This article is a follow-up to two previous articles: one that addresses the future of Axys and another that helps Axys users figure out whether they are on the right version of Axys for their firm.
Almost two years ago, I speculated on what would be
come of Axys and whether Advent Software would answer to a growing demand among the Axys user base for major product enhancements after several years of minimal but consistent maintenance updates.
Among other things, my blog detailed an expectation for the same old thing as we have seen in the past – a maintenance release – but I also hoped that we would see a major release. Since the current version was 3.8.5, it made some sense that version 4.0 might be the next release.
At their conference in 2013, Advent formally announced a major release that would include a user interface (UI) overhaul and the addition of permissions. Advent also indicated that Axys 14.1 would be released in Q2 of 2014. This was good news to many Axys clients. I was off by 10 versions, but happy nonetheless that a major new release was in the works!
While I commend the UI overhaul and see those changes as a necessity given today’s technology standards, permissions have never been that big a deal to me or the clients I work with. As the go-to technical resource for many firms that use Axys, I found we could almost always work around this issue. The announcement of a major release no doubt made users hopeful that Axys would get the long-awaited attention it required.
Understanding Advent’s new versions…
Advent has embraced a versioning system that makes 14.1 the next release after 3.8.5. From 2014 forward, there are two scheduled point releases one in Q2 and another in Q4. Advent’s other products also share a similar versioning and release schedule.
2014
As April 2014 went by I needed to remind myself that there were three months in Q2, and the release could just as easily come out in June. Like many users I waited and listened, but heard no great news about 14.1. As it turned out, 14.1 was a beta with no more than a handful of users outside of Advent partner firms participating in testing. 14.2 was released on a limited basis. Thanks to the new version numbers, some Axys 3.8.5 users were thinking, “Wow! The latest release is 14; we really have fallen behind.”
Relatively speaking, a very small group of users had begun using Axys v14.x.
2015
Axys 15.1 was also released on a limited basis. Those Axys users that want to try out the latest Axys version now need to fill out a questionnaire detailing information that helps Advent determine whether the software in its current iteration will work satisfactorily enough for them to allow or discourage testing of the Axys in each particular user’s environment.
Ten Things You Should Know About Axys 15.x
- The UI is a ribbon bar similar in style to more recent versions of Office.
- Though the software and data still resides locally, Axys 14.x and beyond require an internet connection to authenticate users via Advent Direct.
- The file formats are the same as Axys 3.8.5; that is one piece of good news for integrators.
- The ancillary products that work with Axys remain the same for now. Report Writer Pro, DTCC, Dataport and Data Exchange. There has been no change to those products yet.
- Reports can now be produced from the Axys program rather than the reports program (rep32.exe) alone.
- The function of specifying lots when positions are sold off has changed. It is no longer a pop-up. Now users must specify the close method in a comment line that immediately follows the transaction.
- An additional server running SQL CE is recommended for the parallel testing phase.
- Scheduled scripts need to be amended to include authentication credentials.
- It is not available to Axys users running the single user version, but support for single user installs is planned for v15.2.
- Advent recommends running Axys 15.1 in a test environment for at least a quarter.
Axys users should understand the need to do a phased and methodical release. This need is predicated on how long Axys has been around and how many programs and interfaces connect with it. As it was designed and marketed to be, Axys is still the hub of operations for many firms. By and large, Axys users have had the product for several years and many have built and or purchased additional tools that integrate with Axys.
Advent wants users to start using 15.x, but only after they have thoroughly tested all of their processes. The easiest way to accomplish that, as Advent recommends, may be running Axys 15.x in parallel with Axys 3.x for an entire quarter. One of the best things Axys has going for it is the fact that it works so reliably. With that in mind, the last thing Advent would want to do is destabilize the platform and call their clients’ favorite thing about Axys into question. However, a greater sense of urgency with respect to facilitating Axys 15.x implementations and bringing more substantive enhancements to Axys would be refreshing to see.
In 2013, Advent made an informal and perhaps unspoken promise to continue to make substantial improvements to the Axys platform through announcing their upgrade plans and committing additional resources to make enhancements to Axys. Though Axys users can clearly see the signs that Advent has made a significant additional technology investment in Axys, the majority of Axys users have not been able to take advantage of those improvements yet.
Future improvements aside, the primary reasons to stay the course with Axys remain the same as they have for quite some time:
- it is an established standard
- function over form
- simple to host and maintain
- relatively low-cost versus most emerging alternatives
- a platform you can build on
Firms that want to adopt the latest version of Axys in 2015 will need to work to make it happen. I suspect that the best-case scenario for many firms would be for them to start testing with 15.x in 2015 and eventually go live in 2016 after year end processing has been completed. Given the competitive nature of today’s portfolio management systems, the slow motion release of major Axys updates could lead to more firms leaving Axys (and possibly Advent) to pursue alternative solutions with enticing features they may be able to take advantage of on a more predictable timetable.
About the Author: Kevin Shea is the Founder and Principal 
Consultant of Quartare; Quartare provides a wide variety of technology solutions to investment advisors nationwide.
For details, please visit Quartare.com, contact Kevin Shea via phone at 617-720-3400 x202 or e-mail at kshea@quartare.com.
