Wrap platform user guide For adviser, paraplanner and administrator use only

Transcription

1 Wrap platform user guide For adviser, paraplanner and administrator use only

2 Contents 03 Overview 04 Step 1 Order setup 05 Step 2 To sell 06 Step 3 To buy 07 Step 4 To switch 08 Step 5 Confirmation 09 Advanced orders 10 Reviewing and cancelling deals 12 Dealing times 13 Key differences between Switch and Rebalance Managing your Wrap clients 02

3 Overview Sell trades complete steps Standard Life Wrap is designed to let you carry out investment transactions for clients in a flexible and efficient way. You can buy, sell or switch investments in the Client tab of the Wrap platform. This guide shows you how. You can also use the trading functionality to set up regular buy and sell instructions to phase clients into or out of the market. The Regular Sell option may be useful for generating cash to cover charges on a just in time basis, so you don t take the client out of the market. Follow our step by step processes to complete sell and buy trades and switches. Select client Buy trades complete steps Select client Switches complete steps Select client Managing your Wrap clients 03

4 Step 1 Order setup Complete the following sections: 1 Tax Wrapper Select the relevant wrapper. 2 Order Type From the drop down menu, select One off or Standing. Find your client s account, select Create Orders and then choose New Deal/Switch. One offs In the Action Date field, enter the date the transactions are generated. Regular deals Use the Standing option to set up regular purchases/sales/switches, whether for new contributions, fund withdrawals or to cover charges Start Date The date you wish the first deals to be generated. If you select Standing you ll be asked for more information: 4 Frequency Select the option required. 5 If the deals are to carry on indefinitely, select Until Notified. Otherwise choose Until Date and enter the date the transactions are to stop. The Standing option creates two separate instructions: a Standing batch, which is essentially a template, and, each month or quarter etc.,a separate Auto batch with the exact deals for that period. When reviewing instructions in future, it s important to be aware of both types. 4 5 Managing your Wrap clients 04

5 Step 2 To sell This screen displays all of the client s current holdings along with the most recent market value we have for them. This is typically from close of business the previous business day. Existing trail commission If you sell from within your ISA or Personal Portfolio, your existing commission will be switched off across the tax wrapper. You now have a number of options: 1 Sell All Units Ticking this option populates the order value/quantity field with 100%. 2 Order Value The value of the order you wish to sell or the order quantity. 3 Order Quantity Enter the number of units you wish to sell. 4 Order Type If selling equities, a menu box will let you select either at limit or at market according to whether or not you want to specify a minimum price for the sale. TIP If you want to generate a sum of cash from right across the portfolio, enter the amount required in the Total Order Value field. The platform will work out how much need be sold from each investment. TIP If you place a cash sell for >95% of the current value of a fund, the platform will automatically sell 100% of the units held. This is to reduce the risk that you inadvertently sell more units than your client actually holds. Because values may change between the time you calculate the deal and the time it is actually filled, the final proceeds from cash sales may be more or less than you expect Managing your Wrap clients 05

6 Step 3 To buy Here you have the option to buy individual investments, multiple investments or select a model portfolio. You now have a number of options: 1 Model Portfolio Select the required model from drop down list. This is optional. 2 Investment Click on Find to select the investment you want to buy. 3 Order Value Enter the monetary amount of the order or if you ve entered a cash value for the buy, enter the percentage of each investment. 4 Order Quantity Use this if you prefer to enter the number of units you want to buy. TIP If a unit quantity trade is placed that the platform calculates as >95% of cash available, it automatically changes the purchase into a cash figure to prevent an overbuy of units. TIP You can buy into model portfolios, but the platform won t let you place the deal if a model portfolio contains cash. For investing in model portfolios containing cash follow these steps: Add the Total Order Value, then select the Model Portfolio Select the Weighting box and delete the figure Click back on Total Order Value and delete Highlight the GBPCash figure and delete Click on Order Value on the cash line. Delete the 0 that s displayed. Now select Confirm The platform works out the Order Value required to buy each fund. The Confirm step generates the value, minus the sum allocated to cash Managing your Wrap clients 06

