Pre-requisities

Withdrawals can only be made to the verified bank account registered on the client details page.

If you make a change to the client's bank account, this will trigger an automatic, electronic check. If this fails, we will reach out to request documentation such as a certified bank statement to allow us to set the status of the bank account to Active. An audit history of bank account changes and verification can be found within the client details page:

If the client's bank account is not Active when you come to process a withdrawal, the payment will be held at 'checking' status until this is signed off.

For Joint GIAs, the withdrawal will be made to the lead clients registered bank account.

Cash requirement

The client must hold sufficient funds in cash to allow a payment to leave the platform.

At the top of the withdrawal journey screen, you will be presented with three values:

1. Account value; this is the total value of all the client's holdings, regardless of whether funds are invested or in cash.
2. Uninvested Cash; this is the amount which is not currently invested in a fund, which may include pending sale orders which have not yet settled.
3. Withdrawable Cash; this is what is settled and can be withdrawn at that moment.

Timeframes

Withdrawals under £1Million are sent via Faster payment. Once sent, a Faster payment is typically received within minutes, but can occasionally take up to 2 hours to be processed by the bank. 

We send payments out twice a day at approximately 10:30am and 3pm*.

• If the client has enough withdrawable cash; the payment will be sent out on the next available payment run, so they can expect to receive this on the same day if processed prior to 3pm, or the next business day if processed after 3pm or on a weekend/bank holiday. 
• If funds must be sold; you will be prompted to sell down within the withdraw journey, and the payment will be sent once all sale orders have settled to cash.
• The client has sufficient 'uninvested cash' as sale orders are already in flight; the payment will be automatically forward dated so that it goes out when the ongoing sales have fully settled. In this case you receive a message in the journey to confirm:

* Monday to Friday. Payment run timings are approximate and can vary by a few minutes either way.

Withdrawals over £1Million are sent via BACS once all sales have executed. It is possible to split this amount across two or more payments to bring the amount below £1M and allow for Faster payments to be used. You would simply need to follow the below process to submit each payment amount separately.

Process steps

Withdrawals can be processed in one of two ways:

1. Via the 'Withdraw' journey; this journey is best suited for withdrawals where the client has uninvested cash you wish to utilise.
2. Via the 'Sell' journey; this is the best route if you wish to sell specific assets and/or units, and also where you are looking to process a full withdrawal.

Option 1; Withdraw Journey

• Locate your client in the system, either via the Client tab in the top menu, or by using the Client Search function, and open their client record.

• Open the relevant Account and then click on Account actions and Withdraw.

• Choose Single as the Withdrawal type and enter the amount to be withdrawn, noting the values presented under 'uninvested cash' and 'withdrawable cash'. 

• What happens next will depend on the client's cash position:
  • If there is sufficient withdrawable cash, you can review and submit the application.

• If the amount exceeds the withdrawable cash, but there is sufficient uninvested cash, the message onscreen confirms that you may proceed, and the payment will be forward dated to be sent when the last outstanding trade has settled:

• If the amount to be withdrawn exceeds the uninvested cash on the account, an auto-disinvest will be required and you will be prompted to choose if you would like to disinvest by value or units. 

  If the client already has cash on account, this instruction will sell only the funds required to make up the shortfall. e.g. if the client wants £300 and they already have £250 withdrawable cash, the sell down will be for £50.

  Please note, if you choose units, the system sells down an additional 10% as a buffer to ensure that enough cash is raised.

• You can then choose if you wish to sell down proportionally or by largest first

• Click Review to double-check your information, and if everything is accurate click Submit.

This will result in the following:

• The client will receive a notification that a payment has been requested via their client portal.
• The withdrawable cash and uninvested cash values will update to reflect that these funds are no longer available. 
• If trades were required, these will show in the transaction history as pending, and the linked payment will show as 'waiting'.
• If withdrawable funds were already available, the payment will show as pending.
• The payment status will show as complete at the point this leaves the platform. Payments will appear on the client's bank statement as Seccl Custody Ltd.
• If sales were placed, the contract note will be available within 24 hours of the trade executing. You can find this under the 'communications' tab in the client's record.

Option 2; Sell Journey

• Locate your client in the system, either via the Client tab in the top menu, or by using the Client Search function, and open their client record.

• Open the relevant Account and then click on Account actions and Sell.

• Select whether you'd like to sell proportionately to make up a specific amount, 100% sell down, or a bespoke selection of assets (where you can toggle between units or amount):

• Select 'Withdraw':

• Select Review, check the details of the application, and then click 'Submit'

This will result in the following:

• The client will receive a notification that a payment has been requested via their client portal.
• Trades will show in the transaction history as pending, and the linked payment will show as 'waiting'.
• The payment status will show as complete at the point this leaves the platform. Payments will appear on the client's bank statement as Seccl Custody Ltd.
• Contract notes are made available within 24 hours of the trade executing. You can find this under the 'communications' tab in the client's record.