This step-by-step summary explains how to switch a client’s investment funds and/or redirect ongoing contributions into alternative funds.
What you’ll need to get started
- The client’s investment details (the investment must already be set up).
- Names of the funds you wish to switch into.
- You cannot select any assets to sell as we will automatically calculate and carry out the necessary trades.
- All assets within the account will be switched.
Switching and redirecting funds
① From the homepage, search for the relevant client.
② Click on the ‘Switch’ button at the top of the client’s dashboard.
③ On the ‘Client switch/redirect’ screen, complete the questions relating to the advice that’s been given.
- Select ‘Switch by account’ you can select multiple accounts at this stage, if they are going to the same fund choice.
- Select ‘Switch and redirect’ to switch the existing fund holdings and redirect ongoing contributions (alternatively you can choose to do one or the other).
④ Select which accounts you’d like the switch/redirect to apply to.
- The screen that follows will show details of the selected accounts. You can remove accounts by clicking on the red cross.
⑤ Select the new assets to switch into. You can choose to switch into model portfolios, funds or exchange traded instruments.
- Enter the asset allocation percentage split amongst the selected assets, including cash holdings, and ensure the total equals 100%.
⑥ The next screen allows you to review the information you have entered and view supporting documentation.
- Supporting documentation for the instruction is displayed at the top of the screen.
- Use the ‘Edit’ options to make any amendments.
- Review the information, tick the declaration and click ‘Confirm’.
- A green banner will appear at the top of the screen confirming that the switch instruction has been successful.
⑦ You can view the instruction details within the ‘Activities’ tab from the client’s account dashboard.
How do I switch funds by account video
Switching between share classes
If you switch between share classes of the same asset it will show as a disposal in the CGT tool and on the CGT Report and cannot be corrected. We will be looking to deliver share class conversion functionality shortly which, when available, will allow a client to move from one share class to another without the transaction being deemed a disposal for CGT purposes. If the use of the CGT tool and CGT Reporting is required as part of your planning on this account it may be worth considering waiting until next year when the functionality is delivered.