7 Step 4 To switch This option lets you switch between investments and investment types. Existing trail commission If you sell from within your ISA or Personal Portfolio, your existing commission will be switched off across the tax wrapper. Again you have a number of different options: 1 Model Portfolio Select from drop down list. 2 The Switch From table lists the current investments along with the available units and the recent value of these holdings. You can then select: 3 Order Value Monetary amount of order 4 Order Quantity Number of units you want to sell, or 5 Switch All Units. TIP Regular deals will continue to be invested in the original fund selection and proportions. To redirect regular contributions to the new target allocation, cancel the regular payment or standing batch and set up a new one. If making a fund switch for a SIPP regular premium, you must wrap_servicing@standardlife.com Switch deals are placed sequentially: sell deals first, then buys. No buy deals will be placed until the fund manager(s) have confirmed all sell deals. Switching out of a mix of different investments e.g. insured funds, equities and OEICs? It may be worth carrying out separate switches for each type of asset. More information regarding Switches is available on page 13. TIP If a model portfolio contains cash, the platform won t let you place the deal. See the workaround on page Managing your Wrap clients 07

8 Step 5 Confirmation Once you ve completed a trade by selecting Confirm, you ll be shown a summary of the instruction along with an approximate value (actual settlement amounts may vary). To finalise the trade, complete the following steps: 1 Indicate if advice was given on the deal. 2 Want to be notified when the order has been placed? Select Reminder and E Alert from the dropdown menu. 3 Select Confirm to finalise the trade. Your deal will go to authorised, unless you have a compliance/authorisation step within your platform, and a new batch of deals will be created. To view the deals, check under Track Orders Deals/Switches within the Client tab. Deals will be placed in line with our standard product terms and conditions. Contact us for further information. The value shown is an estimate, based on the most recent price we have for the asset. This is normally the price from the previous business day. The actual price may be higher or lower Existing trail commission If you sell from within your ISA or Personal Portfolio, your existing commission will be switched off across the tax wrapper. Managing your Wrap clients 08

9 Advanced orders Want to place live deals in selected UK listed equities? You can do this in the Client tab on the platform during market hours. Find your client s account, then select Advanced Order. Follow the steps below: 1 Choose the Tax Wrapper. 2 Now select the Action either Buy or Sell. 3 Find the stock you want. 4 Now for the Order Method. You can select either a Value or Quantity for the deal. 5 Add the Value or Quality for the deal. 6 Then select Quote Existing trail commission If you sell from within your ISA or Personal Portfolio, your existing commission will be switched off across the tax wrapper. Where available, a live price is retrieved and displayed on screen for 10 seconds. You can then choose to Accept or Reject the deal at the price shown. If you click on Accept, the deal will be placed. It can t then be cancelled. The Commission figure shown is the aggregate of broker charges, plus any SDRT and PTM levies that apply to the deal. After the 10 seconds elapsed, you must restart the process to obtain a new price. Managing your Wrap clients 09

10 Reviewing and cancelling deals Reviewing deals Refine your search for the batch/deal you want to review using the options displayed: 1 Select view You can choose the tax wrapper. 2 1 As well as trading online for your client, you can review and monitor the status of all deals placed. Select the Track Orders/Deals Switches option within the Client tab. 2 Order Status Select either All, Unfilled, Cancelled or Completed. 3 Batch Type The batch type is the dealing frequency that has been requested. Select One off (single), Standing (regular) or Auto (regular) Batch Instrument Type This is the type of investment involved in the deal. Select All, Shares, Bonds or Mutual Funds. Click on Search to view a list of all deals that meet your criteria. Managing your Wrap clients 10

11 Reviewing and cancelling deals Cancelling deals Deals can only be cancelled if the order status is either Confirmed or Authorised. Deals with other Order Status, such as those below, can t be amended. Placed Deals have been sent to the fund manager and we are waiting for the price to be confirmed Completed The fund manager has agreed to deal and advised us of price Settled Deal has been completed and the cash and units settled 1 Once you ve located the deals you wish to cancel, click on the appropriate Batch Number. 2 You ll be taken back into the New Deal/Switch process. Step 2 for sell trades, Step 3 for buy trades. 1 Cancel boxes will now appear next to the batch of funds. Tick the boxes for the whole batch. Now click on 6. Confirm to be shown all of the deals to be cancelled. Select Confirm to complete the request. TIP If your client s Wrap account has any Auto batches open, contact the Platform Customer Centre we may be able to cancel the deal on your behalf. You can check for open Auto batches by following the steps on page 10 of this user guide. Managing your Wrap clients 11

