Go to: PM&R Help Menu
Process Proposed Orders:
1) View Rebalance Results
2) Run Rebalance Reports
3) Edit/Delete Proposed Orders
4) Reject Partial Orders
5) Create Blocks and Allocations
6) Send Proposed Orders
Other Processes:
- Export Orders
- Customize the Window
On Rebalance Results, preview the orders generated as the result of a rebalance run by you or another user at your firm. If you are the user who created or ran the rebalance, a number of features are available to manage the orders before sending them to their next stop on the Wealthscape Orders Unsent window:
Edit order quantities or delete orders, if needed. You cannot, however, add an order or change an order action such as from a buy to a sell. (Edit/Delete Proposed Orders)
View messages that warn you if partial orders occurred during the rebalance. You can prevent further processing of partial orders by rejecting them. (Reject Partial Orders)
Create blocks and allocations where an aggregation of orders occurred by security and order action. Although you can rebalance both Fidelity and non-Fidelity accounts (such as Advent), you can build blocks using orders for Fidelity accounts only. (Create Blocks and Allocations)
Run the Unsendable Orders report to identify unsendable orders so you can determine how best to proceed. Unsendable orders include orders for fixed income securities, rights, warrants, and UITs without symbols. For example, to process fixed income orders, you can call the Fixed Income Desk or use Bond Beacon. Note that orders associated with non-Fidelity accounts must be processed by the appropriate custodian. (Run Rebalance Reports)
Account and order information is grouped into sections:
Find general details at the top of the Rebalance Results window such as rebalance type, model name, date run. If entitled, an indicator in this section displays "Fractional Equity Shares" if you chose the fractional rebalance preference to generate fractional shares orders; if you did not choose this preference, "Non-Fractional Equity Shares" displays. (Establish Rebalancing Preferences)
A breakdown of the success of the rebalance also displays:
Success
The number of accounts successfully rebalanced. This indicates that orders were proposed to match the rebalance objective. For example, the Rebalance to Target objective proposes orders that bring accounts back into alignment with the targets defined by the model used in the rebalance.
Partial Success
The number of accounts partially rebalanced. This indicates that partial orders were generated that do not fully match the rebalance objective.
Failed
The number of accounts unsuccessfully rebalanced. This indicates that no orders were generated.
Find further details about each impacted account and its orders on these tabs (Field Definitions):
Summary tab
Shows results of the rebalance by account. Details include the account's cash before rebalancing and after rebalancing. Totals break down the number of buys and sells generated, and the order quantity for each. The number of zero (0) quantity trades also displays.
For a Household rebalance, the cash before rebalancing and after rebalancing for the overall household displays. If you created an Asset Location Rule, a Household Tax Totals section shows estimated total taxable short-term and long-term gain/loss.
Further down on this tab, tables and interactive charts demonstrate the impact to account positions – according to the model's targets.
Proposed Orders tab
Organizes proposed orders by account. Links above the orders enable you to run a report of proposed orders or unsendable orders (Run Rebalance Reports). A Rules column uses icons to indicate orders impacted by trade restrictions, equivalence rules, or Asset Location Rules.
Aggregated Orders tab
Aggregates proposed orders by security and order action. This aggregation helps you to identify opportunities to create blocks and allocations.
Go to:
Edit/Delete Proposed Orders
Reject Partial Orders
Create Blocks and Allocations
Send Proposed Orders
On the Proposed Orders tab, two reports are available:
Rebalance Report
This report includes the contents of the Proposed Orders tab. The resulting PDF may be shared with an investor.
Unsendable Orders Report
Sometimes orders are proposed that cannot be sent to the Orders Unsent window. To view these orders, use either the filters on the Proposed Orders tab or run a report of unsendable orders. Generally, unsendable orders include orders for fixed income securities, rights, warrants, UITs without symbols, and orders for non-Fidelity accounts. (Filter Orders)
Note
You must manually enter orders proposed for fixed income securities using Wealthscape Bond Beacon.
To run a report
Select the Proposed Orders tab.
Select a link:
Rebalance Report
Unsendable Orders Report
- A PDF is generated.
Where needed, edit the order quantities of proposed orders before sending them to the Orders Unsent window. The ability to edit orders is available when:
Orders have not yet been sent to the Orders Unsent window. You will see double dashes (--) in the Orders Sent to the Unsent Orders List Date field.
You are the user who created or ran the rebalance.
