Using the Pershing Integration - SPA

Integration Summary

Our integration with Pershing allows draft accounts in Pershing systems to be opened directly from within Practifi.  The integration initiates the opening of the draft account.  The details of the draft must be reviewed and concluded in the Pershing’s NetX360 Advisor Portal, after formalities with the end-client (review and signing of documents, completion of additional necessary details required for the account) are concluded.  The integration shows the Practifi Advisor the status of the account opening (as either in Draft, or Opened status).

Before You Begin

The Practifi customer (advisor firm) must engage with their Pershing Account Executive, informing them that they wish to integrate their Practifi system with Pershing.  In particular, the customer needs to request to authorize the Open and update accounts APIs to be accessed by Practifi on their behalf. The following certificate signing process needs to be completed by Practifi on behalf of each customer:

• Generate a Certificate Signing Request (CSR) then email to Pershing.

• Pershing will review the CSR and if approved, Pershing will email back a signed certificate to be installed on the customer’s Practifi system. Separately, a PLINK ID will be issued and emailed by Pershing to Practifi for this customer's advisor firm. Please note that a PLINK ID is issued per firm for the shared API entitlements across that firm.

To complete the configuration, the customer must supply (as issued by Pershing) to Practifi the following details for their firm:

• correspondentNumber - Firm (introducing broker-dealer or IBD) number

• officeNumber - Office number (there could be multiple office numbers per firm)

• rrCode - Advisor (investment professional, IP or registered representative) number

Using the Integration

Within a Client context, open the hidden options dropdown menu and select Open Pershing Account

The list of Contacts for whom Pershing accounts can be opened is listed, along with the count of any existing Pershing accounts opened from within Practifi.

Select the contacts for whom the draft account should be opened.  More than one contact may be selected, but ensure at the next step the type of account to be opened supports more than one account holder.

Select the Type of Account, the Pershing-allocated Office Number under which the account should be opened, and who will be the Primary Account Holder.  There can only be one Primary Account Holder, and any other Contacts in the list will become additional Account Holders.

Note that if:

• ONE contact is ticked then the choice of a Retail Joint Account won’t appear
• If TWO or more contacts are ticked then the choice of a Retail Individual Account won’t appear

The Open Pershing Draft Account button becomes active.

A message will appear that the draft account creation process has started.

Another message will appear when the draft account has been opened, and its number.

Progress of Draft Account Opening

Under the Data Management tab

Under the Pershing Accounts subtab

The list of Pershing accounts and their status appear.  Note the “Is Draft” status for newly created draft accounts.

The Advisor will be notified by a Pershing message that a draft account is pending their attention, and that documentation should be received and reviewed from the end-client.  Once the process in Pershing’s NetX360 Advisor Portal has been completed and the account is opened, it will be flagged as no longer “Is Draft”.

In NetX360

The draft account and tools to adjust and progress the application can be viewed under the Work Corner subtab

Supply the firm-specific details for the panel, e.g., correspondentNumber (IBD) and officeNumber (OFF):

Accounts opened in Practifi appear in the list, like any other Pershing account in progress: