For adviser use only. Your Wrap guide. View only access

Transcription

1 For adviser use only Your Wrap guide View only access

2 Introduction If you acquire a client who holds assets on the Standard Life Wrap platform, you may be unclear as to how you can best service these assets. The purpose of this guide is to help you easily navigate Wrap on behalf of your clients. 02/16 Your Wrap guide View only access

3 Contents Page Section 1 Account information 04 Section 2 Performance screens 05 Section 3 Income information 06 Section 4 Wrap charges 07 Section 5 Making changes 10 Section 6 Wrap documents 12 Section 7 Becoming a Wrap enabled adviser 13 Section 8 Templates 14 Your Wrap guide View only access 03/16

4 1. Account information We can provide you with view only access to Wrap by following a couple of steps detailed below. Valuations and account details We can provide you with access to the platform so that you can see the details of your clients Wrap assets. This access level will not allow you to carry out transactions online but it will allow you to see the full details, including current valuations, for the clients assets any time that you log in. We will also give this view only access to your clients if they ask. Any time that you, or they, require valuation information or details of their holdings, transactions etc, these can be obtained online. Getting view only access to Wrap Once we have verified your appointment by a Wrap client (see section 5), you can get access to Wrap by sending an to wrap_servicing@standardlife.com with details of your name, your firm s name and address, agency code, address and the client s Wrap account number(s) that you want to view. You must also sign our Adviser Terms and Conditions (Wrap65nwe) and agree to our Intermediary Terms of Business. You will be given a user name and password and provided with a URL to view the platform ( When logging into Wrap, you can use either the user ID and password we send you or your Unipass if that is a service that you use. What you see when you log in When you first log into the platform you will be taken to the To Do tab if there is outstanding activity, such as an unpaid adviser charge, that requires your attention. If there are no current alerts, you will be taken to either the client search screen (if you have more than one Wrap client) or directly into your Wrap client s account. This is a nine digit reference number that starts with WP Individual, Joint or Trust account Client portfolio summary This is the main valuation screen: The dates and views are alterable. The values that we show are based on the most recent fund prices available at the time you log in. Generally these will be from the prior business day valuation point. 04/16 Your Wrap guide View only access

5 Client portfolio detail This screen shows you the fund by fund valuations for the date you select: The fund value (MV) displayed here is the most recent we have at the time you log in. The cost is the average price paid for the specific units held this is not necessarily the true cost for CGT purposes: if the fund holding has been converted or was transferred to Wrap, the true CGT cost could be very different. The Quantity field shows the current position this is hyperlinked, clicking on this value will display the underlying transaction in this fund: Your Wrap guide View only access 05/16

6 2. Performance screens To understand easily performance reports for your clients holdings, the following sections show you the depth of information available. Performance functionality The key performance screens are the Performance Summary and Performance Detail screens which show how the client s investments have performed over any date range. The screens allow you to select individual products, any date range and a from inception option to see performance over the lifetime of the account: Performance summary (GBP) 525, Portfolio Values as at 23-Jan-2014 (GBP) 538, This is the value of the portfolio on the start date you selected Value of the portfolio at the end date selected This is a simple, easy to understand, money in money out table with a return basis. Performance detail This screen shows the fund by fund performance over the date range specified. 06/16 Your Wrap guide View only access

7 The Realised and Unrealised Gain Loss figures do not take into account the CGT rules and should not be used for tax planning or tax returns. All gains and losses are calculated based on the most current fund values that we hold these are not necessarily the prices at which you will be able to sell these investments. Actual gains and losses may therefore vary. 3. Income The Income tab is made up of Interest, Accumulation Fund Distributions (non cash), Equity Dividends and Tax and allows you to view at Wrap account or product level over any date range. Performance Your Wrap guide View only access 07/16

