helping advisers prepare for our new technology … · guide to the changes to our technology...

HELPING ADVISERS PREPARE FOR OUR NEW TECHNOLOGY PLATFORM

Guide to the changes to our technology platform for paraplanners and financial advisers

2

8 MINUTE READ This brochure is designed to take just

eight minutes to read. In the time it takes to drink a cup of coffee, we aim to give you an overview of our

new technology platform, highlight the benefits and changes for you, and explain the next steps to making your migration as smooth and seamless as possible.

3

CONTENTS

INTRODUCTION TO THE GUIDE

A personal introduction to our new technology platform ____ 4

Your platform enhancements __________________________ 5

ABOUT THE MIGRATION

What can you learn from this guide? ___________________ 6

Your migration roadmap______________________________ 8

Some important things you need to know _______________ 10

YOUR NEXT STEPS

Your Adviser Support Hub ___________________________ 12

Your training ______________________________________ 13

Your migration checklist _____________________________ 14

Thank you for your continued support __________________ 15

oldmutualwealth.co.uk/hub

4

CREATING A TECHNOLOGY PLATFORM THAT BENEFITS YOU AND YOUR CLIENTS

Our current platform has provided advisers like you with the tools and services you need to support a wide range of client needs, for the last twenty years.

We’ve been working hard over the last few years to prepare to upgrade our platform to a new technology. This will allow us to innovate and future proof the platform, for the benefit of you and your clients. This is more than just a change of technology; it will also introduce a number of new products and features to our proposition that we trust will benefit your business and clients.

WHAT DO YOU NEED TO DO?

Throughout this time, our primary focus is the importance of this migration to you, your clients and your business. As a result, and to support you through this journey, we have developed a range of support materials, including an online Adviser Support Hub, training, and video guides, which you can read about in this guide. Please familiarise yourself with this material, including the checklist on page 14 and our Adviser Support Hub, which has been tailored to fit around your busy schedules.

Steven Levin

CEO, Old Mutual Wealth

“We’ve been working hard over the last few years to prepare to upgrade our platform to a new technology. This will allow us to innovate and future proof the platform, for the benefit of you and your clients.”

Steven LevinCEO, Old Mutual Wealth

A PERSONAL INTRODUCTION TO OUR NEW TECHNOLOGY PLATFORM

Introduction to the guide | About the migration | Your next steps

5

A PERSONAL INTRODUCTION TO OUR NEW TECHNOLOGY PLATFORM

YOUR PLATFORM ENHANCEMENTS

We have made a number of enhancements, to give you more choice, convenience and control

when using our technology platform.

You can read more about all of the enhancements within the Adviser Support Hub, at


NEW PRODUCTS AND FEATURES ON THE NEW TECHNOLOGY PLATFORM

Junior ISA

Access to ETFs, ETCs and investment trusts

Manage income and withdrawals online

Cash functionality

Discretionary investment management access

Quick quote functionality

IMPROVED PRODUCTS AND FEATURES ON THE NEW TECHNOLOGY PLATFORM

CRA enhanced with a range of new features

ISA now with flexible ISA functionality

Integrated client reporting with money weighted returns

Flexible income payment and Direct Debit dates

Enhanced online Customer Centre


6

WHAT CAN YOU LEARN FROM THIS GUIDE?

Following the change, parts of our platform and services will be slightly different. This guide will help you become familiar with the key differences, prior to migration.

IN THIS GUIDE YOU CAN LEARN ABOUT:

SOME IMPORTANT THINGS YOU NEED

TO KNOW

THE TRAINING AND SUPPORT AVAILABLE TO

YOU AND YOUR BUSINESS

1 2 3 YOUR

MIGRATION ROADMAP


7

WHAT IS HAPPENING AND WHEN?


8

YOUR MIGRATION ROADMAP

There are a number of key milestones that you need to be aware of, such as when we will be communicating with your clients and when there will be trading restrictions during the migration period. A roadmap is also available on the Adviser Support Hub.

