You can create a new client as an independent process, but seeing as you will likely need to obtain an illustration before you can make your recommendation to open an account with us, we have merged these processes so that when you create an illustration for a new client, a draft client record is created in the system. This is created with a registered status and nothing goes out to the client until you complete the process within the client details screen.
- Start with opening the Adviser Portal and logging in.
- Click the Quick Create button and choose Illustration, or click Tools in the top menu, select Illustrations, and click the button to Create new illustration.
- Input a name for the illustration; try and be specific within the illustration name field as this will help you if you need to find this again later on. This will be particularly handy if you are creating several pots for different investment strategies.
- Select 'Yes' to this being for a new client.
- Enter the client's name, email address and DOB.
- Select the Adviser for this client from the Business/Adviser dropdown list, and enter their name, company name and FCA number.
- Now enter the required information for adviser details and select a wrapper type.
- For Pension wrappers, you will need to input the product provider as Soderberg Pension, then enter the wrapper status and retirement age.
- Under illustration period, enter the intended start date for this plan. For Pension wrappers, the plan length field will auto-populate based on the client's DOB, their retirement age and the plan start date. Otherwise, you will need to enter the intended plan length.
- Next choose the investment strategy and the adviser charges applicable. If you have selected a model, the applicable DFM fee will pull through automatically. This is amendable, but bear in mind amending it here will only affect the illustration and not what is applied on platform.
- In the existing assets field, you would enter '0', as this is a brand new client who does not have any existing holdings on the platform. In the 'total of other assets on platform' field, enter the combined value of any other wrappers the client intends on holding on the platform as this will have an effect on the tiered platform charge. Here you may also add in the holdings of other linked clients where family linking is in effect.
- Next, enter the value of any additional planned payments or transfers in to this wrapper.
- For a Drawdown Pension, you may add the uncrystallised amount and also crystallisation and/or income payments.
- If this a GIA or ISA wrapper, you will have the option of inputting a single or regular withdrawal also.
- Ensure all relevant sections are completed, then click Review and a summary page will appear. Select Edit to make changes, or Submit if everything is correct. You cannot make changes after submission, you would need to start again, so do make sure you have checked this thoroughly!
- The system generates a PDF document for you that is ready to download. The document is fully compliant and covers pre cost disclosures under MiFID II.
- The document downloads to your computer and you can now save it locally and include it in the suitability pack for your client.
- If you have more accounts to create for this client and you wish to run another illustration, follow the process again, but this time opt for existing client and search for this newly created record. See here for more details on this.
- When you have presented the illustration/s to your client and you are ready to submit this business to the platform, locate the newly created client in the system, either by clicking on their name within the illustrations list, via the Client tab in the top menu, or by using the Client Search function. Then go to the Client details tab and click on edit.
- Update any missing information. Mandatory fields are indicated with an asterix and you can see from the left hand menu and the green ticks as to whether any sections are unfinished. If you intend on creating a SIPP you need to add details about the client's marital status, employment status and retirement age, as well as details about the employer if they will be making contributions to the SIPP. Tick the boxes at the bottom of the record to confirm you have completed the necessary AML checks and to indicate if you completed these face to face, then click Review, and if happy with all of the information, submit.
- When the outstanding details are updated in the system, the status of the client record is updated to Pending.
- An automated identity and bank account verification check will be completed, and if the client passes this, they will now receive a Request Password email where they input some information that the system double-checks against the info you've added. If it's a match then the client will receive another email to set their individual password to the Client Portal. If the identity or bank account check fails, we will contact you for further information.
- You will also need to create the account/s at this point by going in to the client record and clicking on the 'create new account' button.
- The client will need to accept the platform terms and conditions, as well as any relevant wrapper terms within the client portal. Once done, the client record is updated to status Active. This means the registration is now completed and the account is ready for transactions and investments.
If you are interested in how the growth rates are calculated in the illustration tool, please see more info here in our FAQ: How are growth rates determined in the illustration tool?
For help with setting up Accounts, we have different articles depending on the wrapper type:
Opening a General Investment Account
How to open an Individual Savings Account (ISA)