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Online applications and account opening

Open new GIA, ISA and 7IM SIPP accounts easily online, including automatic cash splits and investments, by following the instructions in this video.

Transcript (Part 1)

In this video, we’re going to look at our online application process.

This is how you open the core 7IM accounts - individual and joint GIAs, ISAs, and 7IM SIPP accounts. This tool can be used to open these accounts for new clients or add new accounts for existing clients.

To open other account types, such as trusts, accounts linked to third party SIPP and bond providers, junior ISAs and SIPPs, or where the individual has a power of attorney in place, please use the relevant application forms which can be downloaded from the Literature Centre section on our website.

Our online tool is a complete and joined up application process to make it quick and easy for you to open accounts on our platform and to make the paperwork simple for your clients.

Therefore, in one application pack you can include:

  • Two applicants at the same time
  • GIA ISA and 7IM SIPP accounts together
  • All transfers and other funding
  • And instructions to automatically deal with cash when it arrives, i.e. moving it to the right place and then investing it, so that you don’t have to worry about it.

All this in a process that can be done electronically without the need for post.

Let’s take a closer look.

Firstly, go to the Clients menu and click on Account Applications.

From here you can view, edit or upload any in progress applications or start a new one.

For a new application, you can choose 1 or 2 applicants. This doesn’t have to be a joint account as you can do 2 individual applications simultaneously. Just enter both client names to continue.

You can see the various sections of the application on the left hand side which will display a green tick as you complete each section so you know whether anything is missing. You can also click on these sections to access each part directly.

Once you have entered the client’s personal details, you can now choose the wrappers for each client.

As mentioned earlier, you can use this tool to open individual and joint GIAs, ISAs, and 7IM SIPP accounts.

You can also add any additional sub accounts to each wrapper such as an extra dealing portfolio. These will appear later in the application process so you can allocate money and investment instructions to them.

The additional details section captures any extra information that we need about the client for the wrappers that you have chosen. This includes the expression of wish beneficiary details for our pension.

The Funding section enables you to tell us how each wrapper and sub account will be funded, including lump sum and regular contributions as well as any transfers.

If you are including a pension transfer, please remember to add the amount of uncrystallised or crystallised transfer in the relevant boxes including a zero if the transfer doesn’t include that part, rather than leave the box empty. Same with the percentage of Lifetime Allowance used.

This section will also enable you to split any cash from lump sum contributions or transfers into the various sub accounts that you chose earlier. This will happen automatically on receipt of the cash.

Please note that regular contributions can only go into the main dealing portfolio, ending in D.

In the Investing section, you can choose the investments that should apply to the cash received into all the wrappers and sub accounts that you have added. Remember, that all in-specie transfers will always go into the main D portfolio and any trades that need to be done on these will be done by you online once the assets have been transferred.

You can also choose whether these investments should apply to just the first receipt of cash or all future receipts. Choosing all future payments will be useful if you are doing multiple transfers and/or lump sums as it will ensure that all amounts get invested whenever they arrive.

This investment strategy, known as a Standing Investment Instruction, will remain attached to the account indefinitely until either you cancel it or it reaches a specified end date. It will therefore apply to any new money that the client adds at any point in the future, not just the amounts that you have listed in the funding section.

After this account is open, you will be able to see, edit, or cancel the Standing Investment Instruction in the Manage Investments tab of the client account area on our Platform. Please watch our other video for more on this.

Where you have added multiple dealing portfolios to a wrapper, you can choose the investments for each one.

This can be a model portfolio with or without an allocation to cash or it can be individual funds. Again, with or without an allocation to cash.

Remember, to keep sufficient cash to cover any initial fees due or tax free cash and income requirements. Allocating an amount to cash in these instructions can be useful to avoid everything getting invested when it arrives and sales then needing to be done afterwards which could delay any payments.

If you don’t want us to invest the cash and would prefer to do this yourself online when the money arrives, you can leave the investment selection blank and we will leave the money in cash.

Transcript (Part 2)

In this section, you can select the adviser to link this client to and set your initial and ongoing fee structure for each wrapper or, if required, each sub account. Remember to choose None if the fee should be zero. You can also state whether this client should be linked to any existing clients on our platform for aggregated platform fee charging purposes.

The next section allows you to input the client’s nominated bank details which we will use for any income or withdrawals that the client wants or to complete a direct debit mandate for any regular contributions. This section can be left blank if no withdrawals or regular contributions are required, although it is good practice to get this sorted at the outset. However, it is mandatory if either withdrawals or regular contributions are being taken. You can return to add these bank details after the client has signed the application before you upload it. If you do choose to leave this blank and open the account without bank details, you can add these at a later date. Please watch our other video to see how to do this.

