Process Guide. We re going digital. Are you ready?

Transcription

1 Process Guide We re going digital. Are you ready? From 2 January 2016 a number of James Hay processes will only be available online. This guide provides step-by-step instructions for completing these processes using James Hay Online. For Financial Adviser use only James Hay Partnership: Training and Process Guide

2 Contents Producing Illustrations 1 Changing Personal Details 10 Investment Centre Trading 14 Accessing Adviser Charge Statements 22 Investment Manager Money Movements 26 Contact Us 29

3 1. Producing Illustrations

4 Producing a Modular isipp illustration When creating a Modular isipp illustration, ensure all relevant client data is accessible: Log in to your online account using your login details. Please call your Account Executive Team should logins need resetting. Select the Tools tab from the homepage. Choose Online Illustrations from the options provided. Personal details Transfer information Contributions information Investments Drawdown information Retirement date Adviser charging New business illustrations and applications are independent from one another. When applying for a Modular isipp, please use the Online Applications function from the Tools menu. Page One

5 Re-quoting and managing existing illustrations Once completed, a quote will be stored under Managing Existing Illustrations. Results can be sorted using the column headers. To re-quote select the relevant illustration and choose Re-quote from the right side of the table. Our contact details: T: E: jameshayonlineteam@jameshay.co.uk. Select the relevant product and previous illustration details will be available. Continue to process the quote as per the guidance below, amending any details if required. Both pensions and investment illustrations can be produced for the same client and will be stored together under Manage Existing Illustrations. Page Two

6 Creating an illustration Start dates can be amended to align with the date on which the plan will begin. To begin a new illustration, select the relevant product from the options available at the top of the screen. From the following page, begin inputting the information related to the illustration, starting with Personal Details. The personal details required for the illustration include the client s tax rate. Please ensure this is to hand when keying the illustration. Illustrations relating to dependants pensions rights can also be produced. Please specify using the radio buttons on the Personal Details page. Page Three

7 Where a UFPLS payment is to be made, ensure the relevant radio box is marked and include details of the payment on the Retirement Benefits Page. SIPP preferences Select Add Modular isipp. Enter your preferences for the quote, beginning with the type of SIPP being quoted for. Illustrations can be produced for plans which contain both uncrystallised and crystallised elements. Ensure you have details of any applicable lump sum or lifetime allowance protection. Partial crystallisation allows for the targeting of a specific lump sum or the crystallisation of a specific proportion of uncrystallised funds. Phased crystallisation allows you to target a desired level of income comprised of both lump sum and income payments. Where a UFPLS payment is to be included, select the relevant radio button where appropriate. Illustrations can encompass both Investment Centre and Non-Investment Centre holdings. A full list of funds held within the Investment Centre can be found here. Please note that amendments to existing Modular iplans can also be illustrated. To do so, please answer yes when asked. Assumed growth rates for the illustration can also be amended. However, any desired growth rates must not exceed the FCA recommended level for the product. Select the information symbol for further details. Annuity basis can also be amended from level, single, with a five year guarantee, in order to suit any comparison between an annuity and a SIPP you may wish to make. Page Four

8 Contributions and transfers Enter the details of any transfers and/or re-registrations into any uncrystallised elements of the SIPP for which you re illustrating. Escalation types available are: Price inflation Earnings inflation Fixed amount Enter any regular contributions. If required, enter employee contributions net of basic rate tax and the gross amount will then be calculated. Enter any crystallised fund details including transfer value, value at start date, and whether the crystallisation was post A-Day. Enter details of any initial adviser charge on transfers and regulars. Adviser charges can be calculated either before or after tax reclaims. Either a percentage figure or a fixed amount can be specified. Page Five

9 Investments Enter details of any Non-Investment Centre funds and their associated proportions. The non Investment Centre Assets charges page can be used to reflect annual management charges related to external investment manager accounts. Enter details of any initial adviser charge being taken on Non-Investment Centre funds. The illustration produced will deduct this from all on the list with the exception of money in the product bank account, cash panel, and commercial property holdings. Select Next and proceed to enter any Investment Centre funds. To add funds to the portfolio, select add funds and search by fund name, fund identifier, or alternatively view your fund favourites. Fund performance over the past 30 days can be viewed by hovering over the fund performance graph displayed. Select Add next to each fund you d like to add to the portfolio, then click Close. Enter the weightings for each fund, along with any initial adviser charge and select Next. Page Six

