Using AssetBook for Tax Planning

As we approach the end of the year, many advisors are taking the time to analyze their client’s accounts, searching for opportunities to save them money on this year’s income taxes.  Since each client’s taxable situation is unique, it is important to understand how cost basis is handled in AssetBook and what useful tools are available to help you with this effort.

We also thought it would be useful to explain in detail the tax lot information being imported into AssetBook from your custodian that could be extremely useful when considering tax harvesting

Tracking Cost Basis in AssetBook

There are two ways in which we track cost basis in both AssetBook systems:

  1. Internal cost accounting system
  2. Importing tax lots from the big 4 custodians

Using AssetBook internal cost accounting feature

Our internal cost accounting system can track cost basis using the following standard methods:

  • Average
  • FIFO
  • LIFO
  • High Cost
  • Low Cost

Using the imported custodian tax lots feature

This is the preferred method, since by using your custodian’s tax lots mitigates the chance for discrepancies between your custodian’s tax reporting and your own tax reporting.  To use your custodian’s tax lots, notify your custodians that you wish to receive the files.  In AssetBook, enable custodian tax lots by clicking the “Use Custodian Cost” box on each account record.

Tools to identify tax saving opportunities

We thought it would be useful to explain in a couple of tools available that could be extremely useful when considering tax harvesting opportunities.

Tax Considerations tile in the Household Dashboard

The Tax Considerations tile is a very good way to see your client’s tax picture at a glance.  The tile shows you all taxable income, short and long term realized gain/loss.  It also displays the client’s top 3 unrealized losses for positions in taxable accounts.

Account Unrealized Gains/losses Report

Once to get a look at your client’s tax picture, run the unrealized gain report.  This report can be run at either the Household or Accounts levels.

Other useful reports

  • Household Rebalancing by Class with Last Buy Date (rebalancing report that shows cost basis and gain/loss for each position).
  • Advisor Positions Unrealized Gain/Loss (Global report across clients)
  • Advisor Positions Unrealized Gain/Loss Sums (Global report across clients)

For more detail on using AssetBook for tax management and planning, click here do download the complete white paper.


Upcoming InvestorView Webinars in November

Our client portal partners, ModestSpark, will be holding several webinars this month. These webinars focus on key features, best practices, and deep-dives on specific topics.

Here’s what is coming in November:

2-Factor Authentication (2FA) – Sneak Peek

Audience: Administrators and Advisors
Description: 2-factor auth is coming to Modestspark! With security for you and clients always a top priority, 2FA is a great feature you should know about. Learn more about the upcoming release containing 2FA and how to use these new capabilities.

Wednesday, November 30 @ 10:00am PST

Document Center – Deep Dive & Best Practices

Audience: Administrators and Advisors
Description: The Document Center is a key feature within Modestpark. With unlimited storage and easy access for you and clients, the Document Center is a vital place to securely store quarterly reports, invoices, and other important documents. Learn more about the use of Document Center, tips/tricks to increase adoption and migration of documents into Document Center.

Tuesday, November 22 @ 8:00am PST

On-boarding QuickStart

Audience: New Customers (Administrators)
Description: This session walks new customers through the onboarding process. From data imports to configuration and rollout activities, we’ll cover the basics to get you started!

Tuesday, November 29 @ 10:00am PST


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How to assign multiple households to one InvestorView user name

It’s easy to assign multiple households to a single InvestorView username.  There are a number of reasons that advisors may want to do this.  For example, if an advisor is managing multiple households for a family and each of those households needs to be accessed by the primary trustee.

In order to accomplish this, simply choose each of the ClientID’s (your AssetBook household name), when registering a user.

From the main client list in the Administrator portal, click the Register button. Fill in the email (this is the username) and Display Name (which is how your client will view their own name in the portal).

Next, pick each ClientID to be attached to the username by picking each client from the drop-down list.


The result will be that when the user log’s into the portal, there will be links to each household that is linked to the user.

You can also add a household(s) to a username that has already been registered. From the Administrator portal, click Clients, Registered Users and then the Clients tab.

