User Access: The features and tools in this article are only available to Advisor level users.

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Why?
What?
How?

Create Classifications

Asset Classes
Asset Categories
Risk Categories

Assign Asset Classes, Asset Categories, and Risk Categories
Missing Asset Classes and Missing Risk Categories Audits
 

Why Would I Need to Create and Assign Custom Classifications?

• Fully customize your product classifications in your database to fit the needs of your firm.

• Make classification changes quickly and efficiently by editing individual products, and make updates en masse by utilizing the Product Local Update custom import.

What Are Custom Classifications?

In Orion, you have the flexibility to create some of your own custom product classifications to use along with or instead of the automatic classification options. Custom product classifications are asset categories, asset classes, and/or risk categories you create and assign to products. These product classifications are unique to your database and you must manually maintain them.

This article provides the specific step-by-step instructions you need to create and assign custom asset classes, asset categories, and risk categories. For more general information on how product classification works in Orion, please review the Product Classification Basics article. To learn about automatic classification options and product weightings, reference Advanced Product Classification. 

  

How Do I Create and Assign Custom Classifications?

Create Classifications 

Asset Classes

Use Case: You need to create a new asset class called Large Core.

Navigate to the Products and Prices app , Asset Classes/Categories tab:
 

• Click on New Asset Class in the upper right corner.
• Fill out the Description with the name of the classification.
• Fill out the Abbreviation field. This should be the same as the Description. 
• Select an Asset Category using the dropdown.
  • Optional: fill out the Sort Order 1 field and select a Color.
• Click on Actions > Save

 

 

Asset Categories

Since asset categories are tied to asset classes, you need to click into an asset class first to get to the list of asset categories.

Use Case: You need to create a new asset category to assign to the Large Core asset class.

Navigate to the Products and Prices app , Asset Classes/Categories tab:
 

• Click on the name of any asset class.
• Click on the blue Asset Category link on the right.
• Click New Asset Category in the upper right corner. 
• Fill out the Name and Abbreviation.
  • Optional: select a Sort Order and Color.
• Select a Parent Category using the dropdown. 
• Click on Actions > Save. 

 

Risk Categories

Navigate to the Products and Prices app , Risk Categories tab:
 

• Click New Risk Category in the upper right corner.
• Fill out the Name field.
• Fill out the Abbreviation field. This should be the same as the Name. 
• Click on Actions > Save. 

 

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Assign Asset Classes, Asset Categories, and Risk Categories 

Asset Category

Asset Categories are automatically assigned to a product based on the assigned Asset Class. Follow the instructions below for assigning Asset Classes and Risk Categories.
 

Asset Class and Risk Category

Follow these steps to assign an Asset Class or Risk Category to a product:

• In the Products and Prices app , click either the My Current Products, Search Local Products, or Search Global Products tab.
• Locate the desired product.
• Either double click or right-click a product and select Edit Product.
• Choose the desired Asset Class and or Risk Category from their respective dropdown on the right.
• Click Save in the upper right to save the changes.

TIP: Assign classifications en masse through the Product Local Update template in the Custom Imports app. Find instructions in the How-To and Troubleshooting: Product Local Update Import article.

Missing Asset Classes and Missing Risk Categories Audits 

The process for assigning a missing asset class and risk category is the same. Click the Missing Asset Classes or Missing Risk Categories tab on the left sidebar in Products and Prices to review which products you need to edit.

How to assign an asset class to a product in the Missing Asset Classes audit:
 

• Right-click on a product and select Edit Product.
• Select the appropriate asset class from the Asset Class dropdown.
• Click Save.