Live now

Our Adviser Support Hub and regular newsletters.

Shortly

We'll write to your clients about the

changes (please see a copy of the customer

communications enclosed in this pack).

2 weeks before launch

Activate your new platform account using

your existing login details, ready for when it

goes live.

YOU ARE HERE

You've received your information pack with

further details about what's happening.


We will confirm the date of the migration to

you and your clients.

9

8 working days before launch

Short-term online trading

restrictions begin. Switching and Bed &

ISA transactions are suspended until launch.

4 days before launch

New business and top-ups, including transfers,and

disinvestments are suspended until launch.

Day 1 after launch

You receive final payment for fees and commission deducted pre-migration.

Post launch

Clients begin to receive their first

statements (search statements on

the Adviser Support Hub).

Short-term online trading restrictions apply for 8 working days

Search trading restrictions on the Adviser Support Hub

Migrationweekend

Our upgraded technology platform is LIVE

You can access this roadmap and find out more about our online trading restrictions by visiting




Reconcile fees and commission

If you use adviser software you may need to reconcile the final fee and commission payment.

Search adviser software on the Adviser Support Hub.

10

CHANGES TO ADVISER FEE PAYMENTSThere will be some changes to your fee payments, including:

– Depending on the products your clients hold, you may receive two fee payments rather than one.

– The timing of when fees and charges are deducted from your clients' accounts will change.

– Initial fees linked to regular investments will be capped at 24 months and if these are currently specified as a percentage, they will be converted to an equivalent monetary amount at migration.

RESTRICTED TRADING PERIODSDuring the migration period there will be some online and telephone trading restrictions. We encourage you to move any planned rebalancing dates to outside of this period. If you do need to send us a paper switch or withdrawal form during this time we'll process it after the new technology platform is live, carrying out corrective work to put your client's account back to the position it would have been in had the instruction been processed upon receipt.New business and top ups received during this period will be processed after migration and will receive the fund prices at the date the trades take place post-migration.

ADVISER SOFTWAREWe are working closely with adviser software providers to ensure that our integrated services continue to operate correctly, which will include updating client account numbers.There may be instances where you are required to take action and we, along with your software provider, will give you full information on this.

SOME IMPORTANT THINGS YOU NEED TO KNOW

We’re aware there is a lot of information you will need to take on board. Whilst we can’t cover everything in this guide, here are some key pieces of information that you need to know.

More detailed information on these and other changes can be found on the Adviser Support Hub at oldmutualwealth.co.uk/hub

Search adviser software on the Adviser Support Hub to find out more.

Search fees on the Adviser Support Hub to find out more.

Search trading restrictions on the Adviser Support Hub to find out more.


11

COLLECTIVE RETIREMENT ACCOUNT (CRA) - IMPORTANT CHANGESWe’ve enhanced the CRA to include a wider asset range and more flexible income payment dates. The CRA will also allow you to manage crystallised and uncrystallised assets separately.To accommodate this enhancement, crystallised and uncrystallised assets will be held in two or more separate ‘sub accounts’ within the CRA.

CHANGES TO CLIENT STATEMENTSAs well as updates to the way client statements look, there will also be a change to when your clients receive them. Currently statements are produced and distributed at the same time, to all clients each quarter. In future, your clients will still receive statements quarterly but they will now be received based on the anniversary date of when your client's first account was opened with us.

YOUR PORTFOLIO NAMES WILL APPEAR ON CORRESPONDENCEOur new model portfolio functionality will make managing portfolios more efficient. The new technology platform identifies your model portfolio, almost as an asset itself.The portfolio name will be included on the online Customer Centre and within valuations, contract notes and other platform related correspondence. It is important that you review the names of your portfolios to ensure they are appropriate for your clients to view.

Please see pages 9 - 13 of our client-facing brochure, `We're upgrading the technology that powers your investments', for a summary of the changes to our products and services. A copy can also be obtained on the Adviser Support Hub.

