An increasing number of Macquarie wrap accounts contain a separately managed account (SMA) within the overall wrap. In some cases, there will be multiple SMA's within the account.
By default, Class does not support the loading of data for these SMA's but the functionality to support the loading of such data can be enabled upon request by Class businesses.
This functionality is referred to as a 'feature switch"
The functionality has not been enabled across the board because of the negative impact this can have on individual businesses because the change can only be implemented at the Business level. This means if switched on this will result in all Macquarie portfolios in your Businesses that contain an SMA account will all start loading data for these SMA's
The primary that needs to be considered is this could result in duplicated data if you were previously accounting for these SMAs manually or were using a custom holding account to record it an aggregate basis
Once enabled, there is a need to request history for the account. It is also critical that you have access to reports as their likely to be some level of manual processing to get everything up to date. How much work depends on the circumstances, but the critical thing is that you need to be sure you can access current year reports to complete the setup.
Following the December release, all Panorama and Macquarie Wrap display a Managed account code field, but it is non-functional unless
1 The feature switch is enabled for a given Business and
2. The account has an SMA
If you wish to proceed, then please log a support ticket with Class and we will organise for the feature switch to be enabled in your Business.