Getting Started with Wealthscope for Advisors
The Wealthscope for Advisors Pro edition helps financial advisors enhance their overall value proposition with robust tools for portfolio analysis and building to attract, engage, and retain clients.
There are two views: Advisor and Client. The top-right corner of the menu bar of tells you which view you’re in: when it is light blue, you are in Advisor view (with your name):
When it is navy blue, you are in Client view (with your client’s name). There will also be a purple frame around the entire application as a reminder. Any information you save here is for this specific client.
Upon signing into Wealthscope for Advisors, the landing page offers three points of entry:
"Advisor Dashboard": displays aggregated client information, as well as high-level summaries of individual clients.
"Client Management" is where you can add a client, groups clients to create a family, or access different clients.
"Add Client" is is a shortcut for you to add clients.
Once you have made your selection, there is a menu bar at the top of the application, denoting the three feature segments that you have access to: Accounts, Portfolios, and Tools.
On the left-hand side, you will notice these icons:
When you are in Advisor View, this icon is the shortcut to Client Management.
When you are in Client View, this icon is the shortcut back to the Advisor Dashboard.
SET UP ACCOUNT INFORMATION
To track and analyze investment accounts for a client that you have added on Wealthscope, go to their Client View and click "Accounts" in the top navigation bar. There are two ways to add account information:
1. Automatically link all of your clients’ investment accounts with daily updates, powered by Wealthica. This option requires that your client has created Wealthica account prior and has aggregated their investment accounts on Wealthica's site. You will need to enter your client's Wealthica login credentials in this workflow.
2. Manually input account information.
Please note that only the following securities will be analyzed: Canadian and U.S. stocks, Canadian and U.S. ETFs, Canadian mutual funds, and about 72 HISAs. All other securities will be excluded from the analysis.
ANALYZE YOUR CLIENT'S ACCOUNTS
To generate a Portfolio Scorecard, click an account to view, and then click the "Analyze" button in the upper right. You can analyze an individual account, a specific group of accounts, or all of a client's accounts together in "Accounts Overview". If you group accounts in different currencies, USD accounts will be converted to CAD for the analysis.
Your will land on the Overview page and see an overall grade and a grade for each of 6 important portfolio dimensions: performance, downside protection, income, fund fees, diversification, and ESG. The analysis is based on the current composition of your client's portfolio, so as to assess how sound their existing portfolio is. That means we use the same holdings and the same weights in the analysis.
The portfolio is evaluated against a benchmark that is automatically assigned based on the closest equity-to-fixed income ratio of your portfolio, e.g., 70% equity 30% fixed income. This benchmark serves as a reference point in scoring the performance and the downside dimensions in the scorecard. If the portfolio is just matching the benchmark, rather than outperforming it, it will receive a passing mark of 65%.
The file icon on the left of the Portfolio Scorecard will let you save the account with its current composition (holdings and weights), so that it can be used later in the Compare function of the Scorecard, or for simulations in the Planning segment.
Compare this account to a saved portfolio and account.
TEST PORTFOLIO IDEAS AND SAVE MODEL PORTFOLIOS
The "Portfolios" segment in the top menu bar is where we offer three different Portfolio Builders and the ability for you to designate saved portfolios as "Model Portfolios". These models will show up in all of your Client Views, ready to be used in Planning as well as in the Compare function in the Scorecard.
Portfolios -> Create a new portfolio
1. In Advisor View, create a portfolio using any one of our three Portfolios Builders.
2. Save the portfolio by clicking the Save icon on the left of the Portfolio Scorecard.
3. Once saved, go to Portfolios -> Revisit a Saved Portfolio and toggle it as a Model.
Note: this function is only available in Advisor View.
Pre-Retirement clients: Create a comprehensive and intuitive Retirement Blueprint for your clients and/or their spouse.
Planning -> Accumulation -> Retirement Blueprint
Target Wealth - determine the nest egg required at retirement to meet lifestyle needs.
Target Saving - determine the necessary monthly saving required to meet their target wealth.
In the simulations, you can select portfolios for the pre- and post-retirement periods. Choose from any portfolios saved for the client or use your model portfolios in the "Portfolios" segment.
Retired clients: Create a tax optimized drawdown plan to see how much they can afford to spend each year and from which sources.
Planning -> Decumulation -> Drawdown plan
Now that you have a handle on the main features, you are all set to try out the rest!
For a detailed description of all features, please download our User Guide PDF.
For any inquiries, please contact us at firstname.lastname@example.org.