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

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Why Delete an Asset Class?
What Should I Know Before Deleting an Asset Class?
How to Delete an Asset Class?

How to Delete an Asset Class
Potential Errors
Automatic Classification Additional Information

Why Delete an Asset Class?

• Delete asset classes to clean up your asset class list or to remove duplicates. 

• Read the explanation below to learn best practices for handling asset classes created by automatic classification schemes. 

What Should I Know Before Deleting an Asset Class? 

Asset classes are an important part of product information, and you have a couple of options for assigning asset classes to products: automatic classification, manual classification, or a combination of both:
 

• Automatic Classification: You choose one or more of the available auto-assignment schemes, such as Morningstar Category and Orion Subtype, and allow the schemes to create asset classes and classify products for you.

• Manual Classification: You create each asset class and assign the products yourself.

If you ever need to clean up your list of asset classes, depending on if the asset classes you want to remove were created by an auto-assignment scheme or manually created, you have a couple of options:
 

• Provider Assignment Overrides: If you see duplicate asset classes on allocation charts or in your asset class list, you most likely are using or have previously used automatic classification schemes. Some automatic classification schemes are great for classifying mutual funds and ETFs but not good for classifying common stocks. Some are great for bonds, while others don't classify bonds at all. Reference Advanced Product Classification to learn more about the different automatic classification schemes and what they are best at classifying.

• Delete Asset Classes: If you are working with manually-created asset classes, the Provider Assignment Overrides tool is not the best option. For example, you may want to stop using automatic classification schemes to make your asset class list easier to read because all of your current products are already classified, or you need to remove manually-created asset classes that you no longer want. In these cases, deleting the asset class is a better solution.

How to Delete an Asset Class 

Start by navigating to the Products and Prices app .
  

• Click on the Asset Classes/Categories tab on the left sidebar.
• Search for the asset class you want to delete.
• Click on the blue X to the left of the asset class name.
• On the Confirm Action pop-up, in the dropdown menu, select the asset class you want to move the products to after deleting this one.
• Click Submit. 

Potential Errors 

You will get a "400 Bad Request" error if you select the asset class you are deleting also to be the class to which the products get moved. To resolve the error, click OK, then click the "X" to delete the asset class again. This time, select a different asset class in the dropdown when prompted.
You will get a "Cannot delete asset class because it is used in a Weighted Product Assignment" error if you try to delete an asset class that is being used in Asset Class Weightings for at least one product. Remove the asset class from all weightings to move forward. TIP: Run Query ID 10499, "Product Class and Category Weightings", to identify the products you will need to edit weightings for.

Automatic Classification Additional Information 

Auto Assign Checkbox

When a product is moved from the deleted class to the new class, the Auto Assign checkbox on the Local tab of the product setings is unchecked during this process, preventing that product from being assigned through the auto-assignment process in the future. This occurs simultaneously for all products being moved in this manner.

Edit Provider Assignments

If you delete an asset class that was created using one of the automatic classification schemes without also editing Provider Assignments, the asset class will just reappear the next time the auto-assignment process runs every Sunday. To prevent this, either remove the automatic classification scheme from being used or, if you no longer want to use auto-assignments, contact the SME Products and Prices team to request that the auto-assignment process be deactivated for your database. 

To remove an automatic classification scheme from being used in your database, start in the Products and Prices app .

• Navigate to the Provider Assignments tab.
• Click the "X" next to the auto-assignment scheme that created the asset class you deleted.
• Click Save in the upper right corner.

*The privilege for this feature or tool is only available at the Advisor user level. Access for each role level is controlled by role privileges. Role privileges and user assignments are managed by your firm's administrator.