Account maintenance video guides
Standing Investment Instruction (SII)
A Standing Investment Instruction (SII) allows you to automatically invest new lump sum and cash transfer monies into a set of investments of your choosing, reducing the work and risk to your business. This video explains how to create and manage these instructions online. You might also like to read our Standing Investment Instruction guide for more detail.
The 7IM Platform enables you to create and maintain a set of investment instructions that will automatically apply to new cash transfers, lump sums, or regular contributions that get deposited into a 7IM account. This is known as a Standing Investment Instruction or SII for short.
In this video, we’re going to look at how these can be created and amended and also the various tools available on our platform to help you manage your clients’ SIIs.
CREATING A SII
There are two ways in which a Standing Investment Instruction can be created:
- For new accounts
- For existing accounts
New accounts
When you use our online application tool to open new GIA, ISA, or 7IM SIPP account, you can set up the Standing Investment Instruction as part of the application.
During this process, you can choose whether this SII should apply just to the first payment only that arrives in the account or to all future payments. Choosing all future payments means that these instructions will remain attached to the account indefinitely until either you cancel them or they reach a specified end date. So if another contribution or cash transfer happens in the future, this will automatically be invested for you, minimising the risk that the client accidentally remains in cash, out of the market, and also reducing the amount of work that you have to do.
To see more about our online application tool, please watch the separate video in our Help Centre.
Existing accounts
You can also create a Standing Investment Instruction for any existing 7IM account, not just GIA, ISA, & 7IM SIPP.
To do this, go into the client account area and click on the Manage Investments tab.
The Standing Investment Instructions tab will list all the accounts that the client has on our platform and if there is no SII set up on that account, you will be able to create one by clicking the Add button.
In the SII screen, you can specify if all future cash deposits should be split between the available sub accounts… then you can choose the relevant investments for each sub account. This can be searching for a particular fund, choosing a model portfolio, or selecting funds from your Favourites list. For more about creating a Favourite funds list, please watch the separate video in our Help Centre.
You can also include an allocation to cash alongside each investment.
If you want to keep just cash in a particular sub account, then you don’t have to select an investment and the allocation can remain 100% in cash.
Finally, you can add an end date for this SII if you don’t want it to continue indefinitely.
Once you have finished, click the Create button and then again in the Confirmation pop-up message. The SII is now live and will apply to the next cash deposit that arrives in this account.
TOOLS
The 7IM Platform also has a number of tools to help you manage your clients’ SIIs.
Manage Investments Tab
In the Manage Investments tab of the client account area you can view, amend, or cancel an active SII for a client.
To view the details of the SII, click on the Edit button against the relevant 7IM account.
From here, you can make any changes to the SII, including the splits between sub accounts, different weightings between funds and cash, choosing different investments altogether, or adding an automatic end date for this SII. If you do make any changes, please remember to click Update for these to be saved.
The History button will export any changes that have been made since the SII was originally created, into a CSV file so that you have a complete history for your records.
If you would like to cancel the SII altogether, you can click on the cross at the end. You will see a confirmation message pop up and by clicking on the Delete button, the SII will be cancelled instantly.
SII Menu
Under the Transactions menu, you’ll find a dedicated Standing Investment Instructions section for your firm.
Here you can see all the active SIIs that your clients have set up and by expanding the view, you can see the details of each SII. To amend or cancel these, you can go to the Manage Investments tab for that client as we looked at earlier.
In this section, you can also see a history of the cancelled SIIs over a given date range which can be exported into Excel.
Perhaps most importantly, there is a tab called Awaiting Action which will display any transactions that require your attention and action.
Sometimes, even though you have set up an automatic instruction, there are situations where it isn’t clear what we should do with the cash that arrives in the client’s GIA, mainly connected to our process of subscribing new ISA contributions from the client’s GIA.
If, for example, some new cash is deposited into a GIA for a client who also has an ISA, and that ISA has an automated SII set up on it, then there’s a possibility that you might be looking to use some of this cash to make an ISA subscription for this client. Therefore, it wouldn’t be helpful if it all got invested in the GIA.
