3 min read 1 Mar 21
There are two key steps you need to remember to make sure we can allocate your clients’ lump sum payments as quickly as possible:
It’s important to monitor how much cash your clients’ hold on their accounts to make sure they:
To check how much uninvested cash is on your clients’ accounts download the ‘Accounts and Cash’ report, accessible via the ‘reporting hub’. The report will show, as a percentage, what is held in cash per client account. As well as whether the cash account is protected from rebalancing and if there is a regular withdrawal in place.
We recommend running the report at least once a month, as it helps you keep an eye on the level of cash in your clients’ accounts and see whether you need to make any adjustments.
Throughout the year we’ll be implementing a number of improvements and updates to the platform, ensuring we continue to evolve to meet the needs of you and your clients. This will include changes to some of the processes we run behind the scenes, which won’t be visible to you but will result in greater efficiencies. Along with some larger scale projects that we’ll provide more information on in the coming months.
Recently we’ve improved the speed in which we allocate your client’s money to their account. By updating the process in which we match multiple payments arriving on the same day to the client’s account, the payments will now be allocated faster.
Additionally, we’ve improved the process for residual transfer balances over £100, which means you’ll now be able to take a fee without having to complete an Ad-hoc charges form.
We’ve also improved the process of requesting cash ISA transfers from high-street banks. Before all transfers of this type had to be processed manually, taking 25-30 days on average, most can now be processed electronically, taking just 3-5 days on average. To support this, please make sure you include the sort code as well as the account number on your cash ISA transfer requests – as we need both to be able to request electronically.
These statements are produced annually for your clients, in the month that they opened the account. They are uploaded to the platform or posted to your client depending on their preference. It provides a summary of money in and out of their pension. As well as more in-depth information about what their projected pension will be for those still in accumulation or expected withdrawal rates if they are taking income.
We let you know last month that statements received from March would include this more detailed breakdown of costs on the account. Previously there was a summary total but in response to new requirements from the FCA’s COBS we’ve included fund manager charges and a detailed breakdown of costs, similar to the Annual Summary of Charges statements.
Any clients receiving statements from this month (either published to the platform or sent by post) will include this additional information from now on.
Previously the charges information looked like this:
From March 2021 the statement will include this breakdown:
For a list of which DFMs this affects – including Charles Stanley – please go to the ‘Service Updates’ area of the platform.
The information contained in this page is for professional Financial Adviser use only. If you are a private investor, please visit the Private Investor section or contact your Financial Adviser for more information.