Using the Pershing Integration

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Integration Summary

Our integration with Pershing allows draft accounts in Pershing systems to be opened directly from within Practifi.  The integration initiates the opening of the draft account.  The details of the draft must be reviewed and concluded in the Pershing’s NetX360 Advisor Portal, after formalities with the end-client (review and signing of documents, completion of additional necessary details required for the account) are concluded.  The integration shows the Practifi Advisor the status of the account opening (as either in Draft, or Opened status).

Before You Begin

The Practifi customer (Advisor firm) must contact their Pershing Account Executive, informing them that they wish to integrate their Practifi system with Pershing.  In particular, the customer needs to request to authorize the Open and update accounts APIs to be accessed by Practifi on their behalf. 

A system access certificate also needs to be produced by Practifi and signed by Pershing, for each customer.

  • Generate a Certificate Signing Request (CSR) then email to Pershing.

  • Pershing will review the CSR and if approved, Pershing will email back a signed certificate to be installed on the customer’s Practifi system. Separately, a PLINK ID will be issued and emailed by Pershing to Practifi for the Advisor firm.  Note that a PLINK ID is issued per firm for the shared API entitlements across that firm.

To complete the configuration, the customer must supply (as issued by Pershing) to Practifi the following details for their firm:

  • correspondentNumber - Firm (introducing broker-dealer or IBD) number
  • officeNumber - Office number (there could be multiple office numbers per firm)

  • rrCode - Advisor (investment professional, IP or registered representative) number

Using the Integration

When viewing a Client record, along the list of actions available for a Client, click the dropdown arrow and select Open Pershing Draft Account

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The list of parties for whom Pershing accounts can be opened is listed.  Select the persons for whom the draft account should be opened.  More than one person may be selected.

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Next, choose who should be the Primary Account Holder.  There can only be one Primary Account Holder, and any other person in the list will become additional Account Holders

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Next, select the Type of Account, and the Pershing-allocated Office Number under which the account should be opened.  .

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The range of account types which may be started appear under the Account Types dropdown

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On completing the form, click Next to start the account opening process.  Validation will take place to ensure that if:

  • ONE person is ticked then the Retail Joint Account type cannot be used
  • If TWO or more people are ticked then a Retail Individual Account cannot be used

The account opening process will commence and conclude with a message indicating the DRAFT account number.  This number will become the account number, if all the other account opening processes are met.

The account is now available in Pershing's NetX360 system, where the Advisor will complete the remaining fields (information not recorded in Practifi), and change the account from DRAFT to a full account.

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Progress of Draft Account Opening

If not apparent in the list of dropdown choices under the App Launcher icon, search and locate the Integrations app, and launch.

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Under the Pershing dropdown the list of Pershing accounts, both in Draft and completed, are listed.

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The list of Pershing accounts and their status appear.  The “Is Draft” status column for newly created draft accounts will ticked.  For those account which have been opened as full accounts are unticked. 

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The Advisor will be notified by a message from Pershing that a draft account application is pending their attention, and that documentation from the end-client should be received and reviewed.   

Draft accounts which have not been completed within 90 days are deleted from the list.  Full accounts are never deleted. 

 

In NetX360

The draft account and tools to update and progress the application can be viewed under the Work Corner subtab of NetX360.

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Supply the firm-specific details for the panel, e.g., correspondentNumber (IBD) and officeNumber (OFF):

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All accounts opened in Practifi, as well as other Pershing workitems, appear in the list:

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 The Advisor will follow their and Pershing's account validation and opening procedures to finalize the full account.

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