Preferences - 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)
In the Classification preferences you can define the classifications available for contacts. FA supports defining three sets of classifications, classification, classification 2 and classification 3. The classifications are used to categorize the customers and other contacts, and the classification systems are free of choice. The classification system can be defined in any way useful to the user: for example, you can categorize your contacts to be professional or non-professional, based on MiFID regulations, etc. For contacts, the basic classification is mandatory, while the other two classifications are not.
Classifications can be defined in the Classification window in the Preferences. 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.
Contact types
In the Contact type preferences you can define the contact sub types available for contacts. Contact types and contact sub types 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 come from the system and allow you to choose from Customer, Asset manager, Counterparty, Accountant, Issuer, Custody and Lead. Contact types are fixed since certain functionality is linked to the contact type: for example, 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.
Contact subtypes
If you want to categorize your contacts even further, you can define Contact sub types in Preferences. The definition of contact types has two levels: you can defined contact subtypes under the pre-set contact types on the higher level. A contact sub type consists of a code and a name: the code is used to identify the contact sub type in the system, and the name is used to view and choose the contact sub type 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 the Identity preferences you can define the identities available for contacts. Identities are 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. For contacts, an identity is mandatory.
Identities can be defined in the Identity window in the Preferences. 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.
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 portfolio, 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 i 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 than 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 than the juridical form chosen for the customer.
Juridical forms can be defined in the Juridical form window in the Preferences. 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.