Where it usually breaks
And how to keep it from happening.
- An order is authorized against a stale position snapshot.
- A fill is keyed by hand without custodian evidence.
- A fee correction overwrites the original execution and the audit trail is lost.
- Wealth Management Platform
- Process
- Order to fill
Order to fill
Draft a trading order, authorize it against the client mandate, submit it and record fills from custodian evidence.
Step by step
-
Draft the order Wealth Advisor
Wealth Advisor records the account, instrument, side, order type, quantity and limit price. The order is Draft.
- Order Draft
- Updates Trading orders, Trading accounts, Instruments
-
Authorize the order Trading Operator
Trading Operator checks the client mandate and the latest position snapshot and authorizes the order.
- Order Authorized
- Updates Trading orders, Position snapshots
ApprovalA person approves before the work moves on. -
Submit to the custodian Trading Operator
Trading Operator submits the authorized order and records the custodian's external order ID.
- Order Submitted
- Updates Trading orders
-
Record executions Trading Operator
Each fill is recorded from matching custodian evidence with execution ID, quantity, price, fees and time. The order moves to part filled, then Filled.
- Order part filled or Filled
- Updates Executions, Trading orders
-
Correct by reversal Trading Operator
A wrong execution is reversed by a new execution that names the original, followed by the corrected one.
- Reversing execution recorded
- Updates Executions
Who does what
Roles and permissions- Wealth Advisor
- , Trading Operator, Operations Analyst.
Set up Wealth Management Platform your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.