Questions and answers for our new platform

You have questions and we’ve tried to answer them. If there’s a question we haven’t answered, either contact your Business Development Manager or email us and we’ll do our best to answer it.

Getting started on the new platform

To get started, enter your ‘old’ login details into the new platform

  • The new platform will recognise you and provide your username for the new platform
  • Your new username is eight digits long and made up of numbers – keep this safe as it can’t be changed
  • Set your own password – care as, unlike the old platform, this is now case sensitive! It must
    • be at least 8 characters long
    • contain at least one upper case and one lower case letter
    • include a number or a special character e.g. £$!
    • Set your new PIN – this must
      • be 6 digits long
      • have no more than two numbers repeated in succession
      • not include a sequence of numbers.

New Platform: 

Once you've activated your account:

  • If you know your username, but have forgotten either, your PIN or password, you can reset them from the login page.
  • If you've forgotten both your PIN and password, you'll need to contact us.

 

Old platform:

Contact Customer Services on 0345 076 6140 for password/PIN reset on the old platform.

  • If you have received notification from us that you are in release one of our platform upgrade, you are likely to be dual running (i.e. have clients on both the new and old platforms).
  • If you have one or more clients with an Ascentric Pension Account or some complex products, such as selected corporate, charity and trust accounts, then you will be dual running.
  • If you don’t have any clients with an Ascentric Pension Account or more complex products, such as selected corporate, charity and trust accounts, then you may still need to access the old and new platform if:
    • you added new clients within a week of the planned move
    • some of your clients didn’t meet the criteria for moving to the new platform in phase one.

On 23 April, there will be a link for you to click on via the old platform login page. Once you’ve activated your account; a login link will be emailed to you, along with your new platform username. Your old platform URL will still to be required to access clients on the old platform.

The URL, username, password and PIN is unique for each platform; you’ll need to save the URL for each platform. The sessions are also unique: you can be logged into both platforms at the same time, enabling you to work between both.

  • If a client has an Ascentric Pension Account, or a more complex product such as a charity, trust or corporate account, then this client will be on the old platform.
  • If a client only has an ISA and/or GIA wrapper or a third party product then it’s more likely than not that they will have moved to the new platform.
  • If you look on the new platform and your client doesn’t appear, it may be because they’re linked to a family group where one or more members have an Ascentric Pension Account, or a more complex product such as a charity, trust or corporate account.
  • At no point will any client or family group be on both platforms.

Reasons for a client not moving maybe:

  • If a client has an Ascentric Pension Account or selected corporate, charity and trust accounts then they are not in scope to move to the new platform yet.
  • If a client doesn’t have an Ascentric Pension Account or more complex products such as selected corporate, charity and trust accounts, they still may not move if they are linked to a family group with these products. Where one or more members do have these products; they’ll move in a later release, in order for the family group to move together.
  • Clients who are transferring off the platform, have opened an Ascentric Pension Account, or are part of an in-specie transfer will not move to the new platform at this stage.
  • Accounts where a client is deceased or where the cash balance is overdrawn will not automatically move.

Any Ascentric Pension Account applications, or selected corporate, charity and trust accounts applications, must be made on the old platform using old literature. ISA/GIA or third party product applications can be made through the new platform for new clients. You must use the literature on the new platform.

New client applications received in the week before the new platform going live, will be processed on the old platform. We will only move trades which have been priced at the time of moving the data to the new platform. Any unpriced trades won’t move from the existing platform until they have been priced. You may experience a short delay in seeing transactions on the new platform whilst trades are priced.

About the new platform

Our platform is key in providing you the flexibility to build a client-centric proposition focused on meeting holistic financial planning needs.

By upgrading our technology we can best meet the needs of an evolving market for financial advice, now and in the future.

The investment we are making in future-proofing our infrastructure demonstrates our commitment to the adviser market. It will enhance our stability, scalability and ability to continue to offer a market leading range of financial planning solutions for you and your clients.

An internal technology system called Blue Button.

We have partnered with Bravura - an expert provider, with proven market leading credentials. We have chosen their Sonata wrap and platform administration solution as our core technology.

Bravura will power certain key areas of our proposition, for which the Sonata package is well known.

However, we have retained control of the technology provision for a number of key functions that differentiate our proposition from the wider market – in particular our in-house stock broking capability and model portfolio functionality, as well as custodian services and our user interface.

Moving to the new platform

The movement of your clients onto the new platform will be phased over a period of time - a deliberately gradual approach so that we can manage the change carefully and help you and your clients through the process.

We are not planning on stopping any activity on the platform throughout the migration – although we do advise careful management of any account changes in the period running up to the migration.

We have carried out user experience testing with existing users, setting them tasks on our new platform to see if and how they can complete these themselves. If any particular areas of the new platform were causing issues or needed improvement, then we have made those changes.  The feedback from users throughout this process has been positive.

We will be providing you with a comprehensive adviser platform training package and our business development team will be available to provide bespoke support.

A full suite of user guides and knowledge bites will also be available on the platform from day 1, to ensure that you are fully supported as and when you use the platform.

Working with two platforms

Because we are splitting the migration by product only clients with ISA and / or GIA and third party products will be in the initial phase.

We will move clients or family groups with an Ascentric SIPP in a later release as well as those with some more complex products such as selected corporate, charity and trust accounts.