You may prefer instead to delete some proposed orders. This feature reduces the order quantity to 0 (zero) and prevents the order from proceeding further. As a best practice following order deletion, review the Cash After value (for a Standard rebalance) or Total Cash After Rebalance value (for a Household rebalance) on the Summary tab to ensure that sufficient cash remains to cover the buy orders proposed.
The ability to edit orders is available on the Summary tab or the Proposed Orders tab. Changes you enter on one tab are reflected on the other. On the Proposed Orders tab, filters enable you to control the types of orders that display such as only buy orders. By default, all orders display with the exception of cash and zero trade orders.
- Filter Orders
- Edit Orders
- Delete Orders
To filter proposed orders
Select the Proposed Orders tab.
From View, indicate the types of orders to display:
All Order Types (Default)
Sendable Orders
Unsendable Orders
Filter the orders:
To filter by account, account holder, or security, from Filter By:
- Select an option and enter the value.
- Select Filter.
To control which order types display, choose from the Order Type check boxes, and select Filter:
Cash
Zero Trades
Buy
Buy Fund
Sell
Sell Fund
- If you select All Order Types, Cash and Zero Trades are enabled.
- They are disabled if you select Sendable Orders or Unsendable Orders.
To edit proposed orders
In the Order Details column, select View/Edit.
Enter your edit, and press Tab.
- If a nonfractional equity order, edit the Trade (Shares).
- If a fractional equity order, if entitled, edit the Trade (Dollars).
- If a bond or mutual fund order, edit the Trade (Dollars).
- You cannot edit Cash or Zero Trade orders.
Note
If entitled to fractional shares trading and the rebalance contains securities ineligible for fractional shares trading, to override this preference at this individual rebalance level, select the Preferences tab and select No for the Send Fractional Equity Shares preference. (Run a Rebalance)
(If entitled) If a Sell or Sell Fund order and the account is taxable, to view the estimated impact of your changes to the tax lots, select Estimate Gain/Loss.
Two sections display:
Proposed Order Tax Lots
The tax lots estimated to be depleted, based on the disposal method, and proposed order quantity. The lots estimated to be depleted are highlighted. If inclusion of a tax lot is expected to cause a wash sale, an indicator displays. The rebalance will not propose orders that are expected to cause a wash sale.
Tax Lots Prior to This Order
The current tax lots for the position.
Note
If editing proposed orders in a Household rebalance, the Total Cash After Rebalance on this window represents the value for the entire household prior to your change. Review the revised Total Cash After Rebalance on the Summary tab.
Select Save.
- A check in the Modified column indicates the order was edited.
To delete proposed orders
In the Order Details column, select View/Edit.
Below table, select Edit Quantity to 0.
- A message prompts you to confirm.
Select Edit Trades.
- Deleted orders are removed from the tab.
This is an optional step.
A warning displays on the Summary tab if a partial rebalance occurred. This indicates that one or more accounts were not fully rebalanced according to the model's specifications and, as a result, only some orders were generated. For example, a restriction prevented the sale of a security, which resulted in insufficient cash to buy other securities according to the model's targets.
To resolve this, you may:
Reject the partial orders.
Remove these orders permanently, which prevents them from proceeding. Rejected orders are tracked on the Rebalance Process Log. (View the Process Log for a Rebalance)
Edit the orders.
Review the remaining proposed orders for opportunities to enter edits to achieve the desired results. (Edit/Delete Proposed Orders )
Edit the model.
Attempt to eliminate the discrepancy in the model that is causing the partial rebalance, after which you can rerun the rebalance. (Edit Models)
To reject partial orders
Select the Summary tab.
- A warning about partially rebalanced accounts displays.
At the bottom of the window, select Reject Partial Trades.
Select the check box of each order to reject.
- To reject all orders, select check box in the column header.
Select Reject Trades.
View eligible proposed orders rolled up by security and order action. For example, if you rebalanced 10 accounts that created 10 MSFT sell orders, the Aggregated Orders tab now shows those orders as a single line item of MSFT sells. From this aggregation, you can create blocks and allocations to send to the Orders Unsent window.
To create blocks and allocations
Select the Aggregated Orders tab.
Select the Blocks and Allocations link.
- Orders eligible to be blocks are highlighted on the window.
Select the check box of each eligible order that you want to create a block.
- Alternatively, choose Select All to select all eligible orders.
Select Update Blocks and Allocations.
- The Block Status column indicates orders selected for blocks.
Go to: Send Proposed Orders, Step 4
Prior to sending the proposed orders, it is recommended that you review each individual account's estimated Cash After rebalance value (Summary tab) and proposed orders (Proposed Orders tab). Once orders are sent, you must next go to the Orders Unsent window to send the orders to the market.
