Preference - Contacts
Contact preferences include relevant preferences for managing contacts. These preferences allow you to set the options available in the fields when defining the basic information of a contact or portfolio in the Basic info tab on the Contact or Portfolio window. The options you set up in these preferences allow you to flexibly group your portfolios.
Classification(s)
Classifications are used to categorize customers and other contacts. A classification consists of a code and a name. The code is used to identify the classification in the system and the name is used to view and choose the classification in the user interface.
The basic classification ("Professional", "Non-Professional", "Not available") is pre-defined and mandatory for a contact. You can view the basic classifications in Preference → Contacts → Classification. You can modify the user interface name of a basic classification by selecting it, clicking Translate, and entering the modified name in the language column you want to use.
You can also define custom classifications for contacts with the Classification 2-3 fields. For example, you can categorize your contacts based on MiFID regulations, and so on. Custom classifications are defined in Preference → Contacts → Classification 2-3.
Basic classifications
The following table shows the basic classification codes and names.
Code | Name |
|---|---|
NPROF | Non-Professional |
NA | Not available |
PROF | Professional |
Contact types
In the Contact type preferences, you can define the contact subtypes available for contacts. Contact types and contact subtypes are used to categorize the contacts: For example, the contacts could be divided into customers, asset managers, custodians, and counters.
Contact types
For contacts, contact type is mandatory information. Available contact types are Customer (with the Fund Company and Asset Manager as subtypes), Advisor, Counterparty, Accountant, Issuer, Custody, and Lead.
Contact types are fixed since certain FA Back functionality is linked to the contact type: only "Customers" can own portfolios and can be selected on the Overview, and "Counterparties", "Issuers" and "Custodies" are listed in the corresponding fields throughout the system. However, you can rename a contact type in Preference → Content and translations → Translations.
Contact subtypes
If you want to categorize your contacts even further, you can define contact subtypes in Preference. The definition of contact types has two levels: You can define contact subtypes under the pre-set contact types on the higher level. A contact subtype consists of a code and a name: the code is used to identify the contact subtype in the system, and the name is used to view and choose the contact subtype in the user interface.
Restricting access to contact types and contact subtypes
You can restrict the list of contact types available in the Contact type dropdown in the Contact window's Basic information and Contact view's extended search fields. For example, you can decide which user role(s) are allowed to use which contact types for the contacts they manage, especially useful in restricting the visibility of custom fields linked to a certain contact type.
To restrict access to contact types, check the appropriate roles within the contact type or contact subtype preferences. Choose the user roles from the list of roles defined in the Admin console app (for details, see User details pane). If you don’t restrict a contact type to a specific user role, it will be visible to all users.
Identity
In Preference → Contacts → Identity, you can define the identities available for contacts. Identities are a mandatory field used to categorize the customers and other contacts. For example, the identity of a customer has to be known or verified due to MiFID regulations, and the identity selection can be used to determine whether the identity of the customer is known and how the customer was identified.
An identity consists of a code and a name. The code is used to identify the identity in the system and the name is used to view and choose the identity in the user interface. The following table shows the standard identities in the system.
Code | Name |
|---|---|
PASS | Passport |
OTHER | Other |
NA | Not available |
KNOWN | Known |
ID | Identification card |
DRIV | Driver's license |
Juridical form
In the Juridical form preferences, you can define the juridical forms available for contacts and portfolios. Juridical forms are used to categorize the customers and portfolios based on their legal stand. For example, the contacts and portfolios could be categorized into companies and private persons. For contacts and portfolios, a juridical form is mandatory.
In addition to grouping portfolios, the juridical forms chosen for a portfolio can be used for defining tax rates used in running corporate actions. The tax rates can be defined per portfolio's juridical form and tax country, thus a different tax rate can be defined for example for companies and private persons in Finland when running corporate actions. Also, the juridical forms are used for defining default tax rates used in running corporate actions.
The portfolios owned by a contact of the type Customer inherit the juridical form of the contact: by default, the juridical form of a portfolio is the same as the juridical form of the portfolio's primary contact's juridical form. Thus, when a new portfolio is created, the juridical form is by default set to be the same as the juridical form chosen for the customer.
Juridical forms can be defined in the Juridical form window in Preference. A juridical form consists of a code and a name: the code is used to identify the juridical form in the system, and the name is used to view and choose the juridical form in the user interface.