Cornerstone offers three options for data conversions, all of which are based upon data provided in electronic format. Conversion projects are assessed individually according to client specifications and quotes are provided by our sales team.

• “JumpStart” conversions initialize a database with information provided in a custodial data file and typically includes clients, accounts, securities, prices and initial positions as of a single, specific date.
• Basic Conversions initialize a new database with information from an existing system and/or historical data files. Cornerstone supports numerous vendor platforms for data conversion including Axys, PortfolioCenter/Centerpiece, DbCams, Techfi, Advisors Assistant and .csv outputs.
• Conversion with Reconciliation is similar to that of a Basic Conversion but also includes security level position reconciliation by account. Position reconciliation refers to the balancing of individual security positions within the new PowerAdvisor database as compared to custodial positions reflected within the electronic data files.

Data conversions are oftentimes a collaborative effort between our customers and Cornerstone, as no two data conversions are exactly the same. The following is designed to provide an overview of our service and to answer basic questions needed to determine the appropriate conversion type for your needs.

Q.

What are JumpStart services and under what circumstances are they recommended?

A.

JumpStart Services initialize a database with information provided within a custodial data file and typically includes information such as clients, accounts, securities, prices and initial positions as of a single, specific date. The database can then be populated by the client with information delivered through custodial data files or other electronic format. JumpStart does not include the actual data transfer from an existing accounting system and is available only upon delivery of electronic data files. Prior or subsequent transactional history will not be transferred into the new PowerAdvisor database. Data records based on electronic custodial files are loaded “as is” and the files must be in PowerAdvisor friendly format. There will be no manipulation and/or formatting of data once it has been converted into PowerAdvisor. No filtering and/or exclusion of any data will be performed unless there is a separate agreement for additional work based on Cornerstone’s hourly rate schedule for service. JumpStart Services utilize custodial electronic data records. Transactional history and security level cost basis from the existing system are not to be included.

Q.

How to proceed with a JumpStart?

A.

If you have determined that JumpStart services are appropriate for your needs, take the following steps: Contact and coordinate with your custodian for electronic data records in a PowerAdvisor compatible format and proceed with the following: Forward to Cornerstone all electronic data records for client/accounts, securities, prices, transactions and positions for all custodians that are to be populated in the new database A position file must be available for the date selected as the performance start date Contact your Cornerstone sales representative for clarification on any issues such as: What items should be sent to Cornerstone Which files to send Provide payment for conversion services (must be received before placement into the production schedule queue). Refunds will not be issued for conversion service once labor on the conversion has started

[Back to Top]

Q.

What is a Basic Conversion and under what circumstances is it recommended?

A.

Basic Conversions initialize a new PowerAdvisor database by using information available from an existing system and/or historical data files. Cornerstone supports numerous vendor platforms for data conversion including Axys, dbCams, Techfi, Advisors Assistant, PortfolioCenter/Centerpiece and .csv outputs. Data conversions are only available for PMS platforms that are within the current inventory of Cornerstone developed data conversion tools and all files must be in PowerAdvisor friendly format. Please check with your Cornerstone Sales Rep for availability and data requirements for your specific conversion type. Basic conversions do not include position level reconciliation. Certain types of data may not lend itself well to the conversion process, some examples of which are note fields, billing methods, allocation models, groups, and others. Data will be transferred on a best efforts basis with the understanding that any information not transferred will become the responsibility of the client to complete and/or correct. There will be no manipulation and/or formatting of data once it has been converted into PowerAdvisor. No filtering and/or exclusion of any data will be performed unless there is a separate agreement for additional work based on Cornerstone’s hourly rate schedule for service. Basic Conversions (conversion without custodial position reconciliation) are recommended for advisors with an existing system of relatively current historical data and accurately reconciled accounts.

Q.

How do I proceed with a Basic Conversion?

A.

If you have determined that a Basic Conversion is appropriate for your needs, take the following steps: Contact and coordinate with your custodian for electronic data files in a PowerAdvisor compatible format and proceed with the following: Forward to Cornerstone all electronic data files from the last database activity date [in the database provided to Cornerstone for conversion] going forward including clients/accounts, securities, prices, positions and transactions files These data files are necessary to verify that data has converted successfully If your basic conversion is based on electronic data files only, rather than data from an existing system, provide all custodial electronic data files in your possession Backup your current system and prepare delivery of a viable database Remember that the converted database will be based on the information delivered. Data should be reconciled and as “clean” as possible prior to delivery; the more accurate the existing system is, the more accurate the converted database will be Contact your Cornerstone sales representative for clarification on any issues such as: What items should be sent to Cornerstone Which files to send Communication of known data anomalies, misrepresentations, data gaps, etc that are present in the database provided For example, a listing of unreconciled accounts within the database provided List of accounts that have been manually entered rather than through electronic download Additional transactional history needing to be loaded into the PowerAdvisor conversion Provide payment for conversion services (must be received before placement into the production schedule queue) Refunds will not be issued for conversion service once labor on the conversion has started

[Back to Top]

Q.

