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Bed and ISA

Our bed & ISA tool is a one-click instruction to sell assets in an GIA, subscribe the proceeds into an ISA or junior ISA, and then invest the cash in the ISA.

There is no extra charge for this and virtually no out of market time between sales and buys.

Transcript

We know that a crucial part of financial planning is to maximise tax allowances for clients, including the all-important annual ISA and Junior ISA allowances. This can either be funded by new money from your client or by using existing assets held in a 7IM GIA. We therefore have a bed & ISA tool to enable you to easily use these GIA assets to fund an ISA.

This tool will allow you to:

  • Sell assets in a GIA
  • Subscribe the proceeds to an ISA or Junior ISA; and
  • Invest the ISA subscription into your choice of investments

All this within a single online instruction with virtually no out of market exposure and no charge.

To access this tool, go to Transactions > Bed & ISA > Instruction

From here you can choose the client, choose the GIA to sell the assets from, and choose the ISA to subscribe into and invest the assets in.

Please note that if you want to sell assets from multiple GIA sub accounts, you will need to submit a separate bed & ISA instruction for each sub account.

For the sales in the GIA you will be able to:

  • Sell proportionally across all the assets in the portfolio with or without cash
  • Sell specific monetary amounts from specific funds in the GIA
  • Sell percentages of each fund
  • Use cash that is already in the GIA to either add to the fund sales or instead of doing any sales

Please note that all sale trades have to be monetary amounts so you cannot sell a certain number of units of a holding (for example liquidating an entire holding). This is because the sale proceeds will be unknown at the time you submit the bed & ISA instruction and therefore we won’t know how much the ISA subscription or ISA buys should be for. If you want to do this kind of sale trade, please do it separately on our platform using our dealing screen and then you can use this tool once those sales have settled.

For the buys in the ISA you will be able to:

  • Invest in the DFM model that the ISA is already linked to
  • Invest into your own advisory model portfolio
  • Invest in your own choice of funds
  • Replicate the investments sold in the GIA by clicking the Copy sales button

The remaining ISA allowance figures will include any withdrawals do you can make the most of our flexi ISA. These figures are updated weekly so might not reflect any subscriptions or withdrawals done very recently. You can check all the clients’ allowances by downloading the Unused ISA allowance report from our platform.

If your client hasn’t subscribed to a 7IM ISA in the current or previous tax years, you will also be able to use this tool to confirm that your client wishes to restart their ISA subscription with 7IM. You can do this by ticking the box at the bottom of the screen and confirming the ISA declaration. The bed & ISA instruction can then proceed and we will confirm the ISA subscription restart to your client in writing.

Once you have submitted the bed & ISA instruction, it will be visible on the History screen which can also be exported to Excel.

Where a bed & ISA instruction is submitted before 2.30pm on a working day, we will normally process this by the end of the day.

Both the GIA sales and the ISA buys will get done simultaneously at the next available valuation point for each asset. This means that there will be no out of market time between like for like GIA sales and ISA buys.

Bed & ISA instructions submitted after 2.30pm will be processed the following working day.

Most transactions will be visible in the client’s transaction history on our platform a day or two after the bed & ISA instruction has been submitted. Trades in ISA sub accounts, however, will take a few days longer to appear (once the GIA sales have settled).

Creating a favourite funds list

Create your own list of funds to use in research, building model portfolios and buying and selling.

Transcript

Here we’re going to look at how you can create, and use, a list of your favourite funds. Doing this will make it much easier when adding investment instructions to an online application, creating or amending a standard investment instruction for an existing account, doing bed & ISA, building a model portfolio and investing via our dealing screen.

The Favourite Funds List is unique to a particular user at a firm, so each user within a firm, can create and view their own list.

To create or manage your list, go to the Security Search section within our Research menu.

You can find a fund by typing in either the SEDOL code or the name. You can also use the percentage symbol before a word to search for that word anywhere in the fund name. For example, I can type in %AAP to find any fund with AAP in its name.

Once you’ve found the fund that you want, click Add to include it in your favourites list below.

When you’re adding the investment instructions to a new online application or if you’re amending the standard investment instruction for an existing account, you can click on the Favourites button to select the funds from your list, rather than searching for them again.

Similarly, when you’re placing trades yourself in our dealing section, you can click on the Favourites button to choose the funds from your list.

When submitting a bed & ISA instruction, you can also click on the Favourites button to choose the investments within the ISA.

You can also use this list when building or amending a model portfolio. Once you click on Add Securities within the model portfolio, you’ll be able to click on the Favourites List button to select one or more funds from your list.