8 4. Wrap charges You can view platform and product administration charges easily on Wrap. The following sections show you how. The charges that apply to your client s Wrap investments Wrap charges have two components: Platform charge tiered between 0.10% and 0.40% per annum and calculated monthly based on the value of platform eligible assets* in your client s Wrap account. Product administration charge tiered between 0% and 0.15% per annum and calculated monthly based on the value of platform eligible assets* held in your client s SIPP, Onshore Bond and International Portfolio Bond. You can see the charge rates that apply to your client s account by looking at the Client/Charges/Charge Schedules screen. In the first part we show the product administration charge: Product administration charge In the example shown, there would be a 0.10% charge on the value of all platform eligible assets* held in the client s SIPP, Onshore Bond and International Portfolio Bond. The product administration charge is calculated on a snapshot basis using the rate applicable on the third day of each calendar month and based on the value of platform eligible assets* on the last calendar day of the previous month held in your clients SIPP, Onshore Bond or International Portfolio Bond. The charge will be applied on the fifth day of each month. In the second part, we show the platform charge: Platform charge In the example above, the client will pay a charge of 0.40% on the 99, of platform eligible assets* in SIPP, International Portfolio Bond and Onshore Bond; a charge of 0.35% on the next 150,000 of platform eligible assets* in SIPP, International Portfolio Bond and Onshore Bond; a charge of 0.30% on the next 250,000 of platform eligible assets* in SIPP, International Portfolio Bond and Onshore Bond and so on. 08/16 Your Wrap guide View only access

9 The client will pay a charge of 0.37% on the 99, of platform eligible assets* in ISA, Personal Portfolio and Wrap Cash; a charge of 0.32% on the next 150,000 of platform eligible assets* in ISA, Personal Portfolio and Wrap Cash; a charge of 0.27% on the next 250,000 of platform eligible assets* in ISA, Personal Portfolio and Wrap Cash and so on. The platform charge is calculated using the rate applicable on the third day of each calendar month and based on the value of your client s platform eligible assets* on the last calendar day of the previous month. The charge is applied on the fifth calendar day of each month. The platform charge may be reduced depending on the combined value of platform eligible assets* held in your client s Wrap account and in the linked Wrap accounts of their close family, spouse or civil partner. The charges are applied by deduction to the client s product cash accounts for the SIPP and International Portfolio Bond, and in the case of the Onshore Bond, by cancelling units proportionally across all policies in your client s Onshore Bond. For ISA, Personal Portfolio and the Wrap cash account, the charge is deducted from the Wrap cash account; where insufficient cash is available at the time the charge is calculated a disinvestment may be carried out and the disinvestment may be for a greater value than the outstanding charge. * platform eligible investments are cash in the Wrap cash account, in the portfolio cash account, in the cash wrap ISA and the cash accounts for each Wrap product your client holds and all investments in your client s Wrap account (with the exception of listed securities in your client s SIPP) which are held and/or managed on the Wrap platform, including investments in a managed portfolio, and excluding off platform assets and legacy assets. Additional charges apply for investments held in SIPP and International Portfolio Bond as well as for particular activities such as dealing in equities. More details of these additional charges can be found in the Wrap Services Client Terms and Conditions (Wrap66) and on the Adviserzone site. Your Wrap guide View only access 09/16

10 5. Making changes If you require to make changes, you are limited to what you can do with view only access. Please let us know if you wish to upgrade to the full version of Wrap. Before we can do anything We will need a letter of authority from your client to confirm that we are able to take instructions for their account from you. Making changes to your client s personal details You or your client can notify changes to us in writing (see How To Contact Us) by or by telephone. We will need to complete some security checks in order to carry out certain types of change and we may also require documentary evidence for things like changes to bank details. Making changes to your client s investments We will carry out certain changes buys, sells or switches to your client s investments on request. In order to carry out these transactions accurately and efficiently, we do need you to give us clear and complete instructions using the template found at the end of this guide. As Wrap is an online service and requires specific declarations to be made online by the adviser it is not possible to open new products for clients who do not have a Wrap enabled adviser. This includes opening new ISAs. You can however add, change or remove payments to existing ISA, Personal Portfolio and SIPP products. Making changes to your client s SIPP contributions For changes to ongoing regular contributions (increase/decrease or a change to investment): please allow at least 10 working days when informing us. This will allow us to make the necessary changes in time for the contributions to be collected in a timely manner. If there is more than one payer and you are changing the investment instruction which involve Standard Life insured fund(s) then the same insured fund(s) and percentage need to be selected for each payer. New payer/change to existing payer: Standard Life can only collect contributions once the completed direct debit instruction is received. It will then take up to 10 working days to activate the instruction with the bank. If you need to keep the same collection date but the direct debit has not been activated in time then we will submit a single payment for the current month and start the monthly contribution from the following month. We need the following details when you send us an instruction regarding SIPP contributions: 1. Amount to be collected (net). 2. Contributions status (Individual, Employer gross or Salary Deduction). 3. Any changes to the investment selection. If you want to use different funds/different allocations to be used for this new instruction, please provide the full fund name, the fund code and percentage allocation for each fund. 4. Collection date and whether a single contribution is required for current month with regulars starting the following month. Collection date can be between the 1st and the 28th. 5. Frequency (monthly or yearly). 6. Adviser charge (specifically whether there is to be any change to the existing Ongoing Adviser Charging). 10/16 Your Wrap guide View only access

