You are here: AdviserArchive: August 2013

Archive: August 2013

This page is for Professional Financial Advisers only Latest from Cofunds - week commencing 26 August 2013

My client dashboard update

We're pleased to announce that the technical issues we've encountered recently have been resolved and My Client Dashboard will be rolled out over the next few days. My Client Dashboard makes it easier to access all relevant account and product level information about your clients as well as all the tools and trading options you need to service them.

It's very straightforward to use, but if you need any assistance, take a look at our dedicated 'My client dashboard' webpage.

Expert Videos

Alvin Hall Find out what investors really want from advisers, with Alvin Hall.
Budget Webinar Cofunds Budget Webinar 2013.
Five Services Stephen Wynne-Jones explains the five Cofunds services.

Changes to how we can take the Cofunds Platform Charge

From Monday 23 September clients with pension products, and who are on explicit pricing, will be able to have the monthly Investment-based Platform Charge taken from the Trading Account of some of pension products.

Earlier this year we told you that we were improving our systems for your clients with pension products on explicit pricing. While we did this, we temporarily suspended the monthly Investment-based Platform Charge for pensions only. This was not applied to the Canada Life International Portfolio Account.

We can now confirm that from Monday 23 September the monthly Investment-based Platform Charge will be reinstated and taken from the Trading Account of the following products, if held by your client:

  • Canada Life International Portfolio Account
  • Cofunds Pension Account
  • Sippcentre SIPP Investments
  • Suffolk Life Annuities Self Invested Pension Funds
  • Suffolk Life Trustees Self Invested Pension Funds

Please take note, that for your clients invested within the L&G Portfolio Plus SIPP, the monthly Investment-based Platform Charge will also be reinstated, however it will be taken from Cofunds Cash Account.

Taking the charge from your client's Trading Account instead of their Cofunds Cash Account, could be more tax efficient for them depending on their circumstances. In addition, we won't be collecting any suspended charges retrospectively for the pension products.

These changes have meant that our terms and conditions have had to be updated. As a result, we mailed affected investors in August to give them 30 days written notice.

Improved confirmation letters

Following feedback from advisers, we've reviewed and re-written the confirmation letters we send to investors. These are now live so your clients may have already seen some examples of the new clearer, simpler and jargon-free letters. And we're not stopping there - this is just the first step of our program to review all of our investor and adviser correspondence.

Accommodating our growing business

In order to accommodate our growing business we're moving our Chelmsford operation to bigger premises in Witham, which is located only a few miles from Chelmsford. The move will be completed in October and we've been working hard over the past year to ensure the move will be as smooth as possible with no interruption to service. There will also be no change to the postal address or the number you call when contacting us.

Morningstar OBSR quarterly review

Following the Morningstar OBSR Quarterly Review, various updates to the panel of funds and model portfolios have been made. Details of these changes can be found below:

Changes to the Morningstar OBSR panel of funds:

Somerset Emerging Mrkts Dividend Growth A Fund

First State Gbl Emerging Mkts Leaders B Fund

Changes to the Morningstar OBSR Model Portfolios:

M&G Strategic Corporate Bond I Fund (Model portfolio risk rating 5,6,7)
Fidelity Strategic Bond Y Fund ( Model portfolio risk rating 6,7)
JPM Emerging Markets B Fund ( Model portfolio risk rating 5)
M&G Global Emerging Markets I Fund ( Model portfolio risk rating 7)

M&G Optimal Income I Fund Inc (Model portfolio risk rating 5,6,7)
Fidelity Moneybuilder Income Y Fund Net (Model portfolio risk rating 6,7) First State Gbl Emerging Mkts Leaders B Fund (Model portfolio risk rating 5,6,7)

Weighting changes in portfolio 6
Invesco Perpetual Corporate Bond Z Fund (now 5%)
JPM Emerging Markets B Fund (Now 10%)

Any of your clients invested within Kames funds?

The Kames 'D' share class, which includes a trail rebate, is now no longer available for most new business on the platform with the exception of regular investments. The Kames 'B' class is now available for most Kames funds and, where available, must now be used for new investments, switches, top-ups and new regular investments. Where the 'B' class isn't available for new investments, the 'D' class will remain available.

In addition, any share class conversions from the 'A' share class will now be made into the commission-free 'B' share class.

Throughout September, the initial charge on the Kames 'A' share class has been reduced to 1.5% (from 4.5%) for bond funds and 2.5% (from 5.5%) for equity funds as the 3% loading which was previously available as initial commission has been discontinued. Trail (renewal) commission is unaffected.

Please note, any existing regular investments will be updated accordingly.

Corporate actions

View details of recent and upcoming corporate actions.