjust trades among out-of-band securities when attempting to equalize buys and sells, potentially not requiring trades of additional securities. b. Which environment is more likely to have securities closer to their target weights immediately after a full rebalance? Answer: Environment B with the smaller percentage is more likely to leave securities closer to their target weights after rebalancing. The lower the percentage you entered, the closer to target irebal must leave a security after rebalancing tdainstitutional.com irebal on Veo User Guide

139 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 23 Activity: Create Models 1. Create a model for testing purposes: a. The model should include an allocation to $CASH. Answer: All sweep money markets will be mapped to the irebal security $CASH. If you want an allocation to cash in your model, use the security symbol $CASH. b. Select other securities from your irebal Security master. Answer: You can either enter securities individually, or select multiple securities from the Security master window. c. Targets for securities should add up to 100%. Answer: If you want to assign your model to portfolios or if this model is already assigned to portfolios, the targets must add up to 100%. irebal displays the sum of targets on the model screen: 2. Import a model for testing purposes using one of the following methods: a. Download the irebal template to be used for import. Answer: You can download the template by clicking Create and configure-> Models, then Import models, then Download template. b. Export at least one security model from your list of models in irebal, modify the file, and import the new model. Answer: You can export a model by clicking Create and configure-> Models, then select the model(s) you want to export, and then click Export models. You can import the edited file by clicking Import models, then browse for the file you saved, and then click Continue. 3. Delete one of the models you created for testing. Answer: Only models that are not assigned to portfolios can be deleted. After a model is deleted, you can reuse the model name for a new model. irebal on Veo User Guide tdainstitutional.com

140 Page 31 Activity: Edit Model Trading Rules Scenario 1: A fund held in one of your models has closed, meaning that you can t purchase any more of it in your clients accounts. You ve decided to buy a new fund in its place moving forward, but you don t want to sell out of the old fund just to buy the new one for existing clients. What should you do to configure this behavior in irebal? Answer: You can use Equivalencies to configure this behavior. Go to the model which holds the fund. You can do this by filtering for Component security on the Models page. Select the models and click Replace securities. Replace the closed fund with the new fund of your choice. Next, set the closed fund as an equivalent to the new fund. To do this, navigate to the Security master or within each individual model and find the new fund. If in the model, override the trading rules first by de-selecting the Use sec master checkbox. Add the closed fund as equivalent to the new fund. Scenario 2: You have a security in one of your models that you consider to have a very high tax impact, so you want to instruct irebal to locate that security in qualified accounts. When rebalancing a taxable account, you d like to instead buy an alternate security with what you consider to be a low tax impact to fill that part of the allocation. What should you do to configure this behavior in irebal? Answer: You can use Tax efficiency, Alt sec, and Alt acct settings to configure this behavior. Go to the model which holds the security. You can do this by filtering for Component security on the Models page. Click on the model name to edit the model. Find the security and override the trading rules first by deselecting the Use sec master checkbox. Add your alternate security to the Alt sec field and select Taxable as the Alt acct tdainstitutional.com irebal on Veo User Guide

141 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 33 Activity: Blended Model Weights Calculating Blended model weights A Blended model has two security models both with 50% target weights. One of the security models has four securities with even distributions of 25% apiece. What will the target weight for each of these securities be within the Blended model? Answer: Each security s absolute target weight will be 12.5% in the Blended model. A security s weighted target is calculated by multiplying the Blended model weight (50%) by the security s target weight (25%). Page 34 Activity: Model History Look at model history When was your test Security model last changed and by whom? What did the user change? Answer: Go to Create and configure-> Models, then click on the model name. On the Model detail page s header, click View history. The most recent change to the model is at the top of the list. The User ID is in the User column. irebal on Veo User Guide tdainstitutional.com

142 Page 40 Activity: Create Portfolios 1. Depending on whether you re rebalancing at the household level or at the single-account level, follow the steps above to create five portfolios. Answer: If you are creating multiple-account portfolios (rebalancing at the household level), select the client s unassigned accounts and click Assign selections to irebal portfolio. If you are creating single-account portfolios (rebalancing at the account level), select unassigned account(s) and click Assign each selection to its own portfolio. 2. Answer the following questions: Were any new securities added to your Security master? Answer: Securities that are not yet in your irebal Security master will be shown with a green check mark. Securities already in your Security master are shown with a gray check mark. If you leave the new securities selected, they will be added to your Security master. How many accounts in your environment can now be included in a rebalance? Answer: All assigned accounts can be included in a rebalance. However, in order to run a full or cash rebalance, the account s portfolio needs to be assigned to a model tdainstitutional.com irebal on Veo User Guide

