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Nucleus user sessions

Nucleus user sessions. May 2011. Agenda. Overview Where are we? Recent developments Development roadmap Customer service update DFMs Session 1: New Business changes BREAK Session 2: Hands-on training: Model portfolio self-service New Business Transfers & Re-registrations Top-ups

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Nucleus user sessions

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  1. Nucleus user sessions May 2011

  2. Agenda Overview • Where are we? • Recent developments • Development roadmap • Customer service update • DFMs Session 1: New Business changes BREAK Session 2: Hands-on training: • Model portfolio self-service • New Business • Transfers & Re-registrations • Top-ups • Wrap-up

  3. Nucleus proposition • Transparent • IFA control • Open architecture • Cost effective • Clear charging structure • Wide range of tax wrappers Clientplatform IFA platform 1. Analytical and support tools General Isa Pension Onshore bond Offshore bond 2. Cash Assets Mutual funds Equities Gilts Bonds ETFs / other 3.

  4. Growth since inception (AuA)

  5. Current status • £2.7bn under administration • 30,000 clients • 54,000 accounts • 60% of accounts in model portfolios • 31% of accounts use rebalancing (majority quarterly) • 4,000 open assets • 25,000 trades / month (nominee level) • 200,000 trades / month (client level) • £220m trades / month

  6. Platform developments

  7. Recent developments • Client site • Exclude cash from rebalance • Bulk valuations • Trade aggregation • Pensions changes • Auto selldown • Jira • Paperless top-ups • Model portfolio self-service • Back-office integration

  8. Client site - permissions Set permissions for client site functionality on a client by client basis • Permissions will include: • Transaction history • Performance analysis • Reporting Click to enable clients to access Transaction history from the client site

  9. Exclude cash from rebalance • e.g. To rebalance £50K of assets within a £100K account • Move cash to be excluded (£50K) from rebalance into Cash Deposit Account (completes automatically) • Exclude the cash from the rebalance (on Account summary page) • Next rebalance will rebalance model portfolio for £50K only • Can also be used for phased investments

  10. Bulk valuations • Provide reports for all clients for regular reviews • In Bulk Report tool: • Select client / accounts to be printed • Select Generate Report • A PDF report will be created of all clients clients / accounts • Note – this report takes time to produce. An email is sent to you when report available for collection

  11. Trade aggregation • Unit trusts / OEICs • Daily cut-off typically 10.30am • Cash reserved until purchase complete • Order confirmed t+1, settles t+4 typically • Listed securities • Buys: each buy for minimum 1 unit • Note some securities (ETFs) have £100+ unit price! • Sells: sells are by unit • Dealing fees charged in proportion across aggregated accounts

  12. Pensions changes • As of 6th April 2011 • Pension (accumulation): • A reduction in annual contribution to £50K from the end of the pension input period in the next tax year • For current Pension Input Period (PIP): Payments made before 14-Oct-10 are subject to current annual allowance of £255K, but payments after 14-Oct-10 are subject to £50K limit, and overall limit is £255K • For accounts with no explicit PIP, new contribution limit of £50K applies • Pension (USP / Benefits and Income) account: • a reduction in the  maximum drawdown limit to 100% GAD (from 120% for USP) for next period • a reduction in the periodic review requirement from 5 years to 3 • an increase in the tax charge on death lump sums to 55% • removal of the age 75 limit • >75, any uncrystallised assets have a tax charge • Distinction between ASP / USP no longer applicable

  13. Pension contributions report Contribution info Remaining entitlement within current pension year Pension input period info Report provide pension contribution levels available in current pension year. Key fields: Pension commencement date Tax year PIP contribution limit Single / regular contributions Amount available to invest

  14. Pension income report Current income levels Next review date Max / min income limits Provide information on current income levels. Use to determine opportunities for changing income levels across client accounts Key fields: Pension commencement date Annual review date Next review date (3 year) Maximum income amount Regular gross payments / period

  15. Auto Selldown • To enable accounts to have enough cash to pay fees • Process • For each account where auto-selldown is triggered, the feature will sell down accounts in order to create 0.17% (i.e. 2% /12) in cash; that is, enough to fund the next fee run (2% being the required minimum on each account). • Assets will be sold down in proportion to the holdings on the platform • Flagged assets will not be sold down • Runs monthly - one week before fee run • For example • £100K valuation but with £20 in cash • Process will sell down £150 to ensure there is 0.17% in the account. The account would have a sell transaction on the relevant funds showing which assets had been sold down. 