10 Product level adviser charging You can tier ongoing adviser charges, with 5 being the maximum number of tiers available. Enter any product level initial adviser charge you have agreed with the client. This is a one off payment in respect of the product s setup and requires an invoice in the form of a secure message to be sent to James Hay Partnership. For further information on our secure messaging service, please see our Secure Messaging process guide. Enter any ongoing adviser charge agreed with the client. Choose from a fixed monetary figure, a percentage of product value, or a tiered percentage rate. Select the frequency for which you d like ongoing adviser charges to be paid. Tick the boxes relating to any holding to be excluded from adviser charging. Page Seven

11 SIPP charges and retirement benefits The SIPP charges page will automatically pre-populate with the applicable charges. For full details of the charges relating to the Modular iplan, refer to the product charges schedules in the Literature library. Where an income is being taken through drawdown or a UFPLS, consideration should be given to the sustainability of the chosen income method. Changes in taxation, circumstances, investment performance, and the length of time a client lives in retirement, can all play a role in the income available in retirement. Continue to the SIPP Retirement Benefits page which will appear if either a crystallised transfer has been input, or income withdrawal has been selected on the Preferences page. Enter details of any PCLS being taken, expressed as either a monetary amount or a percentage of the uncrystallised fund required. Enter the desired initial annual income you d like to be paid as income from the plan, (the base income before any escalation is applied), and whether you d like to reflect your income target gross or net. The rate of tax assumed has already been specified in the Personal Details section of the illustration. Select any escalation you d like to apply to the income and also whether you d like to vary the level of income year on year. Where the Vary Income box is ticked, you will be asked for a specific level of income for each year on the following page. Page Eight

12 Additional products and calculation Once all retirement benefits have been specified and you ve selected Save, you ll be returned to the Create an Illustration page. To discuss a specific illustration with your Account Executive Team, please reference the illustration ID when calling Here you can either choose to illustrate an additional product or calculate those which you ve already input. To create an illustration for a Modular ISA, or a Modular GIA, either select Add Additional Products or select the product from the right hand side. Select Calculate to continue to the Summary page. Once all the details have been captured for the desired products, you can revisit any stage of the illustration by selecting the links below the summary. To produce the illustration in full, select View Your Illustration. Page Nine

13 2. Changing Personal Details

14 Client search Log in to your James Hay Partnership account. Please call your Account Executive Team should logins need resetting (contact details can be found at the end of this document or at the bottom of the login page). Select Client from the tabs at the top of the page. Search for the required client. All clients will be displayed at the bottom of the page. A sort function is available by selecting the headers on each column. Alternatively search client surname or client number. In addition to the client search and sort functions, you can also create client groups. For instance, following a client segmentation exercise, you may find it useful to create groups for each client segment. To create a group, select New Group. You ll then be able to name, and add clients to, the group. Once a group has been created, these will appear under Group Name. Page Eleven

15 Changing Personal Details Additional documentation may be required when changing certain information. Once you ve selected the relevant client, click on the client name at the top of the page. Client details can also be amended from the client search page via the icon to the right of the client name. Select Amend Plan Details from the bottom of the pop up window. To amend adviser details, select Amend Adviser Details. Page Twelve

16 Changing Client Details Additional documentation may be required when changing certain information. Type any amendments to client details into the relevant fields in the Amend Plan Details window. Search for addresses using the postcode search function. Tick the box to confirm that you have obtained consent to disclose the information and informed the client of the purposes for which their information will be used. Select Update. Select OK when prompted. Please note that the Reason field is mandatory. Page Thirteen

17 3. Investment Centre Trading

18 Client search Log in to your James Hay Partnership account. Please call your Account Executive Team should logins need resetting (contact details can be found at the end of this document or at the bottom of the login page). Select Client from the tabs at the top of the page. Select the required client from those displayed at the bottom of the page. A sort function is available by selecting the headers on each column. Alternatively search client Surname or Client Number. In addition to the client search and sort functions, you can also create client groups. For instance, following a client segmentation exercise, you may find it useful to create groups for each client segment. To create a group, select New Group. You ll then be able to name and add clients to the group. Once a group has been created, these will appear under Group Name. Page Fourteen

