Transact Online (TOL) – Recent Enhancements
We have made updates to the following:
Pension Beneficiaries – Reconfirm expression of wishes
It is often best practice for a pension to have named beneficiaries, whether individual or classes of beneficiaries, in respect of death benefits. It is also good practice to check them from time to time to confirm that they are still up-to-date. In this latest release of the website we’ve added the ability for clients (or their adviser) to reconfirm that the pension beneficiaries are indeed up to date.
This reconfirmation immediately updates the ‘Expression of Wishes Date’ to the date reconfirmed.
Simply go to: Housekeeping > Reconfirm Pension Beneficiaries to use the new functionality.
We will be developing this functionality further in the future, so you’ll be able to add, edit and delete beneficiaries. We will let you know when it’s available.
A new ‘Expression of Wishes Date’ is displayed in this report that indicates when the pension nomination was received or last updated. This new date will help to remind you and your clients that nominations may need to be reconfirmed to match your client’s wishes. If you run the ‘In Bulk’ version of the report it shows all your clients and a review of the ‘Expression of Wishes Date’ column shows those clients who may value a conversation.
Existing Investor – Transfer Trade Instructions
We continue to develop the Guided Application functionality. The latest release now includes the ability to automate trade instructions for transfers into pensions and ISAs for existing clients. Simply start with a Personalised Illustration and proceed to a Guided Application in the usual way.
Transfer Report Upgrade
The Transfer Report is already having a positive impact and based on your feedback the report (available under the Reports menu) has been improved. We have introduced two new columns in the report:
- Last Chased – when Transact last chased the ceding provider.
- Chaser Due – when Transact plan to next chase the ceding provider.
This iteration two follows the significant background work we have put in place, and shared with you in last month’s Adviser Update, to make the transfer process more efficient. There are more iterations to come with more detail to follow next year.
Template Report
With the growing number of ETFs being used in models alongside the growth in the Transact – BlackRock MPS, we have now added a ‘Price’ column to the template report. The ‘Price’ column is visible in all reports (Detailed and Summary) except when ‘Include Wrapper Holdings’ is unticked. An ETF with a high unit price means that the rebalance needs to be sufficiently large enough for a whole unit to be purchased or sold.
And from next month:
Fee Payment Wrappers
From next month to ensure there is sufficient cash to pay your (and Transact’s) fees any Fee Payment Wrappers that have run out of cash and assets (and therefore unable to pay fees) will have their link, to wrappers they serviced, removed at the beginning of the month.
Thereafter, all the fees and charges will be deducted from the Wrapper they relate to.
To help manage and ensure there is sufficient cash in these Fee Payment arrangements, a new column called ‘Fee Payment Wrapper for’ has been added to the XLSX and CSV versions of the Cash Report (Reports > Cash Report).
If you need any help on any aspects of our service, please use Live Chat for a quick response, co browse to screen share so that we can direct you, or call our highly trained, dedicated Sales & Online Support team who support these functions via (020) 7608 5387.
1. Introduction
2. TOL Recent Enhancements
3. Further Service Improvements Planned for 2024
4. Inactive Client Relationships
5. Succession Planning Update
6. Share Class Conversion
7. Transact – BlackRock MPS Update
8. Pensions Update – Ring Out the Old Ring In The New
9. Fund Changes & Top 10 Fund Manager Assets
10. Interest on Cash Deposits
11. Transact Events 2024