Managed Portfolio Service. Wrap platform user guide

Transcription

1 Managed Portfolio Service Wrap platform user guide

2 Managed Portfolio Service Standard Life s Managed Portfolio Service (MPS) is brought to you in conjunction with Standard Life Wealth. MPS is available directly through the Standard Life Wrap platform. If you wish to adopt MPS for your clients there are a number of new registration or servicing processes that accompany this service. This document outlines these processes and provide you with clear information on to how to apply for this service for both yourself and your clients and how to manage your client once this service has been adopted. It is recommended that this document is read in conjunction with the IFA Technical Guide available from Standard Life s Adviserzone website. Accessing supporting material Contents MPS Adviser sign up process MPS Client sign up process MPS Exit process Points to remember Supporting material is available via the Standard Life AdviserZone website located at: Adviserzone/Investment Centre/Wrap Investments/Managed Portfolio Service. You need to be a Wrap enabled adviser to access the MPS service. Managed Portfolio Service 01

3 Adviser sign up process Step 1 Submitting an application a. The Adviser Terms & Conditions for MPS can be located on adviserzone. d. We will register the selected members of the firm with a second Standard Life agency code. b. Complete the MPS user application form and sign the Terms and Conditions. c. Send the MPS user application and Adviser Terms and Conditions to: Indicative 3 business days from our receipt of MPS T&Cs Standard Life 20 Brandon Street Edinburgh EH3 5PP Usually processed within 2 business days from receipt of MPS T&C s You receive an e mail detailing URL and user ID, password received by post. Please note; Aligning the client to the new MPS agency code will not affect your existing adviser charges. You will receive this payment separate to that for adviser charges for business held on your Wrap. In addition, you will receive separate adviser charges statements for MPS clients and for clients held on Wrap. Once you have received your ID and password you can access the MPS Wrap Portal at the following web address: Timeframes The user ID and password are in addition to any existing passwords/ user ID s used. These details DO NOT replace the current user ID and passwords for the users own Wrap. Each firm is provided with a second Standard Life agency code to allow Standard Life to hold the client on the MPS Wrap Portal whilst continuing to provide the user with full access to that client. e. They will register the selected members of the firm on the MPS Portal. f. Our systems will automatically issue all the selected users with an e mail detailing their user ID and a letter containing a new password. g. Standard Life will issue a confirmation to the businesses main registered with us confirming the user(s) which are now setup and provide the URL required to access the MPS Portal. Please note, moving to MPS, post RDR, will stop trail commission on ISA and Personal Portfolio investments. This is because the FSA deems any change in investment instruction, post RDR, for mutual funds, to be a sell and buy and, in this instance, the buy would generate new commission which is not permitted under RDR regulations. Managed Portfolio Service 02

4 Adviser sign up process Step 2 Accessing the MPS Wrap portal When logging in for the first time the user will be asked to select a new password. Once the user has selected the new password they are then free to view the site. The MPS Wrap portal is similar to the users own portal, however the user will note that some elements of the site are not available such as: The New Client tab Review function within the client tab (This will only be evident once a client is added) Client base reports A number of functions within the Admin tab Managed Portfolio Service 03

5 Client sign up process Step 1 Requesting a quote Timeframes Indicative 2 business days from receipt of Quotes application Usually processed within 1 business day from receipt of Quotes application a. The quote application form for MPS can be located on adviserzone. c. Will produce the relevant quotation as per the application and place these into the clients document library on the advisers Wrap. b. Complete the required information and the application to: MPS_Quotes@Standardlife.com The client needs to be set up on the Wrap platform to access the MPS Service. They therefore will have completed the Client Terms & Conditions for Wrap. The quotation will normally be completed within 24 hours. Customer details Wrap account number WP Client name Adviser details Adviser Firm name Adviser Agency Code FAO (Business Writer) Telephone number Client details as per the Platform Is this a requote? Yes No If Yes, please provide original quote ref Retirement date (NRD/NRA) Dependants quote required? DD/MM/YYYY Yes No If Yes, are the dependants details on the Platform? Yes No If No, please update the platform before we can complete the quote. Single Payments Investment amount Regular Payments Are details as per the platform? Yes No If No, please detail: Regular Payment Investment Amount Regular Payment Frequency Monthly Portfolio Strategy Selection Strategy Code Portfolio Strategy DM82 Standard Life Wealth MPS Strategy One DM83 Standard Life Wealth MPS Strategy Two DM84 Standard Life Wealth MPS Strategy Three DM85 Standard Life Wealth MPS Strategy Four DM86 Standard Life Wealth MPS Strategy Five Please tick one box. Quarterly Half Yearly Yearly Managed Portfolio Service 04