Because of this, and a handful of other scenarios, we hold fire on carrying out the automatic investment and allow you to decide what you want to happen with that cash.
You can either proceed with the SII by clicking on the Invest In Portfolio button or leave the money in cash by selecting the Leave In Portfolio button.
If there is an ISA subscription set up as part of the online application but the deposit amount received doesn’t match the ISA subscription (perhaps because the client has transferred two amounts to make up a full year’s subscription), then you’ll also be able to use the Transfer to ISA option, after double clicking in the Select ISA column to select the relevant ISA from the drop down menu.
There is also an alert section on our platform homepage to let you know, when you log on, if you have any SII notifications that require your attention. Please keep an eye on this dashboard so that you can take the appropriate action quickly.
New Platform Assets Report
Within the practice level reports on our platform, we have a report called a New Platform Assets report which shows a list of all the assets, both cash and in-specie, that land on our platform over the selected date range. This includes both money from clients and also transfers.
Many firms use this report regularly to track money that arrives on our platform to ensure that any cash gets invested, particularly where a Standing Investment Instruction hasn’t been set up for that client and hence you would invest that money yourselves online.
To help you identify whether you need to take action for any cash received, this report includes information about whether that account has an active SII set up or not and, for cash received into a GIA, whether the GIA is linked to an ISA for the purposes of possible ISA subscriptions.
For historical transactions it will also show whether there was an active SII at the time the cash was received, even if the SII has since been cancelled or ended.
We hope that you find the Standing Investment Instruction functionality useful.
Adding or amending a client’s nominated bank account
It’s important that we have up to date client bank account details in order to assist clients with any withdrawals or contributions. This video will show you how you can keep these up to date via the 7IM Platform.
We always need a nominated bank account saved for clients who want to receive regular or ad-hoc withdrawals or make regular contributions. Normally, this would be set up at the time of the application, but you can choose to add or amend these bank details later if you wish. In this video, we will show you how to do this.
You will need two things in order to add or amend the nominated bank details:
- Firstly, a signed instruction from the client requesting that this bank account be added to their 7IM account. This can be signed electronically by the client using the likes of DocuSign or Adobe Sign.
- Secondly, verification that the client owns that bank account, such as a recent statement or a copy of a cheque. We will try and verify the bank details electronically but sending us a statement will prevent any delays if we are unable to do this.
To amend the details, firstly go to the Client Account area and click on Client Details. Then on Bank Details. This displays the current nominated bank account if there is one set.
At the bottom, click on Change Bank Account.
Now, click the confirmation button and choose the wrapper that you want to update. This will normally be the client’s GIA & ISA.
Next, click Select Files to locate the scanned copy of the signed client instruction and the verification document.
Finally, click Upload File and then Submit to send the instruction to us.
When you next come into this section, you will see that the change is now pending. Once updated, you will see the new bank details displayed on this screen.
Please note, if a client is making a regular contribution into their 7IM account by direct debit, you will need to cancel that online and set up a new one linked to the new bank account details once they have been changed.
Linking clients
Watch this video to see how you can link clients together via the 7IM Platform enabling a quicker navigation. You can also use this function to give family members online access to each other’s accounts on the client portal and 7IMagine app.
We recognise that advisers often deal with multiple clients together, for example different members of a family, and therefore these clients share a common connection. However, you might only want to show this connection in certain circumstances which is why our platform offers three separate types of linking:
- Family linking for platform charges
- Report group linking to show multiple clients on one valuation report
- Online account linking for viewing purposes
In this video, we’re going to look at the third one, i.e. how you can link clients together so that you, and/or they, can see each other’s accounts online and via our 7IMagine app. Please contact us if you want to know any more about the first two types of linking.
In addition to being able to link clients together, you can also use the client search box in the menu bar of the client account area to move quickly between any clients who aren’t linked. Just start typing in the client’s name and then click on their name when you see it. This will take you straight to that client’s account page without needing to navigate via the Client List or the Homepage.
Now back to the linking. Once you’re in the client account area, click on the Link Client box on the right. Then start typing the name of the client you wish to link to the client whose page you’re currently on. Select the right client and then click Next.