143 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 45 Activity: Edit Portfolios 1. Assign a model to three of your portfolios. Answer: Navigate to Create and configure -> Portfolios. Next, select three portfolios followed by clicking Edit selections. In the Model field, select the model to apply and then click Save all. 2. Change the name of one of your portfolios. Answer: Navigate to Create and configure -> Portfolios. Next click a portfolio name to launch the Edit Portfolio page. On the header row, Edit portfolio name followed by clicking the green check mark to commit the change followed by Save. 3. Answer the following questions: Why are some portfolios in an Incomplete state? Answer: Navigate to Create and configure -> portfolios. A portfolio listed with a status of Incomplete indicates it doesn t have a model associated with it. Which portfolio in your environment has the highest market value? Answer: Navigate to Create and configure -> portfolios. Sort list of portfolios in descending order by clicking on column header Market value. irebal on Veo User Guide tdainstitutional.com

144 Page 56 Activity: Edit Account Settings 1. Create the following set-aside cash schedule for an account. The client requires $5,000 to be available for withdrawal on the 15th of the month for three months. On the fourth month, the client requires $10,000 to be available on the 15th for withdrawal. On the fifth month, and every month thereafter, the client doesn t require any cash for withdrawal. Answer: Go to Create and configure -> Accounts, filter for the Client account, and click on the Account name. Following the above rules, the set-aside schedule should look like this: tdainstitutional.com irebal on Veo User Guide

145 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 56 Activity continued: Edit Account Settings 2. Change the maintained cash for an account. An account should hold a minimum of $5,000 and has a cash target of $8,000. Answer: Go to Create and configure -> Accounts, filter for the Client account, and click on the Account name. Uncheck the Use global default checkbox, select the $ radio button, and enter the Cash min and Cash target amounts. An account should hold a minimum of 2% and has a cash target of 5%. Answer: Go to Create and configure -> Accounts, filter for the Client account, and click on the Account name. Uncheck the Use global default checkbox and enter the Cash min and Cash target percents. irebal on Veo User Guide tdainstitutional.com

146 Page 56 Activity continued: Edit Account Settings 3. Scenario Your client has requested that you not trade in his or her taxable account because of some pending decisions. His or her qualified accounts are still available for trading. What would you do in irebal to enforce this? Answer: Go to Create and configure -> Accounts, filter for the client s portfolio, and select the Frozen checkbox for the client s taxable account tdainstitutional.com irebal on Veo User Guide

147 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 71 Activity: Full and Cash Rebalancing 1. Scheduling scenarios: You d like to check accounts every day to make sure that any excess cash gets invested according to your maintained cash settings. What should you do? Answer: Create a Daily cash invest rebalance type. Go to Rebalance portfolios -> Create a rebalance, select Manage cash only as the type and Invest cash only as the subtype. Select the Later radio button. Click Continue. On the Create an ad-hoc rebalance page, turn the Auto-filter on in the Included portfolios section. Click the Model drop-down menu, select All models, and then click Apply. Then make this rebalance occur daily by selecting the Recurring radio button in the Schedule section. Leave Daily, Every 1 day selected. Then click Schedule. irebal on Veo User Guide tdainstitutional.com

148 Page 71 Activity continued: Full and Cash Rebalancing You d like to check accounts at the end of every week to make sure they have enough cash to accommodate upcoming cash needs, based on your maintained cash settings. What should you do? Answer: Create a weekly Cash generate rebalance type. Go to Rebalance portfolios -> Create a rebalance, select Manage cash only as the type and Generate cash only as the subtype. Select the Later radio button. Click Continue. On the Create an ad-hoc rebalance page, turn the Auto-filter on in the Included portfolios section. Click the Model drop-down menu, select All models, and then click Apply. Then make this rebalance occur weekly by selecting the Recurring radio button in the Schedule section. Select Weekly and select the morning of the week on which you want the rebalance to run. Then click Schedule tdainstitutional.com irebal on Veo User Guide

149 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 71 Activity continued: Full and Cash Rebalancing 2. Full rebalancing scenarios: If all of your positions are within their rebalancing band ranges, but the account level cash is below its minimum, will a full rebalance generate potential orders? Answer: Yes. A full rebalance will attempt to correct positions that are out-ofband and cash that is outside of your set range. If all of your positions are outside their rebalancing band ranges, but the account level cash is between its minimum and target, will a cash rebalance generate potential orders? Answer: No. A cash rebalance only generates potential orders when cash is outside of the cash minimum/cash target range for the account that you entered. A cash rebalance won t generate potential orders to resolve position drift. irebal on Veo User Guide tdainstitutional.com

150 Page 78 Activity: Directed Trading 1. Client with gains scenario: Your client calls and says, In my retail account, I sold some stock that was gifted to me and incurred a $20,000 short-term gain. Can you offset this gain for me in my taxable account? What is one way you can instruct irebal to process this request? Answer: Create a Tax harvest rebalance type. Go to Rebalance portfolios -> Create a rebalance, select Directed trading as the type and Harvest tax losses as the subtype. Leave the Now radio button selected. Click Continue. Select your Loss detection level. Select Position level if you only want to sell when an entire holding in an account can be sold while meeting your thresholds. Or select Lot level if you are willing to sell partial holdings when a tax lot meets your thresholds. In the Securities to be harvested section, click the Select from sec master button and select the securities from the irebal Security master that are eligible for sale. Click Add selected securities. (Note: You can select all securities in the master.) Only the securities listed will be analyzed tdainstitutional.com irebal on Veo User Guide