19 Fund research A full list of funds available through the James Hay Investment Centre can be found here: Price, Performance, and Holdings data is available on each fund contained within the client portfolio (as well as every other fund held in the James Hay Investment Centre). To access, select Portfolio from the tabs at the top of the home screen (preferably after having selected the client from the client tab). The client to whom current activity relates is displayed at the top of the screen. After selecting Portfolio, choose a product and additional options will appear on the left side of the screen. Select Collective Holdings. Data will now appear on screen as pictured. Additional data is available via the icons on the right side of the page. Select Performance History for a full summary. In addition to the link provided at the top of this page, a funds list can also be accessed via the Fund Research icon on the Tools page. Page Fifteen

20 Initiating a buy, sell or switch Once you ve identified the funds you d like to buy, sell or switch, choose the client using the steps outlined above and select the relevant product. Then select the type of investment to which your trade relates. The image displayed assumes collective investments. The icons on the right side of the table allow you to proceed with the relevant transaction type. Select the relevant icon, which will then trigger a transaction window. This guide assumes a switch, however when buying funds, please ensure sufficient cash is held in the client s portfolio before proceeding. When buying, selecting the Trade tab at the top of the page will allow you to view the amount of cash available in a portfolio. Page Sixteen

21 Switching In addition to the link provided at the top of this page, a funds list can also be accessed via the Fund Research icon on the Tools page. Having selected the Switch icon from the right side of the Collective Holdings table, the Switch window will appear. Choose to switch out a monetary amount, percentage of holdings, number of units, or the whole fund. Selecting the fund name will provide access to documents associated with the fund including factsheet, KIID, reports and accounts, as well as a Supplementary Information Document provided by the fund manager. The Key Documents icon will also provide access to these. Enter the relevant value and click Next. The Switch in Fund window will appear. A list of funds currently held will be displayed. To add a new fund to the portfolio, select Add Funds. Page Seventeen

22 Selecting funds Soft closed funds are shown in a yellow row A range of search criteria is available via the drop down list including; Fund Name, Fund Identifier (SEDOL, ISIN etc.), and Fund Manager. Fund Favourites can also be accessed via the Search Condition dropdown. To add/remove fund favourites, select the Silver/Gold star to the left of the fund name. Once the required fund has been selected, click Add. Selected funds will then show as Added. Any new funds selected and added will then appear on the fund list as shown on the previous page of this guide. The amount of cash available to attribute to the funds into which you re switching will appear at the top of the screen. Enter the desired split between the funds selected, expressed in either percentage or monetary terms. Enter any initial adviser charge being taken and select Next. Page Eighteen

23 Confirming a trade Once the confirmation screen appears, check all details are correct and tick either the box to confirm that your client has received the product Terms and Conditions, as well as the Key Features and Fund Factsheet relating to the fund being purchased, or the box to confirm that you are acting on a discretionary basis and as such, do not need to issue your client with these documents. The above documents can be retrieved by clicking on the document name. If you d like to save progress for another user to log in and confirm the trade, select Save for Approval. Otherwise select Execute Now. Once the trade has been executed, a transaction ID will be generated. Please quote this when speaking with your Account Executive Team in relation to the trade. A PDF trade order receipt will also be available. If saved for approval, the home screen provides a link to any trades requiring authorisation. All trades in progress can also be tracked via the Trade Tracking icon, available from the Tools tab. Page Nineteen

24 Regular trading Income payments are made on the first working day of the month. Ongoing adviser charge payments depend on the start date of the product. Regular trade requests can also be set up. This may be useful in ensuring sufficient cash is maintained in the client s product bank account to cover payments and charges. Follow the steps outlined on page 14 to identify and select the client for whom you are requesting a regular trade. Select the Trade tab at the top of the page. Choose the product and either New Regular Buy or New Regular Sell. Any existing regular trades in place will appear on screen. Page Twenty

25 After selecting the regular trade type required, complete the various fields on the Create Sell Instruction page. Regular sells put in place to fund the product bank account to meet income requirements should be dated for ten working days prior to the date on which income is due to be paid. Tick the Use Trustee Cash box when selling funds on a regular basis to provide cash. Choose from the funds held within the portfolio or the entire Investment Centre range. To meet a specific cash requirement, funds can be sold to provide a specific amount, a percentage of the required amount, or proportionately across the portfolio. Page Twenty One

