It is now possible to instruct a fee at the point of submitting a cash transfer-in request.

This can be combined with an auto-invest instruction, enabling a seamless, single-step submission of a cash transfer that includes both a fee and investment allocation.

Key Points to Note:

• The fee is input as a % of the expected transfer value
• The fee cannot exceed 5% of the transfer value

• Fee types supported

  - ‘Adviser initial fee’

  - ‘Adviser ad hoc fee’

• Fees can only be applied to cash transfers (not in-specie transfers)
• The fee must be a maximum of two decimal places
• The fee cannot be instructed for offshore bond accounts
• When calculated, the fee will round down to the nearest 1p
• If auto-invest is selected, the fee will be deducted first, and the remaining amount will be invested
• The same fee percentage is applied to each payment received as part of the transfer.
  Example: If the fee is set at 0.9% and the transfer-in arrives in two payments, both will have 0.9% deducted.
• Residual payments received after the initial transfer will not be subject to a fee
• Transfer fees will be paid out in the same way as the existing ad hoc and initial adviser fees – see link below

When are Platform, Adviser and DFM fees calculated and paid? – Söderberg & Partners Wealth Management

Process:

To add a fee, this can be done when submitting an electronic transfer via the platform.

When submitting the transfer, the transfer fee option is located at the bottom of the form, as shown below:

The default fee will be set to 0% as a standard. A value up to and including 5% can be entered and then a fee type selected. 

The fee can be reviewed on the transfer dashboard after the the form has been submitted. 

To find this, select the clients transfer.

Click on the Account actions button.

Then Review transfer details.

The fee information can be viewed at the bottom of the form.