What is a Conversion with Reconciliation and under what circumstances is it recommended?

A.

Conversion with Reconciliation includes account level position reconciliation of the data provided by the customer. Position reconciliation refers to the verification of share balance reconciliation within the new Cornerstone database as compared to custodial positions within the customer's submitted electronic custodial data files. Position reconciliation is only possible with electronic custodial position files and availability of transactional history from an outside source (e.g. online statements). Certain types of data may not lend itself well to the conversion process, some examples of which are note fields, billing methods, allocation models, groups, and others. All data will be transferred on a best efforts basis with the understanding that any information not transferred will become the responsibility of the client to complete and/or correct. There will be no manipulation and/or formatting of data once it has been converted into PowerAdvisor and cost basis issues or flow effects will not be addressed or verified by Cornerstone. No filtering and/or exclusion of any data will be performed unless there is a separate agreement for additional work based on Cornerstone’s hourly rate schedule for service. Adjustments for data inaccuracies or missing information contained within a prior system will not be included within the conversion contract and will be done only on a best efforts basis and under a separate, hourly fee schedule/contract. Conversion with Reconciliation is beneficial for databases that have not been consistently reconciled or for advisors who elect to use only historical electronic data records rather than moving data from an existing system.

Q.

How do I proceed with a Conversion with Reconciliation?

A.

If you have determined that a Conversion with Reconciliation is appropriate for your needs, take the following steps: Contact and coordinate with your custodian for electronic data files in a PowerAdvisor compatible format and proceed with the following: Forward all electronic data files from the last database activity date going forward including clients/accounts, securities, prices, positions and transactions files These data files are necessary to verify that data has converted successfully If your conversion with reconciliation is based on electronic data files only rather than data from an existing system, provide all custodial electronic data files in your possession Account statements, preferably in electronic format, for accounts to be reconciled Online statements,.pdf's, CD with statements, paper statements, etc. Backup your current system and prepare delivery of a viable database Remember that the converted database will be based on the information delivered to Cornerstone; data should be reconciled and as “clean” as possible prior to delivery; the more accurate the existing system is, the more accurate the converted database will be Contact your Cornerstone sales representative for clarification on any issues such as: What items should be sent to Cornerstone What files to send Communication of known data anomalies, misrepresentations, data gaps, etc that are present in the database provided to Cornerstone For example, a listing of unreconciled accounts within the database provided List of accounts that have been manually entered rather than through electronic download Additional transactional history needing to be loaded into the PowerAdvisor conversion Provide payment for conversion services (must be received before placement into the production schedule queue) Refunds will not be issued for conversion service once labor on the conversion has started

Q.

How much do conversions cost?

A.

Call Cornerstone at (503) 968-7202 for pricing on JumpStart conversions. JumpStarts include, but are based wholly upon data provided within the custodial data record: Client accounts Securities held on conversion start date Pricing for securities on conversion start date Initialization of account security positions on conversion start date Basic Conversions and Conversions with Reconciliation are quoted on a case-by-case basis Standard rates do not apply due to potential anomalies within transactional history, data quality and data consistency inherent to each database Contact a Cornerstone sales representative to begin the no-obligation quotation process Cornerstone conversion quotes are valid for 30 days from delivery date.

Q.

Once I have decided to move forward, what are the next steps?

A.

Contact your Cornerstone sales representative Arrange for delivery of your materials Arrange payment of services No refunds will be issued once labor on the conversion project begins Once payment has been made your project will be placed into a conversion service queue Placement into the service queue is on a first-come, first-serve basis The conversion completion target date is simply an estimated date of delivery The estimated delivery date can effected by a variety of factors such as the discovery of missing data and other database anomalies Once conversion has begun, your database/data files are run through appropriate mediums and are hand-verified for transactional accuracy Dramatic differences in database structures and models, accounting styles, prior system database errors and/or anomalies may produce inaccuracies in the converted database Reconciled accounts may appear to be unreconciled after the conversion Sweeping differences such as unreconciled positions in multiple accounts could be worthy of further investigation Contact your sales representative to discuss the specifics of your situation to determine if further action is needed If data anomalies are found that require immediate attention, Cornerstone will: Contact you directly For answers to quick questions To arrange a meeting with you or others if problem solving and issue resolution requires more time

[Back to Top]

Q.	What will I receive with my conversion?
A.	Your PowerAdvisor license will be created as of the conversion completion date unless otherwise noted The exception to this is if a conversion occurred after the software and database was delivered and implemented on the advisors system for a period of time and subsequently the advisor elected conversion services

Q.

What else should I know about conversions?

A.

Cornerstone cannot assume responsibility for the existence of corrupted data, missing data or inaccurate data that may exist with a customer’s database or within electronic data files. Cornerstone is not responsible for changes made to the database by customer following conversion and subsequent delivery of the PowerAdvisor database. Cornerstone is not responsible for maintenance, data downloads, data scrubbing and/or reconciliation of account positions outside the parameters of the conversion contract including after completion of the conversion, unless specifically noted within the conversion contract.