Finally, click Submit and this will link those clients on our platform, meaning you will be able to see them together on one screen and hence be able to quickly navigate between their accounts.
Doing this won’t affect the client’s own view of their accounts, just your firm’s view on our platform.
If you also want to link them so that when the client logs into our portal or 7IMagine app, they can see each other’s accounts, then you’ll just need to tick the relevant box and then click Submit. Please continue watching this video to see how this will look to the client.
To link another client to this group, just click the Link Client button again and follow the same steps as before.
There is no limit to how many clients can be linked on our platform. However, there is a maximum of 6 clients that can be linked on our client portal or 7IMagine app.
To unlink clients or change where the linking applies, click on the Manage Links button.
Now let’s have a look at what this linking looks like from a client’s perspective on both our client portal and also our 7IMagine app.
Client Portal
When a linked client logs into our website, they will first see a My Group screen showing all the linked clients on one page. They can then choose which client’s accounts they wish to view by selecting the relevant client from the list.
7IMagine
On our 7Imagine app, first search for a linked client in the rolodex. Then click on the Import button to import the client data. In the Linked Client Group screen, you can choose which client data you want to be imported from the group (this doesn’t have to be everyone). Having selected the required clients and clicked Import, our app will now import the latest client data for those clients.
All the 7IMagine screens will display an aggregated view of the combined wealth of the selected linked clients. You can choose to view a single client by selecting them from the tab at the bottom of the screen.
Moving assets between sub-accounts
This video will show you how you can move funds between the sub accounts of a single wrapper. This enables you to ring-fence certain assets (e.g. suspended funds) or run multiple investment strategies within a single wrapper.
Here we're going to be looking at how you can move assets from one dealing portfolio or sub account to another within a tax wrapper.
This could be useful if you want to move certain assets such as shares or other assets that are heavy with capital gains, into a separate sub account in order to manage and report on them separately.
It could also be useful where a fund that is held within a model portfolio, becomes untradeable (such as the situation we had last year with the suspended property funds) as you can move this into a separate sub account, thus ring-fencing it, which enables you to continue to rebalance the main account to your model.
If you need to open another dealing portfolio, you can do this online. Please watch our video about this if you are unsure how to do it.
For this type of instruction, you can either go to the Transactions menu and go to Stock Movements and then Instruction, or you can do it from within the client account area.
If you are in the client account area, you first need to click on the dealing portfolio that currently has the assets you wish to move.
Once you have selected the relevant dealing portfolio, click on the Move Stock button in the menu above.
In this screen, you can now choose which dealing portfolio you wish to move the assets into.
Then you can input either the Percentage of the fund you want to move or a specific Number of units or shares.
Finally, click Submit and then Confirm.
A list of all your previous instructions is saved in the history page, which can be exported should you wish.
Opening extra sub-accounts
This video will show you how you can add extra sub-accounts within a wrapper. This feature enables you to have multiple investment strategies (including multiple DFM models) within a single wrapper or ring-fence certain assets (either funds or cash).
On the 7IM platform, you can have up to four dealing portfolios or sub-accounts within each tax wrapper, as well as an earnings portfolio for dividend income. This is normally set up as part of the online application process for new clients. But here, we're going to look at how you can add an extra dealing or earnings portfolio to a tax wrapper for an existing client.
Firstly, click on the tax wrapper that you wish to add the extra portfolio to. Then, click on the add new portfolio tab to display the options. From here, you can choose the extra portfolios that you want to add. You can choose more than one, including dealing and earnings.
If you have chosen to add an earnings portfolio, you can also let us know what you want to do with any dividends that come in from the assets held. For example, setting up automated monthly sweeps to the client's bank account.
Finally, click create to confirm the instruction. This is now complete and it is ready for you to use.
Perhaps using our cash movement or stock movement tools or to set up a new standard investment instruction to apply to incoming cash.
Please watch our other videos if you're not sure how to do any of these.
Setting up regular withdrawals and sales
Find out how to set up automated regular withdrawals from cash, regular withdrawals from funds (i.e. including regular sales) and standalone regular sales. You might also like to read our regular withdrawals guide.
