A Trade association with over $1 Billion in managed assets, decided to move the management of member’s assets from their current large Insurance company management to an internally managed system.

The Association provided investment account management services to over 27,000 members. Holdings included RRSP, RESP, TFSA They also provided Insurance products such as professional liability and Office insurance.

Prodigm development team performed all design and development. The project achieved major cost savings in management fees and provided members with a reduced cost for their accountants calculating ACB at tax reporting time.

3 year project of development and support 

The project required five phases of design and development:

• Initial extension of the existing membership system to support policy and investment management transaction procedures

• Design of a customer portal to provide self-management and review of investments and insurance

• Audited conversion of all data from the previous manager, including all ongoing transactions

• Development of an innovative T3 production system that summarized all distribution of assigned capital gains fairly and calculated ACB automatically so that subsequent sales transactions had the correct cost base (ACB), thus reducing the capital gain associated with the sale. The T3 for all holdings were then consolidated to one T3 for tax reporting.

• AI suggestions built into the login process to the customer portal, so that members were, for example, guided to re-balance their portfolio if, for example, the suggested ratios were out of balance with their investment plan.