12 Dealing times We have different dealing and settlement times for mutual funds, insured funds and equities. Each fund on the platform has a daily valuation point (VP). We aggregate all of the deals placed in the fund and send the fund manager a single instruction, normally electronically (this is when the deal is pooled). We reserve the right to delay placing deals. That s why we don t promise a specific VP for a deal. The fund KIID or Simplified Prospectus will hold details of its VP. Mutual funds We always aggregate deals before the fund VP. It can be as little as 15 minutes beforehand or as early as the night before. Funds that have an early morning VP are aggregated no later than 5.30pm the previous day. Our subcustodian aggregates throughout the day. Funds have different dealing cut off points. Around two thirds of funds fall into the noon until 4pm category. These are typically pooled from mid morning onwards. The proceeds will normally settle within four business days of the deal being priced by the fund manager. Standard Life insured funds These are valued each business day; the value is the basis for setting the unit price for the following business day. We aim to place all instructions for insured funds with the insurer as soon as reasonably practicable. The insurer will normally cancel and allocate units in the insured funds on the second or third business day after a switch instruction is received via the Wrap platform. How insured funds are incorporated within the deal being processed may affect the dealing times. So, for example, if your instructions include a mixture of insured and non insured funds, the order in which the deals are placed may change. The proceeds will normally settle within two business days of the deals being placed. Equities Equities are priced continuously throughout the working day and can only be purchased in full shares. You can place a deal for an equity on the Wrap platform in one of two ways through Create Orders or Advanced Orders. When using Advanced Orders, you ll be given confirmation of the price at which you re placing the trade and the amount you ll be purchasing. You ll only have 10 seconds to confirm whether or not you re happy with the price. If you place a deal through Create Orders, the deal for the equity can be placed at anytime up to an hour after submitted and will get the price available then. The proceeds will normally settle within three business days of the deal being priced by the fund manager. Managing your Wrap clients 12

13 Key differences between Switch and Rebalance Both the Switch and the Rebalance options include a mix of buy and sell instructions. But the way these are carried out is quite different. Each tool has its advantages and disadvantages. Which you choose will depend on the circumstances and what it is you need to achieve for your client. The Switch option is sequential The sell deals are placed first, then the buy deals. Only once all of the sell deals have been priced do we allocate the expected proceeds to the buy deals and then place them. The two main benefits of this tool are: 1. We normally don t wait for sell deals to actually settle before placing buy deals. This reduces the potential out of the market time; 2. We use the exact sale proceeds to buy the new investments, so there s no risk of buying too much/too little of the new funds. The downside of Switch is that there will always be a lag, even if only a short one, between the sell deals being filled and the buy deals being placed. The Rebalance tool mainly uses a simultaneous dealing process. Using the fund values it holds, typically those from the previous business day, the platform calculates, in cash and percentage terms, which investments are over or under weight relative to the target allocation for that product. It then calculates buy and sell deals on this basis and places them simultaneously. The obvious advantage of this approach is that out of the market time is entirely reduced, often non existent. The downside is that using estimated values based on historical fund prices presents a risk that negative cash balances may be created due to sells generating less cash than expected. There is also the risk that the resulting allocation may differ from the target. Rebalancing tip It s worth being clear that the Client > Rebalance and the Client Base > Bulk Rebalance tools do not work in precisely the same way. Key differences are the ways in which they treat equities and generate client deals. The single Rebalance tool includes equities and generates the deals immediately; the Bulk Rebalance tool excludes equities and carries out validations before generating the deals for any of the clients included. To find out more, contact your account manager, platform consultant or the Adviser support team. Dealing tip Depending on the mix of assets included in the batch, specifically if there is a mix of insured (or SLIP ) and non insured (OEIC/Unit Trust) funds, the order in which the deals are placed may vary. There are also times where we may have to wait for some of the sell deals to settle before placing the buy deals. Placing separate instructions for insured and non insured funds will avoid this potential (generally short) delay. Managing your Wrap clients 13

14 For additional support, call the Adviser support team on: Calls may be monitored and/or recorded to protect both you and us and to help with our training. Call charges will vary. Standard Life Savings Limited, provider of the Wrap Platform, is registered in Scotland (SC180203) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority. WLP Standard Life Aberdeen. Images reproduced under licence. All rights reserved.