During our technology upgrade we have worked closely with Plum 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 of your clients on a daily basis. These can be scheduled and imported directly into Plum.
Updating your software
Together with Plum 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
In order to configure Plum you will need a new username and password to allow your bulk valuations to download securely.
This username and password will be different to the ones you use to access our technology platform or used to access the previous valuation services.
Your new username and password will be available shortly before we move to our new technology platform and we will be in touch with your designated contact at least a week before the migration to let you know the details.
To enter your new details please follow these steps:
LAN & ASP users
Select any client and navigate to provider link:
1. Tools>Provider Link
2. Select Configuration> Provider Select
3. Select the ellipsis under Quilter
4. Enter your new details and select Save & Exit
For LAN clients the steps have been completed.
In addition to the above steps, you will need to repeat on your local machine
1. Open the Provider Link Desktop Client
2. Select Configuration and repeat steps 3 + 4 above
3. Save & Exit
Changes to how you request valuations in Plum
The way you request valuations is unchanged and you can continue to request valuations through Provider Link as usual. Any schedules that you currently have setup will also continue. If you wish to change or setup a new schedule please talk to Plum.
Updating your account numbers
As part of our technology platform upgrade we have issued new account numbers for all existing accounts. We have already communicated the new account numbers to Plum so they can make the updates on your behalf.
For clients that currently hold both crystallised and uncrystallised holdings in our Collective Retirement Account, we will be creating separate accounts to hold each of these components.
Where a pension is being split Plum will automatically create the new accounts for you, but you will have to update any relevant information such as remuneration schedules for these newly created accounts. Please see the section below. Pension accounts that are not being split will not be affected.
For split pensions the old account will look similar to the below:
After the update, new accounts that have been split will appear as below.
There will be 3 elements to this.
- Original account with new number
- New account with new number
- Overarching wrap/group policy to join the new accounts up for reporting.
Updating your account numbers used to reconcile payments
At migration Plum will automatically update accounts with the new account numbers and store the old account numbers under the ‘remuneration reference’ field.
After you have reconciled the final EDI statement that we send from our current platform on the Monday following migration you should contact Plum to ask them to remove the old 'remuneration references'.
Plum have added the old account number to remuneration reference on the original account to allow you to still reconcile against the original number.
When the new account reference numbers are provided on the remuneration link after migration, please notify Plum who will remove the old references and allow you to reconcile against the new numbers.
If you do not process this final EDI it will result in manual allocation of payments due to differing account numbers.
Changes to remuneration
You will need to create a new remuneration expectation for any new accounts created as a result of us splitting pensions. This can be done from the Policy Bulk Editor
Select Advanced Tools > Policy Bulk Editor
Using the search menu, filter out Old Mutual Wealth Polices (the name of the provider will depend on how you have named this).
Choose the policy that you need to set up new remuneration and select Remuneration Wizard.
Complete the relevant information and select Save and Exit.
Repeat with all relevant policies.
If you have any questions or need any help please contact Plum Support using the following details:
T: 0203 873 5567