On the 7IM Platform, you can set up new regular withdrawals and manage your existing regular withdrawals. Here we're going to look at how you can do both. You may also want to read our FAQ document on this subject, which you can find in the literature center of our website. Please note, that if you want to set up or amend a regular withdrawal for a 7IM SIPP, you'll need to send us the relevant pension income amendment form or taking benefits form, both of which you can also find in our literature center.
Firstly, to set up a new regular withdrawal, click on the regular withdrawals tab within the Manage Investments section of the client's account screen. You can also set this up by going through the Transactions menu to the Regular Withdrawal and Sell Down screen, and then click on Instruction. From here, you can choose whether you want to set up a Withdraw, and this is where you manage the cash balance for the payment out, a Sell & Withdraw, where we will sell assets to fund the payment or Sell, where we will sell assets and the proceeds will remain in cash in the 7IM account. You can set up separate sell instructions and withdrawal instructions, if you want to control each part individually, rather than having them linked together. Next, choose the tax wrapper that you want in the withdrawal to come from, the frequency, the start month, the withdrawal date, and the withdrawal amount. If you are setting up a selling withdrawal, please allow enough time before the first payment is due for the sales to be completed. This should be at least 10 working days. Now you come to the sales screen. Here you can specify how much you want to sell from each portfolio or sub-account to fund the total withdrawal, along with what type of sale you wish to do. For example, you can sell a single fund in one dealing portfolio and a proportional sale in the other dealing portfolio. Finally, confirm your instruction.
Now we're going to look at how you can amend an existing regular withdrawal to include an automated sale. This is particularly relevant for a 7IM SIPP in drawdown, where we will set up the regular withdrawal and then you can amend it online to include any fund sales. From the Regular Withdrawals Summary screen, click on an existing withdrawal instruction, then click on Edit Instruction. From here, you can change the instruction type from a Withdraw to a Sell and Withdrawal, and also then the start date and month. Remember to allow enough time before the next payment is due for the sales to be placed. This should be at least 10 working days. Then enter all the relevant sale information as we went through earlier.
On the summary screen, the instruction has now changed from a Withdrawal, to a Sell and Withdrawal. This summary screen itself gives you an overview of all your clients' regular withdrawals, along with a traffic light indication of whether they're in progress or there might be an issue with a lack of cash. For more details about this, please read our FAQ document.
Switching off paper contract notes
If you have any clients who are currently receiving paper contract notes in the post who would prefer not to, you can switch this off for them by following the instructions in this video.
If you have any clients that are currently receiving paper contract notes from us for trades placed and they would like to turn these off, you can now do this online.
Go into the Personal Details section of the client account area and click on the Contact Details tab.
If the Turn Off Paper Contract Notes box is already ticked, then the client won’t be receiving paper contract notes. This is now the default set up for all new clients.
To turn off paper contract notes online, we will need the client’s email address as we will send them an automated email to confirm this is what is happening.
Ad-hoc selling and withdrawing
This video will show you how you can request an ad-hoc withdrawal that is funded by asset sales. The withdrawal will ‘queue’ while the sales complete and will then get paid out automatically.
Here we’re going to look at how you can arrange a sale and a cash withdrawal instruction at the same time and have the withdrawal automatically paid out on completion of the sale.
To do this, first place the sale by going to our Instruction To Deal menu. Please watch our other video if you want to know more about placing sales.
Once you have placed a sale, please go to the cash movements screen and select the client and the portfolio that you wish to make the withdrawal from.
As you can see, the Available Cash figure now includes the value of the sale I have just placed, so I can submit the withdrawal for that amount.
Our platform will hold on to this instruction and carry out a daily check of the cleared cash balance of this account. Once the sales have settled, and the cleared cash balance the following day is sufficient for this withdrawal, the payment will automatically be made to the client’s nominated bank account. Also, don’t forget that all withdrawals are paid out by CHAPS free of charge.
Please watch our other video if you want to know more about how you can amend a client’s nominated bank account.
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