To add a single contribution to the Elevate Platform, follow these steps:
- On Elevate, go to Client Account > New Work > New or Amend Product Payment
- Step 2, click Add, select from whose Bank Account the payment will be made, the payment type and payment method
- 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.
Choosing the correct payment method
It is important to choose the correct payment and referencing method to allow us to quickly apply the monies. Your client can select from the following payment options:- Cheque – this option allows your client to send a contribution via cheque. If choosing this option please make the cheque payable to Elevate Portfolio Services with the Account ID on the back. You can post this to Elevate, PO Box 6877, Basingstoke, RG24 4RT.
- BACS/Faster Payment – this option allows your client to send a contribution via their bank. This payment must include your client’s Account ID and surname for reference.
Platform & Product: Elevate
Account Name: Elevate Portfolio Services
Account Number: 31276146
Sort Code: 16-04-00
Payment Reference: Account ID
- Direct Debit – this option allows Elevate to take payments direct from the client’s 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.
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 10 working days before selected collection date), then the collection cannot be cancelled. We may be able to cancel trades linked to the payment up until the collection date.
How long does it take for monies to be applied to Elevate?
We will apply your client’s money no later than one working day after receipt as long as:- Your client has referenced the payment correctly
- You have submitted a valid expectation on Elevate
- If this is a new account, we have received signed copy of Terms & Conditions.
Once we have applied the money you can check Portfolio > Performance > Money In or Cash Account > Statement for receipt.
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.
Do I have to do anything before submitting a new contribution?
It is best practice to check Client > Track Orders > Payments/Withdrawals to ensure there are no outstanding instructions. If there are, we will use any new money received to fulfil this instruction.
Can I add a contribution for the new Tax Year?
You are able to set up expectations for 2023-2024 Tax Year by using the “ISA – Next Tax Year” product wrapper. This will hold the contribution in Elevate Cash and automatically move over on the 6th April. Please note, any money held here will be subject to the Elevate Platform Charge and may not move over automatically if the charge has been deducted before 6th April Elevate will endeavour to try and move this manually but it does mean the value will be less to cover the charges deducted.
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.
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.