This section allows you to instruct the use of any cash dividends that arise in the account to provide a natural income sweep to the client. To set up a fixed regular withdrawal amount, including any automatic disinvestment, then you can do this online once the account is open and the cash is invested. Please watch our other video to see how to do this.

If you have selected a 7IM SIPP wrapper, then you can also use this part to include any crystallisation required, such as using our tailored drawdown process. Selecting Yes will include our Taking Benefits form in the application pack.

If you are adding existing crystallised funds and wish to take an income from these, then please complete our Pension Income Amendments form which is available to download from the Literature Centre section of our website.

Finally, you get to the Summary section which displays all the information that you have input so far.

As you can see, all the sections on the left now have a green tick in which means that all the information is complete. If there was any information missing, there would be no green tick here and the missing field would be highlighted in red in the relevant part of this summary page. From here, you can click on the appropriate section on the left and go and fill it in.

You can also return to this application at a future point to complete any missing information and everything you have completed so far will be saved automatically.

Once everything is complete, clicking on the Submit Application button at the bottom will run a pre-emptive ID and address check on the clients so that you know whether you will need to supply us with any additional documentation for this.

If you do not have the option to Submit because there is important information missing from the application, then you can click on the Download Summary button to download a PDF summary of the application so far, that you can then use with the client to obtain the missing information and get the client to sign. You can then use this information to complete the application online. Please note however, that this approach won’t do the pre-emptive ID and address check on the clients until after you have input the missing information and can click Submit.

Having input all the information, you can now generate the application pack ready for your client to sign (if they haven’t already signed the summary document). This pack will also contain any additional forms that are required for the application such as transfer forms, direct debits, or pension crystallisation forms.

This is what the application pack looks like.

It will contain everything that the client needs to sign to progress with this application. The pack will contain all the client details and wrappers that you have selected. It will also contain the funding methods and the investment instructions that you have input.

If you have selected a DFM model portfolio, this will also be included, along with the DFM fees, so there is no need for additional DFM forms for this application.

Once the client has signed the declaration and any additional forms, which can be via e-signature from the likes of DocuSign or Adobe Sign, you need to scan these to create a single PDF file including any extra ID, address, or bank account documents that you need to send us. Please remember to remove any password protection from this PDF document before uploading it – our platform is secure and therefore password protection isn’t necessary and may delay things.

To complete the application, return to the Account Applications screen, scroll down to the Applications in Progress section, click on the upload icon, confirm the declarations, then find the saved PDF file that you have created. Finally, click Submit to upload the documents and open the accounts.

The status of this application will then change to Processing and the accounts will be open immediately. At this point you will be able to see the client’s accounts in the usual place on our platform and any transfers will also be visible in the Assets in Transfer section.

You can now give your client their new 7IM account reference along with our bank details to make any new payments into their 7IM account.

Once any new cash is received, we will automatically move it into the right place and then place any investments as per the application.

You will now be able to see, edit, or cancel any Standing Investment Instructions in the Manage Investments tab of the client account area. Please watch our other video for more about this.

Creating a cashflow plan in My Future

My Future is the cashflow tool found within our 7IMagine app. Our friends at FTRC have recorded this demo of My Future showing you how you can create a cashflow model for your clients.

Creating an illustration

This video will show you how to create an illustration for a 7IM SIPP, ISA, or GIA. You might also like to read our illustrations guide. Remember that illustrations for third party provided wrappers (such as bonds or SIPPs) should be obtained from that company.

Transcript (Part 1)

Illustrations are clearly a crucial part of the regulation around giving advice to a client, so here we’re going to look at how you can create an illustration for a 7IM account. For more detail about our illustration tool, please read our guide which is available from our Literature Centre.

To access the illustration tool on our platform, go to Tools > Illustrations > Client illustrations. This will open a new window to the Imago illustration tool which is powered by specialist provider Dunstan Thomas.

This is a separate list of clients than those on our platform and will just show any clients that you have previously done an illustration for.

For a new client illustration, click on the New Client button and add the client’s personal details.

Please note, you only need to add the spouse details if you are doing a 7IM SIPP illustration (as this will give you additional annuity assumptions). If you want to illustrate for a joint GIA just add both names to the client details boxes and enter one of the client’s dates of birth (as this isn’t used for GIA or ISA illustrations). Please also avoid using special characters like an ampersand in the name boxes, and please write the word ‘and’ instead.