We hope you find this tool useful.

For more information about opening accounts online, editing your standard investment instructions, doing a bed & ISA or submitting trades on our platform, please watch our other videos on our help centre.

Ad-hoc selling and withdrawing

This video will show you how you can request an ad-hoc withdrawal that is funded by asset sales. The withdrawal will ‘queue’ while the sales complete and will then get paid out automatically.

Transcript

Here we’re going to look at how you can arrange a sale and a cash withdrawal instruction at the same time and have the withdrawal automatically paid out on completion of the sale.

To do this, first place the sale by going to our Instruction To Deal menu. Please watch our other video if you want to know more about placing sales.

Once you have placed a sale, please go to the cash movements screen and select the client and the portfolio that you wish to make the withdrawal from.

As you can see, the Available Cash figure now includes the value of the sale I have just placed, so I can submit the withdrawal for that amount.

Our platform will hold on to this instruction and carry out a daily check of the cleared cash balance of this account. Once the sales have settled, and the cleared cash balance the following day is sufficient for this withdrawal, the payment will automatically be made to the client’s nominated bank account. Also, don’t forget that all withdrawals are paid out by CHAPS free of charge.

Please watch our other video if you want to know more about how you can amend a client’s nominated bank account.

How to invest cash

There may be times where you will need to invest cash from a client’s account, especially if you’re not using the automated investment tool. Watch this video to find out how you can easily to do this.

Transcript

Here we’re going to look at how you invest cash into funds on the 7IM platform.

Firstly, go to Transactions > Instruction To Deal. This takes you to our dealing screen.

There are multiple dealing tabs depending on what type of investment you want to do. In this video, we’re going to focus on investing new cash into individual funds. Please watch the other videos on our Help Centre page if you want to invest into a model portfolio service or if you’re looking to sell or switch assets.

As with all our dealing tabs, you need to select a client, then a tax wrapper or sub account within a tax wrapper, and then the thing you want to invest into. You will see the available cash figure at the top of the screen for the account you have selected. This figure will reduce as you allocate cash to each investment.

In this case, we’re going to choose a couple of funds. When searching for the funds it is best to use the SEDOL code of the fund to make sure you’re buying the right version, rather than searching by name.

Better still, you can save the funds in a Favourites List and then choose from there. Have a watch of the Favourite Fund List video on our Help Centre if you’re not sure how to do this.

As you select each fund, the trade gets added to your Order Sheet below. You can think of your order sheet as a shopping trolley where you can add the various investments you want before checking out.

In this case, it means that you can add investments for multiple tax wrappers and multiple clients to your order sheet before submitting the whole lot to us in one go. This should save you time compared with having to get to the end of the trade process for one client and then start again for another client.

The order sheet will also prevent you from buying suspended funds, funds that are ineligible for that tax wrapper, or accidentally investing more cash than the client has in the account.

Once you have added all the trades you want for all your clients, click on the orange Submit button. This will take you to a summary screen where you can do one final review of your order.

If you’re happy to proceed, then click the Submit button and a confirmation screen will appear. Finally, click Confirm to send us the trades.

You will be taken to the My Orders page where the trades that you have just submitted will be showing as In Progress. Once they have been executed in the market, they will move to the Completed tab. This is also mirrored in the client account area where you’ll also be able to see the details of the trades and a contract note for the trade in the client’s transaction listing. You’ll also see the expected settlement date of each trade.

Please note that as trades are immediately sent to the fund managers once you click Confirm, it is not possible to cancel them at this stage.

How to sell assets

Whether you want to make a sale to make a withdrawal or to create cash in a client’s account, this video will show you how.

Transcript

Here we’re going to look at how you sell assets on the 7IM platform to raise cash. If you want to know more about setting up a regular sale, then please watch the Regular Withdrawals and Sales video on our Help Centre page.

Firstly, go to Transactions > Instruction to deal to get to our dealing screen.

There are 3 tabs relating to selling assets:

  • Raise Cash – where you want to generate a specific monetary amount. This is the most popular.
  • Sell Units – where you want to sell a specific number of units or shares or a proportion of a holding
  • Liquidate – where you want to sell an entire holding

As with all our dealing tabs, you first need to select a client, then a tax wrapper or sub account within a tax wrapper, and then you choose the assets you want to sell.

When you are using the Raise Cash option as I am here, you can either choose to sell a particular fund – called a Single Order – or you can sell proportionally across all the funds held. You can also choose whether to include any existing cash in the calculation or just the assets.

