Single / Regular Payments
- You can add in single payments, regulars or transfers in. If you add in a regular premium you will need to enter the payment, frequency, first collection date and if you would like the regular premiums to stop at a date in the future or continue until notified. You will also need to select which bank account will be used and you can add the client’s bank account details in this step.
You can have up to four bank accounts on the platform at any one time. These can be added when you first create or increment a client account.
Direct Debit payments and Withdrawals will not be permitted until you verify the account belongs to your client. For those that pass our new online verification, no further action will be required.
If however, the client fails the online verification check or it’s for a Third Party or Employer, or Trust Account, you need to complete the add/verify bank account details form for adding or verifying bank account details and sign the form online.
Download the add/verify bank details form (non Trust)
Download the add/verify bank details form for Trust Accounts
The template does not need a signature; simply type your name. Upload the form to the client document library. Notify us that a form has been submitted by sending an email to NonTelephony.BankChangeAuthorisation@abrdn.com and include the account WP number, date and time of submission.
There is no guarantee that any email you send will be received or will not have been tampered with. You should not send personal details by email.
Direct Debit payments and Withdrawals will not be permitted until you verify the account belongs to your client. For those that pass our new online verification, no further action will be required.
If however, the client fails the online verification check or it’s for a Third Party or Employer, or Trust Account, you need to complete the add/verify bank account details form for adding or verifying bank account details and sign the form online.
Download the add/verify bank details form (non Trust)
Download the add/verify bank details form for Trust Accounts
The template does not need a signature; simply type your name. Upload the form to the client document library. Notify us that a form has been submitted by sending an email to NonTelephony.BankChangeAuthorisation@abrdn.com and include the account WP number, date and time of submission.
There is no guarantee that any email you send will be received or will not have been tampered with. You should not send personal details by email.
Transfers
- If entering a transfer you need to enter the details of the existing Personal Portfolio and unlike when transferring an ISA or a Pension you can only transfer Personal Portfolio assets in specie. You will need to add in details of the ceding scheme. When you start to type in the company name in the Smart Search bar the system will suggest providers that match and will confirm if assets can be requested electronically or if the firms will need to be issued. The system will produce pre-populated transfer forms based on the company you add. If you cannot find the ceding scheme you can add in the details manually instead. If you are transferring an existing Personal Portfolio into another you would choose the one you are moving into by clicking on the dropdown that appears and selecting it. You will then be able to select if the whole amount is moving or selected assets.
- If you are transferring an existing Personal Portfolio into another you would choose the one you are moving into by clicking on the dropdown that appears and selecting it. You will then be able to select if the whole amount is moving or selected assets.
- You will need to enter the details of the existing assets by searching for the investments you intend to re-register. You will also need to add in the number of units and you have the option to add in the tax book cost so future Capital Gains reporting is accurate (the Capital Gains Scenario Tool is available to Wrap users only).
- You will also need to add in the ownership details for the assets and if this will include Equities. If the existing assets are a mixture of funds and equities, you will need to key them on as two separate transfers.
- If you want to transfer more than one Personal Portfolio you can click to add another.
Adviser Charging
- When entering the adviser charging you can select to receive Initial and Ongoing and you can enter these as either monetary amounts or percentages. When you select ongoing adviser charges you also need to select the deduction frequency. This defaults to monthly but you can also choose from quarterly, half yearly and annually. If you select a percentage based ongoing adviser charge this will always be entered as an annual figure, if you select a monetary amount this will be the amount paid per deduction frequency chosen.
- The adviser charges will be paid from the Cash Account so you can choose to include this or exclude this on the illustration. Choosing to exclude adviser charges will only exclude these from the illustration projections, we will show the adviser charges chosen for information purposes.
Investment selection
- In the investment selection step you need to enter details of the investments you wish to include in the PP. This will only be for any new money being added i.e. Single or Regular payments. Any assets being re-registered will remain as they are and will not be switched into assets selected in this screen. You can choose from Discretionary Models if permissioned on the Hub, Adviser models, single funds, exchange traded instruments, and cash. Each column must add up to 100% before you will be able to proceed. Please note, Discretionary Models and Exchange Traded Instruments are available to Wrap users only.
- Having selected the type of investment you want to search for you can enter the name into the Smart Search bar and after 3 keys it will suggest investments that match what you have typed. You can also save commonly used funds as favourites by clicking on the star.
- You can choose to protect assets from auto-disinvestment. This will also protect them from future trades depending on the type of trade:
- Withdrawal – protected assets can be un-protected so they can be used to fund withdrawals. They can then be protected again if required.
- Personal Portfolio to ISA – protected assets can be un-protected so they can be used to fund the ISA. They can then be protected again if required.
- Sell/Switch – protected assets can be sold/switched without needing to un-protect.
- Rebalances – protected assets will be included in rebalancing without needing to un-protect.
- You will need to select a Distribution Option. Investments that produce a natural income can have this paid to Cash Account, Product Cash, used to make reinvestments into the fund or paid out to the client.
Cash Account
You can enter single or regular payments into the Cash Account. Please note this is where charges are paid from so if you have requested an initial adviser charge, you will need to put money into the Cash Account to get paid.
Review
The Review step gives you the opportunity to check all the details you have entered. You can click on the + symbol to expand the sections and if you need to make any changes, clicking on the Edit Pencil takes you back to that part of the process.
Documents and Declarations
- The documents produced will vary depending on what New Business you have entered. Documents that need to be signed by the client can be posted or sent to the client to be completed electronically.
- By confirming the declarations are true you will then be able to Submit this application which completes the New Business process.