11 Adviser charges We may allow you to set up Initial Adviser Charge (for single payments); Ongoing Adviser Charge (a regular charge on the client s Wrap products) and an Ad Hoc Adviser Charge (something you may apply on an occasional basis in respect of specific services provided to the client). There is a template which you can complete to tell us about the adviser charges you want us to pay (amount/percentage/product/date/frequency etc). The adviser charge template is at the end of this guide. It can be ed to us at wrap_servicing@standardlife.com. Instructing transfers to/from the platform As Wrap is an online service and requires specific declarations to be made online by the adviser, it is not possible for clients who do not have a Wrap enabled adviser to transfer new assets to the Wrap platform. Clients are able to transfer certain assets from Wrap to other providers, assuming that the new provider is able to accept transfers. Some assets may only be transferable in cash. Wrap interest rates The interest rate that applies to clients cash accounts is not fixed and may vary regularly. The relevant product provider also retains a margin of any interest received from the bank(s) in the form of a cash management administration charge. The current rates can be viewed at any time on the following website: Interest is calculated daily and applied monthly. In the case of the Wrap cash account, portfolio cash account and Personal Portfolio, interest is applied net of a 20% tax deduction. We are not able to apply interest on these products gross. Interest on ISA, SIPP and International Portfolio Bond is applied gross. CGT functionality As Wrap is an online service and requires specific declarations to be made online by the adviser, it is not possible to offer CGT services to clients who do not have a Wrap enabled adviser. The platform view only access service allows you to retrieve the information to calculate CGT manually. Rebalancing The Wrap platform includes rebalance functionality but this is only available online to Wrap enabled advisers. We are not able to carry out rebalance instructions on your behalf. We will carry out your switch instructions if you complete and return the template at the end of this guide. Your Wrap guide View only access 11/16

12 6. Wrap documentation Documentation that we send to your client We will always make regular statements available to your client quarterly for the ISA and Personal Portfolio; annually for their SIPP and Bond products. An electronic copy of these will be added to the Document Library that can be accessed via the platform. Where the FCA has indicated that contract notes should be issued, we will post contract notes for any transactions carried out on your client s Wrap account on the client s Document Library, unless your client has opted to receive them by post. If the client has an ISA with us, we will send them an annual ISA Declaration Notice reminding them of the terms that apply to an ISA. If the client has received any unwrapped income ie interest, dividends or distributions applied to either the Wrap Cash or Personal Portfolio accounts in a given tax year then we will send them a Consolidated Tax Certificate after the end of that tax year, usually in June or July. This certificate itemises the income that has been applied to these products and should be used with any tax returns the client may complete. Where there are any changes to our terms and conditions, interest rates or charges or where we are required to do so for regulatory reasons, we may have to contact your clients with details of these changes. Reports that you can generate The platform can produce client reports at overall Wrap account level or product level. Tool Capital Gains Report Performance Report Valuation Report Client Review Cash Transactions Investment Transactions Adviser Remuneration Report Description Advisers can generate a report of transaction gains and losses enabling them to calculate a client s Capital Gains Tax (CGT) liabilities. Note view only access does not enable you to record the original book costs of assets transferred onto the platform to allow a more accurate CGT calculation. Summaries the main changes to a client s portfolio over a selected period. It shows opening and closing values and the return on the client s portfolio both before and after tax and charges. The data is also shown at portfolio level. Summarises the client s investments by wrapper and asset class, and shows the value at the date selected. Includes valuation, performance and transaction statements. Shows all cash transactions for a selected period Shows all investment transactions for a selected period Shows clearly the adviser charges that have been deducted from a client s account in a given date range. 12/16 Your Wrap guide View only access