151 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 78 Activity continued: Directed Trading Then enter your thresholds. You can either enter thresholds on individual securities or you can apply the same threshold for all securities. (Note: You can leave the thresholds blank and consider all harvest securities with losses, potentially selling the holding with the largest loss first in an effort to minimize trades.) Then in the Included portfolios section, add the client portfolio. In the Loss target field, enter $20,000. Select a Loss term or select the Minimize trades option. irebal on Veo User Guide tdainstitutional.com

152 Page 78 Activity continued: Directed Trading 2. Change mutual fund scenario: You ve decided that a certain fund or security held in some of your models no longer suits your needs. You ve selected a new fund that you d like your clients to hold in place of this fund. However, you don t want to realize more than a 25% gain in any portfolio when processing the sale. How can you instruct irebal to help you implement this change? Answer: Create a Security replace rebalance type. Go to Rebalance portfolios -> Create a rebalance, select Directed trading as the type and Replace securities as the subtype. Leave the Now radio button selected. Click Continue. In the Securities to be replaced section, select the old fund or the fund you d like to sell from the drop-down menu. Click Add. In the Replace with column, select the new fund or the fund you d like to buy from the drop-down menu. In the Max gain total % column, enter 25% tdainstitutional.com irebal on Veo User Guide

153 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 86 Activity: Rebalance Result Summary 1. Run a full rebalance on multiple portfolios in your environment. Then answer the following questions: a. How many potential orders were generated? b. Select other securities from your irebal Security master. Answer: Both a and b can be answered following the same steps. Go to Review and approve -> Rebalance results, click the rebalance name, and review the header on the screen. This contains the total number of potential orders being generated (# Orders) as well as the number of unique securities being traded (# Securities). c. Which portfolio will realize the most losses as a result of these orders? d. Which portfolio will realize the most gains as a result of these orders? Answer: Both c and d can be answered following the same steps. Go to Review and approve -> Rebalance results and click the rebalance name to go to the Rebalance result summary. Within the Individual portfolio results section, sort the short-term gain/loss (ST G/L $) and the long-term gain/loss (LT G/L $) columns to view the portfolios with the most gains and the ones with the most losses. irebal on Veo User Guide tdainstitutional.com

154 Page 99 Activity: Portfolio Result Detail Edit Orders 1. On a completed rebalance, edit a buy such that the buy amount is less than the security s buy minimum. Were you warned? Were you able to override the warning? Answer: Yes, you should have received the below warning. Yes, you can override this warning by pressing Continue. 2. On a completed rebalance, remove a sell. Now save your changes, but don t approve the order. How many potential sells did irebal generate? How many potential sells are there in this result now? Where can you go to see the potential irebal generated sale amount? Answer: After making edits to a portfolio s rebalance result, you can see the number of potential irebal generated orders versus the number of orders after user edits within the Order summary section. You can click the View changes link within the Actions panel on the Portfolio result detail page to see the potential irebal generated amount tdainstitutional.com irebal on Veo User Guide

155 Sec 1 Sec 2 Sec 3 Sec 4 Sec 5 Sec 6 Sec 7 Glossary Answer Key Page 99 Activity continued: Portfolio Result Detail Edit Orders 3. On a completed rebalance, how can you tell how many mutual funds are outof-band versus how many equity holdings are out-of-band? Answer: On the Portfolio result detail page, scroll down to the Allocations section. Toggle the view so that the Allocations section is grouped by Security type. You can see how many mutual fund and equity positions were out-of-band before and after this rebalance. In the example shown below, there were nine equities and nine mutual funds that were out-of-band before the rebalance. After the rebalance, there were nine equities and nine mutual funds that were in band. Note: You can expand the equities or mutual funds to see the individual positions. 4. Run a manual adjustment on a portfolio that contains a taxable account. Sort the holdings by gain/loss and sell one tax lot of the security with the highest loss. Answer: Create a Manual adjustment rebalance type. Go to Rebalance portfolios -> Create a rebalance, select Directed trading as the type and Manual adjustment as the subtype. Leave the Now radio button selected. Click Continue. irebal on Veo User Guide tdainstitutional.com

156 Page 99 Activity continued: Portfolio Result Detail Edit Orders From the Rebalance results list, click on the rebalance name and then from the Rebalance results summary, click on the Portfolio name. In the Orders section, click on either the unrealized gain/loss dollar (Unr G/L $) or the unrealized gain/ loss percent (Unr G/L %) column header to sort the positions by $ or % loss tdainstitutional.com irebal on Veo User Guide

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