Search portfolio names on the Adviser Support Hub to find out more.

Search statements on the Adviser Support Hub to find out more.

Search CRA on the Adviser Support Hub to find out more.



12

YOUR ADVISER SUPPORT HUB

To help you prepare for the move to our new technology platform, we have created an online Adviser Support Hub.

We are encouraging advisers, paraplanners and administrators to engage with this hub, to ensure they have a smooth transition to the new technology platform.

YOUR ADVISER SUPPORT HUB INCLUDES:

Details of our enhanced proposition, including access to a Junior ISA, flexible ISA

functionality and a wider range of investments.

Seven key proposition training modules, vital for ensuring

your business is prepared for migration.

Access to the migration roadmap,

Q&A and migration checklist.

Access the Adviser Support Hub at


WHAT'S NEW? GUIDES & TRAINING GETTING READY


13

YOUR TRAINING

You have unlimited access to a wide range of support material within the Adviser Support Hub.

Manage investments

Manage client retirement needs

Create client and business reports

Get started on the platform

Set up new clients and applications

Manage existing clients


Plus lots of additional content including key changes for you and your clients, access to training, and benefits

and features of our new technology platform.

Choice Convenience Control

4 5 6

1 2 3

PROPOSITION TRAINING

HOW DO I ?

Find out how our new technology improves our proposition. Our new system makes things quicker, easier and smarter, delivering more:

14

YOUR MIGRATION CHECKLIST

We are making every effort to make your platform migration successful, and there are a few things you can do to get your business ready for the change.

Completing the checklist below will ensure both your own and your clients' migrations go as smoothly as possible.

Search checklist in the Adviser Support Hub for more information on the points below.

USERS

Does everyone have their own username and password to access our current technology platform?

Are all users set up with the right level of access?

Have all de-authorised and duplicate users been disabled by the Master User?

CLIENTS

Are all clients assigned to the correct authorised adviser? Are there any clients who are no longer serviced by the firm?

PORTFOLIOS

Are all clients linked to the correct portfolio?

Do you have any portfolios without clients linked that can be deleted?

Are all the portfolio names appropriate for clients to see or do they need updating?

Activate your new platform account using your existing login details, ready for when it goes live.

Have you familiarised yourself with any changes that you may need to make to your adviser software?

Have you saved historic fee statements? (These will only be available for a short period on our current platform after the new technology platform goes live).

Have you deleted Old Mutual Wealth forms, literature, links or bookmarks that you have stored, ready to replace them with new ones?

SOME THINGS TO DO NOW

TWO WEEKS BEFORE LAUNCH

A WEEK OR SO BEFORE LAUNCH


15oldmutualwealth.co.uk/hub

THANK YOU FOR YOUR CONTINUED SUPPORT

Rest assured:

We are working hard to deliver a new technology platform for the benefit of you and your clients.

We will not move unless we are confident of a high quality delivery because our priority is a smooth and successful

migration for you and your clients.

Your engagement with our training resources will considerably benefit your business.

You can join a community of advisers on the online Adviser Support Hub, where you can access a host of

support and information.

Simply visit: oldmutualwealth.co.uk/hub

Where we use the term ‘platform’ in this document, this means Old Mutual Wealth’s UK technology platform, which hosts collective investments and ISAs as well as bonds and pension products.

www.oldmutualwealth.co.uk

Old Mutual Wealth is the trading name of Old Mutual Wealth Limited which provides an Individual Savings Account (ISA), Junior ISA (JISA) and Collective Investment Account (CIA) and Old Mutual Wealth Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB).

Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England and Wales under numbers 1680071 and 4163431 respectively.

Registered Office at Old Mutual House, Portland Terrace, Southampton SO14 7EJ, United Kingdom. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority. Old Mutual Wealth Life & Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are 165359 and 207977 respectively. VAT number 386 1301 59.

SK18558/218-1358/December 2019

helping advisers prepare for our new technology … · guide to the changes to our technology...

Documents