Getting started
After you have created a client record you can start New Business. If you haven’t added your client yet, see our guide on how to add a new client on Wrap.If you have already produced a quote, the system will remember the details you entered and you will just need to check they are correct and fill in any missing information.
- Select the Proposition type and tick the box for the Stocks and Shares ISA.
- Enter the name you would like the Account to have.
- Select if the client will be taking withdrawals
- Confirm Advice Type, Paperless option and whether advice has been provided.
- Finally, you need to select the preferred automatic disinvestment option; Proportionate, Last in First Out or Least Volatile Stock. If you intend to manage cash instead of allowing the system to automatically disinvest, you will still need to choose one of these options. The system will only disinvest automatically if cash runs out.
- Then click on Next: ISA Stocks and Shares Payments In.
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 ISA and what type of transfer you would like to add – cash transfer or in specie. Select whether the existing ISA is a Cash ISA or a Stocks and Shares ISA then add in the current ISA manager. Please note that if you transfer a Cash ISA onto the platform, this will be converted to a Stocks and Shares ISA. When you start to type in the company name in the Smart Search bar the system will suggest ISA managers that match. The system will produce pre-populated transfer forms based on the company you add. If you cannot find the ISA manager you can add in the details manually instead.
- If you want to do an in specie transfer you will need to enter the details of the existing assets. Alternatively if this is a cash transfer you just need to enter an expected transfer value.
- You will also be asked if this is Current, Non-current or Both. This is asking if the ISA being transferred contains subscriptions for the current tax year. Capturing this correctly will stop the client from accidentally over subscribing into the new ISA.
- If you want to transfer more than one ISA 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. The ongoing adviser charge will always be entered as an annual figure regardless of what deduction frequency you select.
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. If you search for funds using the Advanced Search option, you can click on the Star to make a fund a Favourite making it much easier to find again in the future.
- 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.You can choose to protect assets from auto-disinvestment. This will also protect them from future trades depending on the type of trade:
- 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 the Cash Account, Product Cash, used to make reinvestments into the fund or paid it 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.