Once you have selected your sale trade type, it gets added to the Order Sheet below. You can think of your order sheet as a shopping trolley where you can add the various sales you want to do before checking out.

The order sheet will also prevent you from selling suspended funds or accidentally selling more units than the client has in that account.

If you are selling direct equities or ETFs, where we can only sell whole numbers of shares, the system will automatically round up to the nearest share, if you’re selling more than one, or round down to zero if you’re selling less than one. You may therefore want to adjust the total amount of the sale to allow for this.

Once you have added all the trades you want to do for your clients to the order sheet, you can click on the orange Submit button. This will take you to a summary screen where you can do one final review of your order.

If you’re happy to proceed, click the Submit button and a confirmation box will appear. Click Confirm to send us the trades.

You will be taken to the My Orders page where the trades that you have just submitted will be showing as In Progress. Once they have been executed in the market, they will move to Completed. This is also mirrored in the client account area where you’ll also be able to see the details of the trade and a contract note for the trade in the client’s transaction listing. You’ll also see the expected settlement date of each underlying trade.

Please note that as trades are immediately sent to the fund manager once you click Confirm, it is not possible to cancel them at this stage.

From here, you may want to place a withdrawal. For more details about this, please watch the relevant video in our Help Centre.

Investing into a DFM model manually

Most new investments are now done automatically as part of the online application process. However, in the instance of an existing account or an in-specie transfer, you can manually invest in a DFM model following the instructions in this video.

Transcript

The 7IM Platform is open architecture and as such, we work with a wide variety of third party DFM or MPS providers who run their investment solutions on the 7IM Platform.

This includes our own 7IM Active models, 7IM Passive models and our new ultra-low cost, broadly diversified, quarterly rebalanced 7IM Pathway models, which are built around our 17-year history SAA.

Please contact us if you would like further information on our in-house investment solutions in addition to the 7IM Platform.

In this video, we are going to show you how you link a client to a third party DFM or MPS provider.

In order to link a client to a third party DFM or MPS, firstly, the provider you choose should supply 7IM with the DFM Model Portfolio Linking Request Form which a 7IM Platform Relationship or Service Manager can provide to you. This form, as exampled on the left-hand side, will outline the models your firm can access and the DFM fee that should apply to any linked client’s account for the service.

We will also accept this information directly from the DFM, if a form is not preferred.

Once firm level confirmation is received, the DFM’s models will also appear within the platform’s illustration tool. Please see our dedicated illustration video or guide for more information.

At client level, we will require a client signed Appointments of Third-party Discretionary Model Portfolio Manager Form. This form will authorise the client with access to the desired manager and provide 7IM with authority to pay the manager the requested DFM fee. At this form, you will be blocked from rebalancing the client to the DFM within the dealing screen.

When the form has been received, and you are ready to invest on the platform, go to Transactions > Instruction To Deal. Within this screen, you must select the Rebalance option. By trading via the Model Portfolio tab, you will not link the client to the DFM, you will simply buy a set allocation to a model portfolio.

Once within the Rebalance tab, enter the desired client and the portfolio you wish to rebalance. You will then select the model portfolio that you wish to link your client to. Then click Create Order. You will now see the trade appearing within the order sheet and if you click on the crosshair next to Rebalance, you will see the individual trades that will be taking place. Once you are happy, Submit the trade. You will then have to Submit again and confirm that you are happy to place the trade.

The client’s rebalance has now taken place and can be viewed within the Orders In Progress section of the platform. You will now be able to view the client’s link to the DFM via Clients > Client list and searching for your client. You can also search from the home screen on the platform.

Within the Clients screen, on the right-hand side, select the Summary section and the crosshair on the wrapper that you have linked the client to. You will now see the link to the DFM. That means that this dealing portfolio within the wrapper will now be managed by the linked DFM.

You can also view the fee that is being paid to the DFM for all of your clients by clicking on Report > Practice Administration > Ongoing Fees. You will then view columns P & Q to view the clients linked to a DFM and the current fee rate.

You can also view clients linked to a certain DFM en masse by going to Tools > Portfolio Groups. You will then select a DFM portfolio and on the right-hand side, you will see the clients and associated wrappers and dealing portfolios that are linked to the DFM. From here, you can remove a client from that DFM, so they are no longer managed by that manager.

For additional information on using third-party DFM and MPS providers on the 7IM Platform and for a list of all the providers available, please visit the document section on the 7IM Platform Help Centre site. Or you can call your regional Platform Service Team or Relationship Manager whose contact details can also be found on the help centre page.

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