13 7. Becoming a Wrap enabled adviser There are many benefits to becoming a Wrap enabled adviser including powering your investment proposition however you wish to structure it and supporting your business to have consistent, repeatable and standardised processes. The platform has robust technology and offers over 8000 investment types, and the widest range of clean and discounted funds available in the market. If you are interested in becoming a Wrap enabled adviser, please speak to the Account Manager team. How to contact us Whenever you contact us, please ensure that you have your client details including Wrap account number (this starts with WP) to hand and that you quote the account number in any correspondence. wrap_servicing@standardlife.com (lines are open 08:00 18:00, Monday to Friday) Adviser Relationship Standard Life Dundas House 20 Brandon Street, Edinburgh EH3 5PP Your Wrap guide View only access 13/16

14 8. Templates To make changes to your clients investments, please complete the following template. Template for instructing deals Account name Account number Account firm Product Sell Fund name Fund Identifier Sell Value Sell % Sell All Buy Fund name Fund Identifier Buy Value Buy % (switch only) Sell All 14/16 Your Wrap guide View only access

15 Template for adviser charges Account name Account number Account firm Product Product % Initial Adviser Charge Initial Adviser Charge Initial Adviser Charge Initial Adviser Charge Product Annual % Annual Frequency Ongoing Adviser Charge Ongoing Adviser Charge Ongoing Adviser Charge Ongoing Adviser Charge Product % Ad Hoc Adviser Charge SIPP or Wrap Cash Monetary only Ad Hoc Adviser Charge SIPP or Wrap Cash Monetary only Ad Hoc Adviser Charge SIPP or Wrap Cash Monetary only Ad Hoc Adviser Charge SIPP or Wrap Cash Monetary only This form should be completed and returned to wrap_servicing@standardlife.com Adviser charges can only be set up if you have signed our Adviser Terms & Conditions (wrap65nwe). Cash must be allocated in order for the adviser charges to be paid. Your Wrap guide View only access 15/16

16 Find out more Call us on We re open Monday to Friday, 8am to 6pm. Calls may be monitored/ and or recorded to protect both you and us and help with our training. Call charges will vary. Standard Life Savings Limited is the provider of the Wrap Platform, Wrap Personal Portfolio and Wrap ISA. Standard Life Assurance Limited is the provider of the Onshore Bond for Wrap and the Standard Life Self Invested Personal Pension Scheme. Standard Life Trustee Company Limited is trustee of the Standard Life Self Invested Personal Pension Scheme. Standard Life Savings Limited is registered in Scotland (SC180203) at 1 George Street, Edinburgh, EH2 2LL. Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Trustee Company Limited is registered in Scotland (SC076046) at Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH. Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Standard Life International dac, registered in Dublin, Ireland (408507), is the provider of the Wrap International Portfolio Bond. It is a designated activity company limited by shares with its registered office at 90 St Stephen s Green, Dublin 2. Standard Life International dac is authorised and regulated by the Central Bank of Ireland and subject to limited regulation in the UK by the Financial Conduct Authority. Details about the extent of Standard Life International dac s regulation by the Financial Conduct Authority are available from us on request. Standard Life Assurance Limited, Standard Life Trustee Company Limited and Standard Life International dac are owned by the Phoenix Group and use the Standard Life brand under licence from the Standard Life Aberdeen Group. You can find more information about Standard Life Aberdeen plc s strategic partnership with Phoenix at WRAP Standard Life Aberdeen, reproduced under licence. All rights reserved.