We have been working closely with Iress to make sure your electronic valuations and electronic commission and fee reconciliations continue to work as usual. To ensure a smooth transition to the new system, there are some actions you may need to take to ensure there is no disruption to your adviser software, which you can read more about below.
What should you do before moving to the new technology?
Iress will automatically migrate your data feeds to the new technology, providing you are currently using Old Mutual Wealth’s bulk data feed.
The existing data feed will update information on all of your existing accounts. If the feed cannot find an account within XPlan it will create an ‘unmapped account’. We recommend that you review any unmapped accounts before the move to the new technology platform and map them to the correct client. You can do this by following these four simple steps:
- From the main Xplan main menu select ‘Datafeeds’and ‘System Datafeeds’.
- Select ‘Mappings’ from the left-hand navigation panel and ‘IPS External Accounts’.
- In the search filter, drop down the 'Listing option' to 'List unmapped'.
- From here you can map any accounts to the client they belong to.
If you do not currently use our valuation feeds through Xplan please read this guide to find out how to enable electronic valuations.
Updating your software after moving to the new technology
Updating your account numbers in Xplan
As part of our technology platform upgrade we will be issuing new account numbers for all existing accounts your clients hold. We will be communicating the new account numbers to Iress so that they can update the account numbers on your adviser software automatically. Iress will then carry out the migration of the account numbers across Xplan. This will take 2 – 3 days. You will then need to make some simple updates to begin receiving your usual data from the new system.
Part crystallised pension accounts
On the new platform, part crystallised pensions will be split into a crystallised account and an uncrystallised account. For Xplan users the data feed will create the new portfolio accounts and map them to the client and pension that the original account was mapped to. This way all existing data (contributions, withdrawals, etc.) and both the crystallised and uncrystallised portfolio accounts will all be against the original pension. Effectively leaving you with one pension as you had previously with the value being updated daily from both portfolios.
Updating your data feed
To start receiving our new bulk valuation feed you will need to enter your FCA Number against an adviser mapping in Xplan. You can do this by following the steps below:
- From the main Xplan menu and select ‘Datafeeds’ and ‘System Datafeeds’.
- Select ‘Mappings’ from the left-hand navigation panel and ‘Advisers’.
- Select the provider (Old Mutual Wealth Platform) and a user that has access to all clients.
- Click ‘Add Mapping’ and enter your firms FCA reference.
- Contact Iress Support on email@example.com to ask them to validate your mapping.
If you have any questions or need any help please contact Iress using the following details.
Iress Xplan Support
☎ +44 (0) 345 068 3000