6 Client sign up process Step 2 Disclosing to the client In addition to Personal Quotation, the Calculated Annual Charge document (CAC), MPS Portfolio Strategy Factsheets and the Client Guide for MPS are located on Adviserzone. Managed Portfolio Service Calculated Annual Charges Summary Portfolio Strategy 5 Provided below is an example of the charges that could apply to your chosen Portfolio Strategy. It gives a portfolio level snapshot of the level of the ongoing annual charges based on the portfolio composition as at 7 April The funds held within the Portfolio Strategy will change on a regular basis, resulting in the AMC, fund manager expenses, and fund manager rebate increasing or decreasing. Accordingly the Effective Charge shown is illustrative only. This summary does not replace product specific illustrations, which you will always receive prior to initially investing in Wrap products. The illustrations are product specific, and show the effect of the charges over a 10 year period (or to retirement). However the illustrations do not take into account Large Wrap, Large Firm Rebates or Family Discounts. Annual Fees and Charges Portfolio Strategy 5 (based on portfolio composition as at 7 April 2011). Changes to the underlying portfolio constituents will change the associated charges and expenses. Annual Fees and Charges SIPP International Portfolio Bond Personal Portfolio Stocks and Shares ISA Annual Management Charge 1.33% 1.33% 1.33% 1.33% Fund Manager Expenses 0.14% 0.14% 0.14% 0.14% Fund Manager Rebate/ Additional Admin Charges -0.14% -0.14% -0.34% -0.34% Standard Life Wealth Discretionary Investment Management Fee incl VAT 0.36% 0.36% 0.36% 0.36% Advice Charge for Fund Based Renewal Commission 0.50% 0.50% 0.50% 0.50% Effective Charge (Illustrative and Inclusive of VAT) 2.19% 2.19% 1.99% 1.99% This summary does not replace product specific illustrations, which you will always receive prior to initially investing in Wrap products. The illustrations are product specific, and show the effect of the charges over a 10 year period (or to retirement). However the illustrations do not take into account Large Wrap, Large Firm Rebates or Family Discounts. Annual Management Charges: relate to the funds held within each Portfolio Strategy. These are applied daily and are included in the fund price. Fund Manager Expenses: relate to the funds held within each Portfolio Strategy. Fund Manager Rebate/Additional Admin Charges: is the net effect after the deduction of any Additional Admin charge. The example above includes an additional admin charge of 0.2% for SIPP and International Portfolio Bond. Managed Portfolio Service Calculated Annual Charges 01/02 Managed Portfolio Service 05

