To add a regular contribution to Elevate, follow these steps:
- On Elevate, go to Client Account > New Work > New or Amend Product Payment
- Step 2, check if collection Bank Account details are added to the client’s account, if not add the bank details before setting up the regular payment. You will not be able to add a regular payment without bank details added.
- Click Add to add payment, select the Bank Account the payment will be collected from, frequency and start date.
- Add the contribution value next to the product. You can also choose to open up a new product at this time.
- Continue through the new business process completing any relevant fields.
- Review your request, produce any required documentation and submit.
Setting up the Direct Debit
Direct Debit gives the client the option to take payments direct from their bank account. To allow us to do this we require sight of the original direct debit instruction.
New Direct Debit
This can be posted to us or uploaded to the client’s document library with email confirmation sent to Elevate_Enquiries@abrdn.com. We will apply new direct debit mandate instruction within 10 working days with the first payment collected no sooner than 10 working days after applied.
Existing Direct Debits
If your client has already submitted a Direct Debit mandate instruction but this has not been used within 13 months then we will require a new completed Direct Debit mandate.
Can I amend or cancel a contribution?
To cancel and/or amend contribution please contact Elevate customer operations on 0345 600 2399 or Elevate_Enquiries@abrdn.com to cancel contribution. Once cancelled you will be able to set up the new contribution level on the client account via New Work > New or Amend Product Payment.Please note that if a contribution is already in collection (approximately 5 working days before selected collection date), then the collection cannot be cancelled. Trades linked to the payment may be able to be cancelled.
How long does it take for my client’s monies to be applied to Elevate?
Once you have set up a regular contribution, it will be paid on the date selected (or next working day). You can check if the payments have completed and ensure money is invested at the right time. To view in-progress transactions:- Go to Transactions > Deposits/Withdrawals
- Use Status to filter by Open and Cancelled transactions
- Use Select View to filter by product wrapper.
- For regular payments in, hover over an entry to show:
- The bank account details
- The next payment due
Payments in are displayed here until we have received the payment. Once the payments have cleared they are displayed in Cash Account > Statement.
For regular payments in, eight days before the regular due date, the platform will create an additional payment line confirming the in-progress payment.
For regular payments in, eight days before the regular due date, the platform will create an additional payment line confirming the in-progress payment.
Frequently Asked Questions
How do I check my client’s current ISA subscriptions?
Before adding a contribution to your client’s ISA, it is good practice to check their current ISA subscription. To do this go to: Client Account > Summary > View Wrapper Summary Table > expand the ISA.You can run one ISA Allowance Report for all you clients to show remaining ISA allowances. To do this go to on Elevate: Business Mgmt > Mgmt Reports > Request a new report > ISA Allowance Report, at this point you can choose to run the report at firm or specific adviser level.
Can you provide me with a full breakdown of my client’s contributions?
Yes. The Contributions and Withdrawals report allows you to export a record of business flows into and out of Elevate, and view this in a flexible Excel format. You can generate a report at:- Client Level – for a detailed view of client payments in and out of Elevate for a single product wrapper or an entire client account; or
- Adviser or firm level – for a consolidated view of business flows into and out of all your Elevate accounts (subject appropriate user access permissions)
How to generate a Client Level Contribution and Withdrawals Report
- Log into Elevate, and from your client’s account, navigate to: Reports & Documents > Request Report.
- Select from date or tick from inception
- Select to date / as at
- Tick Contributions and Withdrawals report
- Specify a single product wrapper or select Elevate Combined to show business flows for all product wrappers over the specified time period
- Click Go
- Once complete the report will be stored in your client’s Reports & Document Library
What do I do if my client has over-subscribed their ISA?
We cannot amend the subscriptions until after we have received a Notice of Discovery from HMRC at which point we will amend this on your behalf by moving the error monies to the General Investment Account (GIA). We factor in the growth by looking at the value of the ISA at the end of the relevant Tax Year.
How do I add an employer/employee contribution?
- On Elevate, go to Client Account > New Work > New or Amend Product Payment
- Step 2, check if collection Employer Bank Account details are added to the client’s account, if not add the bank details before setting up the regular payment. You will not be able to add a regular payment without bank details added.
- Click Add to add payment, select the Bank Account as Employer and then set up frequency and start date.
- Add the contribution value next to the product. You can also choose to open up a new product at this time.
- Continue through the new business process completing any relevant fields.
- Review your request, produce any required documentation and submit.
Please note that employer contributions will require a completed Employer Record of Payment Due form where the client is NOT the director of the company making the contribution. This document will be prepopulated at the end of the expectation or you can collect a blank form here.
My client’s contributions have not been collecting as the Direct Debit has expired. What do I do?
You will need to contact Elevate customer operations to arrange the cancellation of the current contribution. Once cancelled you will be able to reset up the contribution and then send in a new Direct Debit Mandate to reactivate.What date will my client’s deals settle?
Once we have received the money and placed the deal, they will normally settle within 5 working days.
Please check the transaction date on Contract Notes for the date the funds were placed.