Adding or amending a client’s nominated bank account
It’s important that we have up to date client bank account details in order to assist clients with any withdrawals or contributions. This video will show you how you can keep these up to date via the 7IM Platform.
Watch this video to see how you can link clients together via the 7IM platform enabling a quicker navigation. You can also use this function to give family members online access to each other’s accounts on the client portal and 7IMagine app.
Moving assets between sub accounts
This video will show you how you can move funds between the sub accounts of a single wrapper. This enables you to ring-fence certain assets (e.g. suspended funds) or run multiple investment strategies within a single wrapper.
Here we're going to be looking at how you can move assets from one dealing portfolio or sub account to another within a tax wrapper.
This could be useful if you want to move certain assets such as shares or other assets that are heavy with capital gains, into a separate sub account in order to manage and report on them separately.
It could also be useful where a fund that is held within a model portfolio, becomes untradeable (such as the situation we had last year with the suspended property funds) as you can move this into a separate sub account, thus ring-fencing it, which enables you to continue to rebalance the main account to your model.
If you need to open another dealing portfolio, you can do this online. Please watch our video about this if you are unsure how to do it.
For this type of instruction, you can either go to the Transactions menu and go to Stock Movements and then Instruction, or you can do it from within the client account area.
If you are in the client account area, you first need to click on the dealing portfolio that currently has the assets you wish to move.
Once you have selected the relevant dealing portfolio, click on the ‘Move Stock’ button in the menu above.
In this screen, you can now choose which dealing portfolio you wish to move the assets into.
Then you can input either the Percentage of the fund you want to move or a specific Number of units or shares.
Finally, click Submit and then Confirm.
A list of all your previous instructions is saved in the history page, which can be exported should you wish.
Opening extra sub accounts
This video will show you how you can add extra sub accounts within a wrapper. This feature enables you to have multiple investment strategies (including multiple DFM models) within a single wrapper or ring-fence certain assets (either funds or cash).
Setting up regular withdrawals & sales
Find out how to set up automated regular withdrawals from cash, regular withdrawals from funds (i.e. including regular sales) and standalone regular sales. You might also like to read our regular withdrawals guide.
On the 7IM platform, you can set up new regular withdrawals and manage your existing regular withdrawals. Here, we're going to look at how you do both. You may also want to read our FAQ document on this subject which you can find in the literature centre of our website.
Please note, that if you want to set up or amend a regular income payment for a 7IM SIPP, you will need to send us the relevant pension income amendment form or taking benefits form, both of which you can also find in our literature centre.
To set up a new regular withdrawal, you can either go to the Transactions menu, Regular, Withdraw and Sell Down, then Instruction. Or if you're in the client account area, click on Manage investments and then the Regular Withdrawals tab. To begin the regular withdrawal process, click on Create Instruction. From here, you can choose whether you want to setup a Withdraw. This is where you manage the cash balance for the payment out. A Sell & Withdraw, where we will sell assets to fund the payment. Or a Sell, where we will sell assets and the proceeds will remain in cash in the 7IM account. You can set up separate sell instructions and withdraw instructions, if you want to control each part individually, rather than have them linked together as a sell & withdraw.
Next, choose the tax wrapper that you want the withdraw to come from, the frequency, the date, and the starting month. On this screen, enter the total amount of the withdrawal. Now, you come to the sales screen. Here, you can specify how much you want to sell from each portfolio or sub account within the wrapper, to fund the total withdrawal. You can also choose the type of sell you want to carry out for the withdrawal. Whether that's a single fund sell from the largest holding, a proportional sell across all the holdings in the portfolio, or you can specify a single fund to sell instead. Here, you will see a confirmation screen of your instruction and finally tick to confirm you wish to set the instruction up.
Now, we're going to look at how you can amend an existing regular withdrawal to include an automated sale. Firstly, go to Transactions, Regular, Withdrawal and Sell Down, and Summary. From this screen, click on an existing withdrawal instruction. Then click Edit Instruction and change the instruction type from Withdraw, to Sell & Withdraw. You should also check the Frequency, the Date and the Starting Month. Remember to allow enough time before the next payment is due for the sales to be placed. This should be at least 6 working days. Then, enter all the relevant sell information that we went through earlier. On the summary screen, the instruction has now changed from a withdraw, to a sell & withdraw. The summary screen itself gives you an overview of all your clients' regular withdrawals, along with a traffic light indication of whether they are in progress or there is an issue with a lack of cash.
For more details about this, please read our FAQ document.
Switching off paper contract notes
If you have any clients who are currently receiving paper contract notes in the post who would prefer not to, you can switch this off for them by following the instructions in this video.
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