We have worked closely with Intelliflo to make sure your electronic valuations and electronic commission and fee reconciliation continue to work as usual.
We have also made improvements so you will now be able to access bulk valuations for all your clients daily. These can be imported directly into Intelligent Office (iO).
Updating your software
Together with Intelliflo we have ensured that all the required updates have been taken care of so you can relax without any interruptions.
Updating your username and password
If you are already using valuations or automated fee and commission reconciliation (EDI) through our platform, we have supplied Intelliflo directly with all the details they need to set you up with the same services so there is no need for you to update usernames and passwords.
Updating your account numbers
As part of our technology platform upgrade, we have issued new account numbers for all existing accounts. At migration we will communicate the new account numbers to Intelliflo so they can make the updates on your behalf.
Intelliflo can only update account numbers where the correct account number is currently stored in Intelligent Office. Please ensure that all of your client details are up to date to ensure this process is as successful as possible. For any plans that fail to be updated automatically, you will need to update these manually once the new platform is live.
If you have allocated fee payments to an account in the past which does not have a correct account number in Intelligent Office, you will also have to update these manually.
Processing the final EDI file using the legacy plan numbers
Before Intelliflo updates your account numbers in Intelligent Office, you must reconcile the final fee statement (EDI) that we send from the current platform. This will be sent on the Thursday prior to the migration weekend.
We have agreed with Intelliflo that they will update your account numbers 5 days after we send the final EDI statement (Thursday evening). This allows for the Intelliflo auto-matching process to run and to also provide additional time for any manual allocation not picked up by auto-matching.
It is therefore very important that you reconcile your final statement before Intelliflo update the plan numbers.
If you do not process this final EDI it will result in manual allocation of all payment items due to differing account numbers.
Crystallised and uncrystallised holdings
For clients that currently hold both crystallised and uncrystallised holdings in our Collective Retirement Account (CRA), we will be creating separate accounts to hold each of these components.
Opt–In bulk creation of Income Drawdown plans on iO
We will supply Intelliflo with the data on the CRAs and Intelliflo are offering firms an optional migration of existing CRA plan data.
Intelliflo will email a short survey to all firms impacted by the CRA splits, this is for you to authorise the bulk creation and selling adviser of new Income Drawdown plans in your iO account.
The following migration options are available:
1. I require the selling adviser of the new pre-existing plan created for the partially crystallised holdings to be:
A: The client servicing adviser (recommended)
B: The selling adviser recorded against the existing uncrystallised pension plan
2. I do not want to have any partially crystallised plans migrated and understand this data will need to be updated manually
Intelliflo is recommending option 1A for the least disturbance in valuations/income reconciliation.
The valuations benefit of option 1A is that the crystallised element of the CRA will start immediately through the new daily bulk valuation service - Therefore even though the single plan has been split into two, there will be no impact to the portfolio gain/loss.
The Income benefit is that any fees received on only the crystallised element will have a unique plan match.
There are additional areas you will need to review to ensure your client portfolio report and company MI is up to date:
Fee expectations – Any fee expectations already recorded in iO will be related to the ‘Uncrystallised/Accumulation’ existing account and will be calculating based on that account valuation. If you are receiving fees on the ‘Crystallised’ holdings, then you should link this newly created account to the existing fee (IOF) record.
- Contributions and Withdrawals – Any Contribution/Withdrawal data recorded against iO accounts, which are being split into Crystallised/Uncrystallised holdings, will need to be updated for the gain/loss figures to be accurate on each account.
This can be achieved by recording a transfer withdrawal and corresponding Contribution to show the crystallised income. Please see the iO Community article ‘How do I record internal transfers to show in the Portfolio report?*’ for further details. Please note you need to be logged into iO to view this link.
Old Mutual Wealth will not be able to supply this historical Contribution/Withdrawal data to populate iO.
Changes to how you request valuations in Intelligent Office
Currently you obtain valuations by real time contract enquiries (live or scheduled), you will no longer need to do this as valuations will update automatically each day.
Ensuring all accounts are valuing correctly after the migration
Intelliflo will be making as many account number updates as possible on your behalf, however as mentioned, please ensure you have as many correct account numbers as possible in iO to ensure this is successful.
Once the migration has completed/any new accounts created, we recommend that you export the iO MI Report ‘Bulk Valuation Report’ for Old Mutual Wealth, to review any ‘No Eligible Plan Match’ rows.
Please see the iO Community article ‘Using the Bulk Valuation Report*’ for further details. Please note you need to be logged into iO to view this link.
* The iO articles linked to this page are provided by Intelligent Office and, as such, Old Mutual Wealth is not responsible for the content of these articles.
If you have any questions or need any help, please contact Intelligent Office Support using the following details.
☎ 0330 102 8400