No, your data will not be duplicated. We have built checks to ensure that clients with the same PANs do not get created again in Fintso. In case there are clients without PAN available in WealthMagic, they will only be created in Fintso if their WealthMagic source of creation is not Mutual Funds. E.g.: Any Life Insurance clients that you have where PAN is not updated will get created in Fintso. You can always use the ‘Merge Clients’ feature to remove any duplicates created through this process.
Some examples to explain this further:
• Client C1 exists on WealthMagic with PAN P1. The same client also exists on Fintso with PAN P1. In this case, no new client will be created
• Client C1 exists on WealthMagic without any PAN. This client was created from a MF Folio. Post migration, this client will not be created on Fintso.
• Client C1 exists on WealthMagic without any PAN. This client was created from Life Insurance policy (or any non-MF Folio source). Post migration, this client will be created on Fintso.
• Client C1 exists on WealthMagic with PAN P1. Same client also exists on Fintso but without PAN P1. In this case, a new client will be created on Fintso (and this can be merged using Client Merge feature)
To summarize, PAN being the most accurate identity of a client will be used to map existing clients between the two systems.