You are here: AdviserArchive: October 2010

Archive: October 2010

This page is for Professional Financial Advisers only Latest from Cofunds - week commencing 4 October 2010

Further updates to legal agreements

We have made a few additional minor updates and corrections to the Adviser Agreement and Service Level Agreement to clarify the services we offer. These documents are for your information, as the adviser they do not need to be presented to your clients.

The changes are not detrimental to you or your clients; they simply bring our disclosure documents in line with our improving proposition.

Clarification on action required for new legal agreements - please read

We’ve had some helpful feedback on our last communication and would like to clarify when you need to take action concerning the revised legal documents.

You only need to provide Cofunds Platform Terms & Conditions and Your Guide to Investing with Cofunds to your existing clients if they wish to make use of model portfolios on the Cofunds platform.

We are very sorry for the confusion our previous note has caused.

For absolute clarity: You do not have to provide Cofunds Platform Terms & Conditions and Your Guide to Investing with Cofunds to all your existing clients - only those who will be making use of the model portfolio functionality that will soon be available through Cofunds.

The updated documents can be found below:

Cofunds Platform Terms & Conditions

Your Guide to Investing with Cofunds

Please note that the Adviser Agreement and Service Level Agreement are for your information, as the adviser, and reflect the changes brought about by the coming proposition enhancements. These documents do not need to be presented to your client.

None of these changes are detrimental to you or your clients; they simply bring our disclosure documents in line with our improving proposition.

Please use the most up to date documents for all new clients.


Updated online dealing cut off times

We have also taken the opportunity to bring all our online dealing cut off points in line. This means that, with effect from 11 October 2010, all cut off points for online submissions are now on the hour.

With effect from 11 October 2010:

The 09:15 dealing cut off will move to 09:00

The 11:00 dealing cut off remains at 11:00

The 13:15 dealing cut off will move to 13:00

The 15:15 dealing cut off will move to 15:00


Website unavailable due to a service upgrade

We are taking our website down from 5pm on Friday 8 October until 6pm on Sunday 10 October to enable us to make some important service changes that will really improve our website and save you time. Please make sure you have saved all your planning sessions before this point. We apologise for any inconvenience caused.


Coming soon: Enhancements to the investment process

Soon we will be releasing a number of enhancements to the investment process on the platform joining together research, modelling and trading to make it a whole lot easier for you to use.

You have told us that as you look to introduce service models in line with the RDR, you’ll need a robust, repeatable online investment process.

These changes will:

  • Enable you to store your model portfolios and panels on the platform
  • Make it easier to purchase model portfolios or funds within a panel (including updating Regular Saver mandates)
  • Provide quality pre and post sale documentation
  • Make it and make required changes to a clients portfolio against the chosen model portfolio
  • Enable you to manage clients at platform level rather than product level
  • Make it easier for you to take or waive commission.

Once we have pushed this live, we will notify you by email. You may notice some differences to the website and to help you understand and use the new features we will put some demos and helpful information on the ‘How do I?’ section of the website.


Further improvements to the CPA

The latest improvements to the Cofunds Pensions Account include introducing the option to add VAT to fees.

Adding VAT to fees

You can now choose to add VAT to all adviser fees (initial advice and ongoing advice charge). Once you have selected this option, all charges will include VAT.

Adding NAE to the Ongoing Advice Charge

You can now increase the Ongoing Advice Charge (£amt) by NAE if you should need to.

Proportioning charges for unsecure income cases

Before, if a client was crystallising only some of their assets, i.e. the total pot is £500k and they want to crystallise £100k, they had to produce two illustrations and the charges were applied equally to both illustrations. For accuracy, the charges should be proportioned between the two illustrations. Following our recent changes, you still need to produce two illustrations but the screens allow for the split and will ensure that the charges are proportioned correctly.

We are constantly working on ways to improve and will keep you informed about this and other changes as and when we can.


Corporate actions

View details of recent and upcoming corporate actions
Perspectives