  16. Paperless top-ups • Introduced for tax-year end • Top-ups now only require online submission • Paper applications still required for: • Inter-account transfers • New business • This will go away once New Business changes implemented!

  17. Third-party systems links

  18. Upcoming developments

  19. 2011 development schedule • Model portfolio self-service • Discretionary fund management (DFM) • Revised New Business • Sub-accounts • Gross general account • Illustrations engine replacement • Revised Valuations / trading pages • IFA self-service (inc. payments, DDs, client details) • Portfolio performance reporting • Improved Management information • Drawdown tools • Inter-account transfers   Test Test June Q3 Q3 Q3 Q3 Q4 Q4 Q4

  20. Gross general account • Account holds: • Interest bearing assets paying gross interest distributions • Standard dividend paying assets • Interest and distributions paid on gross basis • To open an account: • Using standard new business process • Your responsibility to ensure client eligibility • Some existing assets may be better suited to this General gross account • Use an inter-account transfer form to do this • Suitability • Non UK taxpayers • Corporates / trusts • 3rd party products (e.g. Pensions) • FAQ will contain guide on how to use

  21. Discretionary Fund Management (DFM) • For IFAs • Investment management outsourced • Transparent fee structure • Retain control of client • For DFMs • Easily offer model portfolios to multiple parties with single login • direct remuneration with transparent fee • For clients • - Cost effective mechanism of achieving best of breed IFA and DFM services IFA New business Client management DFM Model portfolio mgt Rebalancing Trading

  22. DFMs. Responsibilities for IFA firms: • Tri-partite agreement – between Nucleus, IFA, DFM • completed once per 3 parties • Provides terms and conditions for service • DFM client authority • completed once per client account • Specifies date DFM service starts and fees • Link client account to model portfolio • Typically IFAs will be able to see model portfolios • Reconcile model portfolio usage with DFMs • Use reporting tool to reconcile usage

  23. Customer services

  24. Dedicated client relations team

  25. FATCA (and other matters) • Foreign Account Tax Compliance Act • Requires firms to provide info on US individuals • US citizens cannot be on platform • Accepted nationalities / residencies • UK, EEA, Aus / NZ citizens resident in UK • For non-resident UK citizens • IFA must have necessary regulatory permissions • Possible enhanced AML evidence • Tax wrapper limitations (Pension, Isa)

  26. Investment operations

  27. New Fund Managers this year • Alliance Trust Asset Management Limited • Barclays Wealth Funds Limited • Best of Breed Capital Limited • Carbon Footprint Investments Plc • Cheviot Asset Management • Distinction Asset Management Plc • Emerging Market Property Limited • Franklin Templeton Investments (Direct) • Gilliat Financial Solutions • Ignition Investments Limited • IM Caerus Portfolio Managers • Incapital Europe • JPMorgan Asset Management - Offshore • M&G (Guernsey) Limited • Mordaunt Estates Limited • Morgan Stanley & Co International Plc • Orchard Wealth Management Limited • Prudential (M&G) • Redmayne Bentley LLP • Smith & Williamson Fund Administration Ltd • Stratton Street Capital LLP • T1ps Investment Management (IoM) Limited • The Protected Capital Currency Fund