7 Client sign up process Step 3 Client sign up Timeframes Indicative 10 business days from the receipt of MPS T&Cs or completion of new business Usually processed within 4 business days of receipt of MPS T&Cs* a. You complete the required information on the client MPS Terms & Conditions. e. Will set up the Wrap account first. Once active then the client will be moved to the MPS Wrap Portal. b. You present the CAC and quotation. Client MPS Terms & Conditions are signed and MPS Strategy is selected for the relevant wrapper to proceed. c. (New Wrap Clients Only) New Wrap Clients are required to sign both Wrap T&C s and MPS T&Cs. The Adviser adds the client to the advisers own Wrap through the New Client tab using the new client wizard as they would do for any Wrap client. d. Send the Client Wrap and/or MPS Terms & Conditions to: Standard Life 20 Brandon Street Edinburgh EH3 5PP f. Validates eligible investments, if the client is in drawdown. If the client has ineligible investments the customer service team will contact the adviser to detail actions required. For drawdown please refer to the drawdown process. g. Setup the client on MPS and align the client to the adviser s new MPS agency code. h. Will provide a confirmation to the main business registered with us once the client has been moved from the adviser s Wrap Portal and onto the MPS Wrap Portal. You receive an e mail confirmation when the client has been moved to MPS. For new MPS monies in the new business wizard under the investment selection section select 100% cash as the investment option. Please note: Only transfers with cash or Core, Platform & WoM mutual funds currently supported on Wrap can be accepted into the MPS service. Managed Portfolio Service 06

8 Client sign up process Step 4 Accessing the clients wrap account You can now access the clients Wrap account by logging into the MPS Wrap Portal and selecting the client from the client search results. Please note: We recommend for best practice for a user not to sign into both the MPS Platform and the Wrap Platform simultaniously. Legacy items will still be recorded and where a data feed exists this will continue. Where a client is receiving a Large Family Rebate this will continue. Managed Portfolio Service 07

9 Exit process Ending the service Timeframes 10 business days of receipt of notification Usually initiated within 6 business days of receipt of notification a. You IP_ALTS@Standardlife.com with the details of the clients who wish to exit the service. b. Unless otherwise instructed to sell all funds, we will notify Standard Life Wealth to sell any holdings within Restricted (SIA) funds only. Other funds within the strategy will be retained. c. On settlement of the sells Standard Life Wealth notify the PCC the client is ready for exiting. d. The PCC removes the client from the MPS Wrap Portal and realigns the client to the Advisers own Wrap Portal and original Agency code. e. PCC will provide the adviser with a confirmation once the client has been moved from the MPS Wrap Portal and onto the Advisers own Wrap Portal. Managed Portfolio Service 08

10 Managed Portfolio Service Points to remember MPS Cash MPS new tax wrapper process MPS contains a 2% cash allocation which you can draw upon to fund ongoing adviser charging. The portfolio is regularly rebalanced back to 2% cash, minimising any impact of withdrawals on asset allocation. Transferring in specie funds to SIPP will incur charges and will be sold down into the MPS service at the next re balance point. We recommend transferring in cash and investing into the existing MPS strategy. NB this will mean this element of the portfolio is out of the market during the transfer (If the transfer is in cash and an MPS strategy is not selected the cash will be re invested at the next re balance point). In specie, re registrations and large cash balances within MPS strategies prior to re balance will alter the MPS strategy integrity and may impact on expected returns. Please note, the 2% cash allocation will vary between rebalance points due to portfolio valuation changes. For new clients you may need more than 2% cash to cover your initial adviser charge; so transfers from all new clients should include enough cash to cover your charges. Cash can be moved to Wrap cash to pay your adviser charges through a one off or regular withdrawal. In specie transfers for existing Wrap clients should include enough cash to cover any ad hoc adviser charge. Miscellaneous We send MPS statements, to your clients, every six months, to keep them up to date on performance and strategies. MPS single and regular premium You must not attempt to complete any aspect of New Deal/Switch Wizard. Any Switches or Deals completed by you will alter the MPS strategies up to the next rebalance point and will impact on portfolio integrity. If there are multiple regular premiums to the same wrapper, the investments will stay in product cash until rebalanced. MPS Drawdown process As MPS does not invest in insured funds we cannot accept Drip feed drawdown. Managed Portfolio Service 09

11 If you need any additional support or information, please contact the Adviser support team on: (Mon Fri, 9am to 5pm). 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, registered in Scotland (SC180203) is provider of the Wrap Platform, Wrap Personal Portfolio and Wrap ISA. The registered office of Standard Life Savings Limited is at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH and is authorised and regulated by the Financial Services Authority. Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary. WLP PDF 2012 Standard Life, images reproduced under licence