Only the user who created or ran the rebalance can send the orders. If the orders were already sent, you are prevented from sending them again.
Note
For more information on quantity types for fractional trades, if entitled, refer to Quantity Types of Fractional Orders by Quantity Sold.
To send proposed orders
Select the Proposed Orders tab.
Select the check box of each order to send.
- To send all listed orders, select the box in the column header.
Select Send to Unsent Orders List.
- The Send Proposed Orders window displays.
- Individual orders and block orders are summarized separately.
- Each section totals orders by order action or dollars.
Select Send to Unsent Orders List.
- A message confirms that the orders were sent.
Go to: Search for Unsent Orders
Export all "sendable" or all "unsendable" orders listed on the Proposed Orders tab to a CSV (comma-separated values) file. The ability to export is available on all tabs: Summary, Proposed Orders, and Aggregated Orders.
Sendable
Orders eligible to be sent to the Orders Unsent windows where you can further manage them before sending them to the market.
Unsendable
Orders that cannot be sent to the Orders Unsent window.
To export orders
Select Export Sendable Orders or Export Unsendable Orders.
- Follow your browser instructions to open or save the CSV file.
Choose the data to display in the Proposed Orders table. These settings are specific to your ID and are saved when you sign out.
- Columns that display "required" cannot be removed but can be rearranged.
- Columns that display "fixed" cannot be removed or rearranged.
To customize the Proposed Orders table
Above the table, select the Customize (gear) icon.
To add a column, from the Available Columns list:
- Select a column name.
- Select Add.
To remove a column, from the Selected Columns list:
- Select a column name.
- Select Remove.
Removing a column simply removes it from the display. It does not delete the column contents.
To change the order of a column, from the Selected Columns list:
- Select a column name.
- Select Move Up or Move Down.
Select Save.
In addition to the values defined in the tables, the following value can display:
-- (Double dashes) Information does not exist.
- Summary Tab
- Proposed Orders Tab
- Aggregated Orders Tab
Summary Tab
Find definitions here for Rebalance Details and Security Details.
| Field | Definition |
|---|---|
| Account Source | The provider of the account information: Fidelity Brokerage Fidelity Brokerage Services LLC
|
| Assigned Model | The name of the model used in the rebalance. Note
|
| Cash After | The amount of available cash in the account after running the rebalance. |
| Cash Before | The amount of available cash in the account prior to running the rebalance. |
| Custodian Name | The name of the custodian of the account such as Fidelity Investments. |
| Custom Short Name | The user-defined short name for the account, if applicable. |
| Estimated Taxable Long-Term Gain/Loss | (If entitled) For orders occurring in taxable accounts, this is the amount of estimated taxable long-term gains or losses as a result of the orders proposed for the account. |
| Estimated Taxable Short-Term Gain/Loss | (If entitled) For orders occurring in taxable accounts, this is the amount of estimated taxable short-term gains or losses as a result of the orders proposed for the account. |
| FBSI Short Name | For brokerage accounts only, this is the Fidelity-defined short name for the account. |
| Initial Market Value | The market value of the account prior to running the rebalance. |
| MCCAR | The minimum percentage of Core Cash to remain in the account after running the rebalance, if applicable. If a cash component exists in the model, the rebalance instead uses the higher of the two values. (MCCAR) |
| Primary Account Owner | The name of the primary account holder of the account, in last name, first name format. |
| Registration | The type of ownership registered for the account. |
| Rules | Icons indicate whether trade-related restrictions, equivalence rules, or Asset Location Rules (Household rebalances only) impacted the proposed order. |
| Tax Status | Indicates whether the account is taxable: Taxable
|
| Total Buy &
Total Buys |
Total Buy
Total Buys
|
| Total Sell &
Total Sells |
Total Sell
Total Sells
|
| YTD Realized Long-Term Gain/Loss | (If entitled) For orders occurring in taxable accounts, this is the year to date taxable realized long-term gain or loss for the account. |
| YTD Realized Short-Term Gain/Loss | (If entitled) For orders occurring in taxable accounts, this is the year to date taxable realized short-term gain or loss for the account. |
| Zero Trades | The total number of zero (0) quantity trades generated by the rebalance. Zero quantity trades occur for different reasons. For example, if a Minimum Trade preference is set, a proposed order below the minimum is a zero quantity trade. |
Proposed Orders Tab
| Field | Definition |
|---|---|
| Account # | The account number for the order. |
| Account Source | The provider of the account information: Fidelity Brokerage Fidelity Brokerage Services LLC
|
| Account Type | The account type associated with the order: Cash