If you want to include the value of assets already on 7IM for charging purposes or that will be included on a separate illustration, you can enter the value for them in the Wrap Valuation box.

Once you have entered all the details, click Save at the top. Now click New Illustration to begin the illustration process.

The first choice you’ll have is whether you want to create a Pensions or Savings illustration. Pensions relates to the 7IM SIPP only and Savings is a 7IM GIA or ISA. If you are doing a third party pension or bond with assets held on the 7IM Platform, then you should use that provider’s illustration tool for the wrapper, although you may wish to also create a 7IM GIA illustration to show the underlying fund costs.

As the creation of the illustration contents is very similar for both Pensions and Savings, for the purposes of this video, we will only be creating a Pensions illustration.

Choose the Status which will usually be Pre-Sales and the Drawdown basis which will usually be Flexi-Access, although you can select Capped if relevant.

Next, select the illustration type. These options are specific to Pensions and relate to the type of pension business you’re looking to do.

  • Pre-retirement is for pensions that will remain uncrystallised in accrual and hence there will be no income requirements.
  • Review can be used where you are transferring both crystallised and uncrystallised pensions at the same time or where you are crystallising an existing 7IM SIPP.
  • Drawdown transfer is where you are transferring an existing crystallised pension to us.
  • Full Drawdown is where you want us to fully crystallise a pension once the uncrystallised money is in.
  • Phased Drawdown is the forerunner to our Tailored Drawdown option (which we will cover in a second) and therefore probably unlikely to be used.
  • UFPLS withdrawal is an ad-hoc lump sum crystallisation.
  • Part Drawdown is where you want us to partially crystallise a pension once the uncrystallised money is in.
  • Tailored Drawdown is what we call our monthly phased crystallisation and is the most popular method of taking a regular income from an uncrystallised pension pot, so this is the illustration that we’re going to use here.

For more information about these types, please read our illustrations guide.

Firstly, enter your initial and ongoing fees. These can be input either as monetary or percentage amounts. You can specify your initial fees on transfers and lump sums which can be different from regulars. The regulars should be zero though as we don’t pay initial fees on regular contributions collected by direct debit.

You don’t need to input any platform charges as these all are built into the illustration tool and hence are calculated for you. These are included in the product charges section.

The next step is to create an Investment Strategy by clicking Add New Strategy.

You should give this strategy a name, and bear in mind that the name you enter will appear on the illustration. Although most illustrations will have a common set of investments for all money, and hence only need one investment strategy, you can create multiple investment strategies which will enable you to allocate different contributions or transfers to different investments. This could be useful for example with a pre-retirement illustration where regular contributions are going into different funds than the lump sums or transfers.

It’s now time to add your investment choice to this strategy, by clicking the New Investment button.

In the search box, you can type in a fund name, SEDOL code, or model name.

In order for funds or models to appear here, not only do they need to be set up on our platform, which you can check in the Security Search section, but we also need data on the individual fund charges and asset allocations (as our illustrations tool uses asset class specific growth rates).

If any investment or model portfolio doesn’t appear here but it is in the Security Search on our platform, please let us know.

If you want to include an allocation to individual shares or cash, which of course don’t have an investment charge, you can use one of these generic categories.

Now add the proportions to your chosen investments, which of course need to add up to 100%.

The next step is to add any transfers.

As you can see, this is where you can choose your investment strategy if you have more than one. To add multiple transfers, just click the New button again, and you can also add in any pension protection that the client has in place.

Transcript (Part 2)

You can also add new contributions into this illustration. For pensions, these can be employee or employer and they can be lump sums or regular. Again, you can choose the relevant investment strategy here.

Finally, you can choose any income withdrawals or crystallisation that is required, either as a one-off or on a regular basis.

For a tailored drawdown illustration like this, where we will be crystallising every month to provide your client with an income, you will need to specify how much (in annual terms) we should be crystallising each year, along with how much tax-free cash and how much income you require (if any).

The pension illustration will run to age 75 unless you choose a different end date. GIA and ISA illustrations will have a 10-year time frame as standard, but again, you can change this.

You are now ready to produce the illustration so click Calculate.

A summary of the figures will appear on screen and to view the illustration, click on the View PDF button.

Please note, that all the figures shown in the pension illustration are adjusted for inflation, but GIA & ISA illustrations are not.

For more information about the figures and calculations in the illustration, including growth rates, inflation assumptions, and scenario examples, please download our guide from our Literature Centre.

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