Latest updates

November 2021 – fourth support session available

Our latest support webinar covers improved business management and admin. It gives an overview of the new adviser dashboard and business level reporting, as well as the improvements to alerts, notifications, and back office integration.

View session 4: Improved business management and admin

Top questions

Do I need to do anything to prepare for these changes?

We’ll communicate with you and highlight any actions you need to take to get ready. It’s very important you read all our Adviser Experience Programme email updates and continue to visit this support hub for the latest launch updates and support.

Will there be any platform downtime?

Like any other upgrades to the platform we’ll need to take it off line for a period of time to allow us to implement the changes in a controlled way, this typically happens at the weekend. We’ll continue to review our implementation process over the coming weeks and as soon as there is more detail we’ll be sure to share them with you in advance. The one thing that will be front of our mind is the need to minimise any disruption to your business or clients.

How will you ensure these improvements are delivered smoothly?

We’re phasing and prioritising our programme of enhancements based on what you told us matters most. This incremental approach will ensure we can provide you with the right support at the right time for each improvement package. Experts in our business have been working closely with our technology partner of 15 years, FNZ, to ensure all upgrades continue to be built on solid foundations and deliver a consistent adviser experience throughout our programme of improvements.

Is there a charge for same day payments?

There is no charge for same day payments using our faster payment system which will allow transactions up to £250,000.

Can we create a document that will show charges of moving to an MPS and CGT?

The Charges Summary document will show the platform charges for investing in Managed Portfolio Service portfolios. The Capital Gains Scenario Tool (CGST) can be used as a 'what if' tool to capture potential CGT costings.

Can the new system do two things at once e.g. one-off withdrawal and regular withdrawal on the same day?

This will continue to be processed as two separate instructions submitted on different days.

Can regular withdrawals be edited to be increased or decreased?

Yes; the new edit regular payment functionality will allow you to increase or decrease the payment amount.

When rebalancing, do your systems update automatically for income payments and for future pension contributions, or do we need to continue stopping regular withdrawals for income and stop the payments in, and reset to the new funds?

The process for rebalancing will remain as it is now. Any regular payments in or out will need to be amended. We have enhanced the regular facility to allow 'edit' rather than cancel and rekey the payment.

When are the enhancements planned for delivery?

We will confirm full details around go live dates and what this means for you, being sure to give plenty of notice as soon as precise plans are confirmed.

Will the client interface / platform remain the same, or is this also being updated?

Enhancements to the client portal came in last year and there won't be any further developments at this time. However, the client portal will be updated to include the new multiple Personal Portfolio (PP) option should the client have this set up. Active Fundzone Accounts will be migrated to the client portal as part of the planned enhancements.

Will the platform have Bulk Download functionality, so we can bulk download client valuations for our half yearly investment reviews?

The new platform will link with back office providers enabling bulk functionality i.e. valuations.

Will the reporting facility work the same as currently on Wrap? Such as running outstanding adviser charges reports / failed adviser charges reports?

MI reports will continue to be available on Wrap. MI data will be available to view on screen in the new business management sections as part of the planned enhancements.

If we have designated Personal Portfolio under a different WP number from the main client account, can we consolidate the two accounts?

There will be an option for a client to hold up to five Personal Portfolio Accounts under one Wrap Account. The process for moving a Personal Portfolio Account from one Wrap Account to another will remain the same.

Will we be able to view all SIPP documentation produced/issued in the client's doc section - currently limited documents available?

SIPP will work as it does currently until the new abrdn SIPP is available next year. Further details will be communicated once known in line with the launch plans.

If we need to disinvest from a DFM off platform - will this be facilitated purely via the new abrdn platform, or will we still need to email Standard Life to request the disinvestment from the off platform DFM?

The process for Off Platform Investments will remain as it is until the new abrdn SIPP is available in 2022. Further details will be communicated once known in line with the launch plans.

Will the changes do away with the need to send an accompanying email for various Wrap entries?

Some manual processes, for example updating bank accounts, will be able to be entered online. However, certain instructions on SIPP such as drawdown will continue to be a manual request until the new abrdn SIPP is available in 2022. Further details will be communicated once known, in line with the launch plans.

Is the new abrdn platform replacing all of Standard Life platforms - Wrap, Fundzone & Elevate?

These enhancements will apply to Wrap and Fundzone initially. We will share more details on Elevate development plans once these are confirmed.

More Wrap and Fundzone support hub resources