Using the Pershing Integration

Overview

The integration between Practifi and Pershing allows the viewing of draft accounts from Pershing within Practifi. This article outlines the Pershing integration and how to use the integration. 

Please note: This functionality will not be available in your organization if the integration has not been enabled. For information on enabling the integration, please consult our Enabling the Pershing Integration article.

• Integration Summary
• Before You Begin
• Using the Integration

  • Opening Pershing Draft Accounts

  • Progress of Draft Account Opening

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 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, either in Draft or Opened status.

Before You Begin

The Practifi customer must contact their Pershing Account Executive and inform 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. 

A system access certificate also needs to be produced by Practifi and signed by Pershing, for each customer.

• Generate a Certificate Signing Request (CSR) then email it 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 the Advisor firm. 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

Opening Pershing Draft Accounts

1. When viewing a Client record, along with the list of actions available for a Client, click the dropdown arrow and select Open Pershing Draft Account.
   
2. The list of parties for whom Pershing accounts can be opened is listed. Select the persons for whom the draft account should be opened. More than one person may be selected from this list.
3. Select who should be the Primary Account Holder. There can only be one Primary Account Holder, and any other person in the list will become additional Account Holders.
   
4. Select the Type of Account and the Pershing-allocated Office Number under which the account should be opened. 
   
5. The range of account types that may be started appear under the Account Types dropdown are as follows:
   
6. On completing the form, click Next to start the account opening process.  Validation will take place to ensure that if:
   
   • One person is checked then the Retail Joint Account type cannot be used.
   • If two or more people are ticked then a Retail Individual Account cannot be used.
7.  The account opening process will commence and conclude with a message indicating the draft account number. This number will become the account number if all the other account opening processes are met. The account is now available in Pershing's NetX360 system, where the Advisor will complete the remaining fields, information not recorded in Practifi, and change the account from draft to a full account.
   

Progress of Draft Account Opening

If not apparent in the list of dropdown choices in the App Launcher icon, search for and select the Integrations app.

Under the Pershing dropdown the list of Pershing accounts, both in Draft and completed, are listed.

The list of Pershing accounts and their status appear, with the “Is Draft” status column checked for newly created draft accounts. For accounts that have been opened as full accounts, this column is unchecked. 

The advisor will be notified by a message from Pershing that a draft account application is pending their attention, and that documentation from the end client should be received and reviewed. Draft accounts that have not been completed within 90 days are deleted from the list but full accounts are never deleted. 

The draft account and tools to update and progress the application can also be viewed under the Work Corner subtab of NetX360.

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

All accounts opened in Practifi, as well as other Pershing work items, appear in the list:

The advisor will follow their and Pershing's account validation and opening procedures to finalize the full account.