To know which platform a client is on, use the guidance from the answer above – if a client has only ISA, GIA or third party products then they should be found on the new platform; if a client has an Ascentric SIPP, is part of a family group with a SIPP, or is part of a trust, charity or corporate account, then they are likely to still be on the existing platform.

Your clients’ transaction histories will not be moved across to their new Account(s). The first transaction you will see in each wrapper will be an ‘Opening Balance Transaction’ for both the Assets your client holds and in their Cash Account(s), this being the cash balance or unit holding(s) from the day of the move.  You will be able to obtain a complete client transaction history through an archive report available on the new Platform.

There will be some reasons that we won’t be able to move a client. The main reason will be because there is a negative cash balance on the account. Once this has been dealt with, the account will be eligible to migrate and we will complete this as soon as possible. Other examples where a client won’t move include: where there is an in flight specie in transfer or an in flight specie or cash transfer out of their account.

After the first phased migration you need to manage your model portfolios on both platforms until all your clients have been moved. It’s important for you to keep the models in step with each other to make sure your clients are invested correctly.

For business management information, you will need to run reports from both platforms.

  

The illustration tool is available on both the new and old platform.

When you conduct new business after the first phase of the migration the application forms you use are dependent on which system your client is on. You need to use the application forms and literature on the platform where your clients appear.

In order to make sure you can access the new system when the move occurs you must have to hand your security details for the existing platform. If you are not sure what these are or have misplaced them then ring our customer service team now on 0345 076 6140 to make sure things run smoothly on the new platform.

Life on the new platform

Yes, but only once. Therefore you must make any required amendments on the existing platform a week before migration. No further action is recommended before the migration. If changes are made in the week before migration you will need to change it again in the new platform once it is live.  After migration, if you have clients on both platforms, you will need to continue to update the models in two places until all your clients are migrated.

We will provide clear guidance on when you need to take action to make the process as smooth as possible.

No. In fact getting paid should become easier through automating instructions when business is placed on the new platform. We will no longer send out fee statements, rather we will leave it up to your discretion when you want to review transactions by providing that functionality online.

We advise that all rebalancing activity be completed a week before migration. If you have clients on two platforms after the initial migration, rebalancing will need to be done on both the existing and new platforms until all your clients are migrated.

We will provide clear guidance on when you need to take action to make the process as smooth as possible.

We would encourage you to talk to you clients as we will be writing to them about the move to the new platform and changes to their terms and conditions. You can find out more about this here.

The move to the new platform will require changes in business practices. We will let you know about these. Information on new terms can be found here and further updates on literature will be communicated over the coming weeks.

With the new platform, you will be able to use the online password reset options to…well, reset your own password details. All you need to do is remember your security information. This means you no longer need to contact our Customer Services team to do this for you. 

Rather than the physical movement of cash between four sub accounts, you will now find one cash account where the cash has certain statuses. The different statuses within the cash holding on the platform such as: “Available”, being cash which is available to use immediately, “Reserved” which is cash protected for pending buys, “Un-cleared” which are cheques and direct debits awaiting clearance, “Unsettled” which are trades which have confirmed but are awaiting settlement, and finally “Reserved Natural Income”, which is natural income protected for pay away to your client.

You will see no provision for cash to be held separately within an account to be protected from a rebalance within model portfolio, therefore you should consider holding an element of cash within the allocation of your model portfolios.  This would ensure that there is an available cash balance in your client’s account which is sufficient to meet any charges or withdrawals.

All cheques/BACS payments must clear before they can be traded. But you won’t have to log back in to instruct this. We will be capturing what is expected to come in to an account, and the trading and adviser fee instructions relating to that expectation. As it is captured up front, once the funds have cleared then the trades and fees will trigger automatically.

Yes. On the new platform direct debits can be set up on any day of the month, not just the 10th of every month. With the new platform, you’ll need to allow five days for direct debit payments to clear and 6 days for cheques. It goes without saying, it’s important to allow enough time for payments to clear when making trades or conducting model rebalances.

Once you carry out a rebalance there is an allocation of cash within the model, this percentage of cash will be visible within the available cash holding not the deposit account as on the existing platform.  You need to be aware that any forecasted payments that may be due such as charges or income payments may affect the Available cash holding.

Your client’s move to the new platform is planned to take place between mid-March 2018 and the end of April 2018. We will not know the exact date until a few days beforehand. As such, if your client moves before the end of tax year they will receive a voucher from the existing and new platform. If the move is after the end of tax year then just one voucher will be generated for the existing platform.

Yes. Your fee report will be available on the new platform, rather than emailed to you. We are leaving it to you to decide when to review transactions. For the latest fee position, we suggest you login around the 15th of the month. With the new platform you can run a post move fees report for a date range of your choice.  

Yes the presentation of statements from the new platform will be different and we will communicate these changes nearer the time. The first statement clients receive in 2018 will be from the existing platform.

Two additional back office compatible versions of the adviser fee report are available to download. See table below for details.

Report Name

Where is it?

Who does it work with?

Adviser Charges Interface CSV – Summary Format A

Reporting Hub

Avelo, IRESS, Plum, Best Practice

Adviser Charges Interface CSV – Summary Format B

Reporting Hub

Intelliflo, True Potential

 

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