26 4. Adviser Charge Statements

27 Adviser Charge Statements Please note that James Hay Partnership will no longer issue paper adviser charge statements from 2 January Once logged in select View Adviser Charges from the home screen. Choose the desired date range in the top left of the screen. Date ranges can also be customised. You can search for a specific client using the box as indicated. Filters can be used to view a specific type of adviser charge only. Page Twenty Three

28 To view all payments relating to a specific client covering the specified date range, select the client name in blue on the left side of the page. Similarly, to view a breakdown of each payment made to your adviser firm, select the payment date at the bottom of the page on the left. Please note two payments may be made on a single date. To replicate statements which have previously been sent out in paper form, select an historic date using the Date Range dropdown to view the breakdown. A description of each payment is also given on the right hand of the page. Page Twenty Four

29 Once the desired statement has been accessed, the data on screen can be sorted using the arrows at the top of each column. To revisit the summary page, select Back at any time. To export the data to Excel, select Save as Excel in the bottom left side of the screen. To export the data to a pdf file, select Print to PDF on the bottom right of the screen The number of transactions visible on screen can be amended using the drop down menu in the top left of the screen Page Twenty Five

30 5. Investment Manager Money Movements

31 Client search Log in to your James Hay Partnership account. Please call your Account Executive Team should logins need resetting (contact details can be found at the end of this document or at the bottom of the login page). Select Client from the tabs at the top of the page. Select the required client from those displayed at the bottom of the page. A sort function is available by selecting the headers on each column. Alternatively search by client Surname or Client Number. In addition to the client search and sort functions, you can also create client groups. For instance, following a client segmentation exercise, you may find it useful to create groups for each client segment. To create a group, select New Group. You ll then be able to name and add clients to the group. Once a group has been created, these will appear under Group Name. Page Twenty Seven

32 Investment Manager Money Movements Please note it is only possible to transfer from one Investment Manager account to another via the product bank account. It is not possible to transfer directly between two Investment Manager accounts Once the relevant client has been selected, choose the Trade tab at the top of the screen. Next scroll to the bottom of the page and select Investment Manager Cash Transfer. Details of the client s Investment Manager accounts will then appear on screen. Select whether the transaction relates to the movement of money from the client s product bank account to the Investment Manager, or whether the money is moving back from the Investment Manager account to fund the product bank account for the payment of income, fees, or adviser charges. The speed at which disinvestments are placed will depend on the terms of service in place with the Investment Manager in question. Please refer to your Investment Manager literature for further details. Enter the amount and select Submit. Page Twenty Eight

33 Contact us If you have any questions or would like to discuss your application, please call your Account Executive Team on James Hay Partnership is the trading name of James Hay Insurance Company Limited (JHIC) (registered in Jersey number 77318); IPS Pensions Limited (IPS) (registered in England number ); James Hay Administration Company Limited (JHAC) (registered in England number ); James Hay Pension Trustees Limited (JHPT) (registered in England number ); James Hay Wrap Managers Limited (JHWM) (registered in England number ); James Hay Wrap Nominee Company Limited (JHWNC) (registered in England number ); PAL Trustees Limited (PAL) (registered in England number ); Santhouse Pensioneer Trustee Company Limited (SPTCL) (registered in England number ); Sarum Trustees Limited (SarumTL) (registered in England number ); Sealgrove Trustees Limited (STL) (registered in England number ); The IPS Partnership Plc (IPS Plc) (registered in England number ); Union Pension Trustees Limited (UPT) (registered in England number ) and Union Pensions Trustees (London) Limited (UPTL) (registered in England number ). JHIC has its registered office at 3rd Floor, 37 Esplanade, St Helier, Jersey, JE2 3QA. IPS, JHAC, JHPT, JHWM, JHWNC, SPTCL, SarumTL and IPS Plc have their registered office at Trinity House, Buckingway Business Park, Anderson Road, Swavesey, Cambs CB24 4UQ. PAL, STL, UPT and UPTL have their registered office at Dunn s House, St Paul s Road, Salisbury, SP2 7BF. JHIC is regulated by the Jersey Financial Services Commission and JHAC, JHWM, IPS and IPS Plc are authorised and regulated by the Financial Conduct Authority. The provision of Small Self Administered Schemes (SSAS) and trustee and/or administration services for SSAS are not regulated by the FCA. Therefore, IPS and IPS Plc are not regulated by the FCA in relation to these schemes or services.(01/14) JHP0127 DEC 15 Page Twenty Nine