Next, click the small arrow just to the left of your registered user, and then Update.


Finally, just add the households that you wish to assign to this username.


Save and you are all done.

Watch this blog for a follow up post on how you can also add multiple usernames (or emails) to a single household.


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How to use the Global Activity tab to ensure all of your fees are debited

The Global Activity tab is a great way to be sure that all of the fees that you submit for debiting get processed.  Cash shortages and changing account permissions can sometimes interfere with you collecting your all of your fees.

An easy check is to open the Global Activity tab, put in the date or date range that fees were debited, and sum the column at the bottom.


You can either use the filter at the top to specify fees, or filter the grid column using the column filter.   To sum the Dollars column, just right-click the space just below the column, and click “Sum”.

Now just compare the summed value to the amount of the total in your management fees review sheet (debited fees only).  The totals should match!

The Global Activity tab is also a great way for you to check trades, deposits and withdrawals on a global scale.

How to switch out an Investment in an Investment Model

Last week one our clients was trying to change one of the investments in an investment-based model, and unintentionally changed the symbol in an investment.  This caused havoc in their database because the symbol is the key linkage for investment records and the custodial data feed.

This action resulted in a full database backup restore from the date that the symbol was changed.  Thankfully, not much work was lost.  As a reminder, the key fields that serve a “linkages” to our custodial data feeds are the symbol and the cusip for investments and account numbers for accounts.

We thought it would be a good idea to show users how to switch out an investment in an investment model.

When you want to change an investment in an investment model, you need to first delete the investment that needs to be removed.  To do this, just click the trash can beside the investment that needs to be removed.


For example, say you want to replace Fidelity Mid Cap Stock with Franklin Small-Mid Cap Growth:


Once FMCSX has been removed, add Franklin Mid Cap Growth (FRGSX) by choosing it from the investment drop-down list.

capture3Now add in your Target and Tolerance percentages, then click Add:

Finally, just make sure that your total percentage for the Model is 100%.


Radar Billing Statement Account Comment Feature

Here is a quick tip on how users can easily add a comment just below an account on a Radar Billing Statement.

This is a handy feature when users need to credit a portion or all of a fee back to a client, indicate some sort of discount or pro-ration to a fee, or any other reason a simple comment is needed.

It’s easy!  Just open the account that you wish to add the comment, and enter the comment in the account notes field surrounded by {}’s.

For example, to indicate a credit:


Just be sure to include the {}’s and the result will look like this (highlighted for this demonstration):BillingNote

Zoomed in:



How to use the FTP

What is an FTP site?

FTP is an acronym for File Transfer Protocol. As the name suggests, FTP is used to transfer files between computers on a network. You can use FTP to exchange files between computer accounts, transfer files between an account and a desktop computer, or access online software archives. This is a secure way to upload and download documents between you and AssetBook.

Why should I use it?

We use this site to exchange confidential information with you including uploading daily account maintenance files, client billing files, SEC audit results, etc. Maybe you have a support request where we need to look at certain account numbers. We recommend that you do not send account numbers in an insecure email. You can upload a spreadsheet to the FTP site with those account numbers.

Mac User?

To access the FTP site on a Mac use the “Command + K” function. This will open the FTP site and allow you to access or download the files. However, to upload files to the FTP site via a Mac you must install software such as Filezilla or Cyberduck.

What are my username and password?

Your username and password will be assigned to you once you have access to your database. A member of our team will relay this information to you once it is available.

For detailed instructions download our whitepaper by clicking below:

FTP Access


Account Fee Accounts

If you assign 3 accounts to the same Fee Account, then all fees, including the one you are debiting from get debited from the Fee Account you’ve assigned.
The Account Fee Account field is located on the Account More Detail Tab:
For example:
Account 4444441 – Fee of $3125
Account 4444444 – Fee of $96
*Account 4444445 – Fee of $390
*You assign Account 3546 as your Fee Account for all 3 accounts
Therefore, the total fee from all 3 accounts get debited from Account 4444441.
Don’t forget to assign the account that is paying the fee to itself.