|
| Adjusted Target (Shares, Dollars, Weight) | If MCCAR was requested and a cash component exists in the model, the rebalance instead uses the higher of the two values and adjusts the target share quantity, dollar amount, and percentage. (MCCAR) |
| Comments | System-generated comments about the rebalance. These generally indicate the name of the equivalence applied, if applicable. |
| CUSIP | The CUSIP for the security. |
| Custom Short Name | The user-defined short name for the account, if applicable. |
| Estimated Taxable Long-Term Gain | (If entitled) For orders occurring in taxable accounts, this is the estimated taxable long-term gain for the order, based on the proposed order quantity and the selected disposal method. |
| Estimated Taxable Long-Term Loss | (If entitled) For orders occurring in taxable accounts, this is the estimated taxable long-term loss for the order, based on the proposed order quantity and the selected disposal method. |
| Estimated Taxable Short-Term Gain | (If entitled) For orders occurring in taxable accounts, this is the estimated taxable short-term gain for the order, based on the order quantity and the selected disposal method. |
| Estimated Taxable Short-Term Loss | (If entitled) For orders occurring in taxable accounts, this is the estimated taxable short-term loss for the order, based on the proposed order quantity and the selected disposal method. |
| FBSI Short Name | For brokerage accounts only, this is the Fidelity-defined short name for the account. |
| Initial (Shares, Dollars, Weight) | The initial share quantity, dollar amount, or percentage of the security held in the account prior to running the rebalance. |
| Modified | A check mark in this column indicates that the proposed order was edited. (Edit/Delete Proposed Orders) |
| Order Type | The order action: Buy (B)
Note
|
| Price | The price of a single share of the security. |
| Price Type | Indicates the timeliness of the price used at the time of the rebalance: Real Time (If entitled)
|
| Primary Account Owner | The name of the primary account holder, in last name, first name format. |
| Proposed (Shares, Dollars, Weight) | The proposed share quantity, dollar amount, and percentage of the security to be held following the rebalance. |
| Registration | The type of ownership registered for the account. |
| Round Trade (Shares, Dollars, Percent) | These columns show the outcome of your Rounding Rules rebalancing preference on a proposed equity order. Generally, a proposed equity order displays a whole number in the Round Trade (Shares) column. This whole number is used to create the order to send to the Orders Unsent window. (Establish Rebalancing Preferences) Fractional Shares Trading If entitled and fractional shares orders were proposed based on your rebalancing preference (Send Fractional Equity Shares), the Round Trade (Shares) column shows the fractional share quantity and Round Trade (Dollars) column shows the notional dollar amount used to create the order to send to the Orders Unsent window. Although rounding does not apply to fractional orders, continue to refer to these columns to view the proposed fractional quantities. |
| Rules | Icons indicate whether trade-related restrictions, equivalence rules, or Asset Location Rules (Household rebalances only) impacted the proposed order. For more information about the restriction or rule, refer to the Comments column. |
| Security ID | The symbol for the security. The CUSIP displays if the security does not have a symbol. |
| Target (Shares, Dollars, Weight) | The target dollar amount, target share quantity, and target percentage of the security according to the model's specifications. |
| Tax Status | Indicates whether the account is taxable: Taxable
|
| TDM | The transaction disposal method selected for the transaction if not using the account's default method to choose lots for sell orders. |
| Trade (Shares, Dollars, Quantity) | The share quantity and dollar amount of the order. Calculated as: Buy
|
| Unsendable | Indicates whether the order is ineligible to be sent to the Orders Unsent window: Yes |
Aggregated Orders Tab
| Field | Definition |
|---|---|
| Security ID | The symbol for the security. The CUSIP displays if the symbol is not available. |
| CUSIP | The CUSIP number for the security. |
| Block Status | A check mark indicates those orders selected to be managed as block orders. |
| Order Type | The order action such as Buy or Sell. |
| Total (Shares, Dollars) | The total share quantity or dollar amount of orders for the security. |
| Total Trades | The total number of orders for the security. This column must indicate a value greater than 1 to create a block for the listed security. |
The quantity type (shares or dollars) of proposed fractional equity orders sent to the Orders Unsent window is based on the order action and percentage of the position sold:
| Order Action | Quantity Type Sent to Orders Unsent Window |
|---|---|
| Buy | Dollars |
| Sell (< 90%) | Dollars |
| Sell (> 90%) | Shares (unrounded) |
| Sell All (100%) | Shares (unrounded full quantity) |
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