  28. und managerFull fund name AEGON Asset Management UKAEGON American Equity A GBP - Wef 5/1/2011 AEGON European Equity A GBP - Wef 5/1/2011 AEGON UK Equity A GBP - Wef 5/1/2011 AEGON UK Opportunities A Acc -Wef 5/1/2011 RufferInitial charges reduced on all funds to 0.5%.  Wef 1/11/2011 AllianzAll funds to be on a minimum of 50% AMC rebates apart from Gilt fund & UK fund.  Wef 5/1/2011 Seven IMAll initial charges on the "C" classes to set at zero.  Wef 5/1/2011 All reduced to 50 bps - Wef 5/1/2011 UBSB shares - are available on the platform with a minimum investment level of £100k.    Please note this minimum is at the underlying client level rather than the 'aggregator' level.  Wef 5/1/2011 A shares - new funds and now 50% AMC rebates.  Wef 5/1/2011 Aberdeen MultimanagerAll funds are now 50% of the stated AMC with effect from 5/1/2011 MargettsAll funds with Nucleus to creation with 0.75% rebate being continued on the four Risk Rated Margetts funds. With effect from 5/1/2011 Creation price for the Opes funds. GHCAll funds to pay 50% rebate wef 1/1/2011 L & G (Barclays)No initial discounts or AMC rebates will be applied for these funds - Barclays policy Scottish Widows Unit Trust Managers (not to be confused with SWIP)No initial discounts or AMC rebates will be applied for these funds – SWUT policy Fund manager Full fund name AEGON Asset Management UK AEGON American Equity A GBP - Wef 5/1/2011   AEGON European Equity A GBP - Wef 5/1/2011   AEGON UK Equity A GBP - Wef 5/1/2011   AEGON UK Opportunities A Acc -Wef 5/1/2011 Ruffer Initial charges reduced on all funds to 0.5%.  Wef 1/11/2011 Allianz All funds to be on a minimum of 50% AMC rebates apart from Gilt fund & UK fund.  Wef 5/1/2011 Seven IM All initial charges on the "C" classes to set at zero.  Wef 5/1/2011   All reduced to 50 bps - Wef 5/1/2011 UBS B shares - are available on the platform with a minimum investment level of £100k.    Please note this minimum is at the underlying client level rather than the 'aggregator' level.  Wef 5/1/2011   A shares - new funds and now 50% AMC rebates.  Wef 5/1/2011 Aberdeen Multimanager All funds are now 50% of the stated AMC with effect from 5/1/2011 Margetts All funds with Nucleus to creation with 0.75% rebate being continued on the four Risk Rated Margetts funds. With effect from 5/1/2011   Creation price for the Opes funds. GHC All funds to pay 50% rebate wef 1/1/2011 L & G (Barclays) No initial discounts or AMC rebates will be applied for these funds - Barclays policy Scottish Widows Unit Trust Managers (not to be confused with SWIP) No initial discounts or AMC rebates will be applied for these funds – SWUT policy Improved terms this year

  29. Agenda Overview • Where are we? • Recent developments • Development roadmap • Customer service update • DFMs Session 1: New Business changes Session 2: Hands-on training: • Model portfolio self-service • New Business • Transfers & Re-registrations • Top-ups • Wrap-up

  30. New Business Project • Objective: make new business submission straightforward for all users • Usability testing results (users liked): • Project has multi-phase rollout of features

  31. Usability sessions - Who took part? • Wendy Taylor • Sarah Bond • Christine Stevens • Arron Raiker • Kellie Barrett • Hugh Morton • Liz Porter • Sarah Rodrigues • Stella Swepston

  32. What do you LIKE about the current tool? • Participants praised the overall simplicity of the current tool • Although it is regarded as a complex tool, participants thought that it was easy to learn and relatively straightforward

  33. What do you DISLIKE about the current tool? • Although there were a number of complaints about the current system, the three main problems raised were: • It is difficult and time-consuming to select funds/assets • The process is drawn out and slow • It is not possible to jump back to a specific point in the process, necessitating an inefficient process of stepping back though pages.

  34. What you would like to see changed? • Unsurprisingly, the main requests were resolutions of the perceived issue with the existing tool. • Participants also talked about a desire to have more flexibility in the tool, both in the processes they can perform and the ability to navigate within those processes.

  35. New Business Project Phases • Phase 1 – Add Client - Live • Phase 2 – New business application • Phase 3 – Enhanced new business • Phase 4 – Illustrations

  36. Phase 1 – Already live • Add client • Separating the client from the application • Add a client and submit new business a later point • Add multiple clients • Set client platform access • Add memo assets • Edit client information • Edit client • Client information before you submit application • Email address, telephone number and client platform access for existing clients

  37. Add a new client

  38. Phase 2 - In Test • New design • Clickable navigation • Streamlined process – no need click through pages you don’t want • Label accounts with alias e.g School fees • Submit joint accounts online • Enter fees as a monetary amount • Pre-populated Transfer and Re-registration forms • Improved asset selection tool • Capture lives assured online

  39. Phase 3 – In development • Multiple bank accounts per client • Building society accounts including: • Nationwide, Skipton , Yorkshire, Halifax • Revised correspondence • Multi-client multi account

  40. Phase 4 • New illustrations engine and link to new business • AML online – no paper required • Paperless Direct Debit • Capture and update pension beneficiary information

  41. Agenda Overview • Where are we? • Recent developments • Development roadmap • Customer service update • DFMs Session 1: New Business changes Session 2: Hands-on training: • Model portfolio self-service • New Business • Transfers & Re-registrations • Top-ups • Wrap-up

  42. Over next few months…. • New business changes • Valuations / trading / management info changes • IFA self-service • Portfolio performance changes • Read Nu-speak for weekly operational / platform updates • NUGs for new developments • Become involved in helping with new features

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