Skip Header

Re-registration and transfers

If you are considering transferring assets to Fidelity Adviser Solutions, we are here to support you all the way. We’ll help you manage the whole process from start to finish.

Moving clients to a new platform has historically been perceived as a time-consuming, labour-intensive task. So, we’ve completely reviewed our re-registration and transfer proposition to help make the process as simple and efficient as possible. Here you’ll find all the support you’ll need prior to, during and upon completion of any applications on behalf of your clients.

Benefits of working with us

Process

  • A fully compliant process supporting the requirements of the FCA’s Platform Market Study
  • We only ask for client signatures if the existing provider requires a letter of authority
  • We provide automated electronic transfers between fund managers and other platforms, allowing for a smoother process
  • Our re-registration and transfer process is fully online.

People

  • Support from our experienced and skilled transfer specialists
  • Consultative engagement to help design and implement your bespoke transfer plan
  • Continuous point of contact throughout your transfer project.

Tools

  • Online illustrations are available, if required
  • You can enter the acquisition costs once assets are re-registered to an Investment Account in order to receive capital gains reporting
  • Re-registration and transfer tracking tool provided as an integral part of your clients' accounts.

Technology

  • We support you by determining whether the fund/share class held by your clients are available on the platform and available for re-registration
  • A bulk re-registration/transfer service, should you wish to move a book of business altogether.

Please email us if you would like to discuss new business opportunities or anything related to re-registrations or transfers.

There are two ways to move client assets from one platform to another. You can either move the assets in-specie (re-registration) or through a cash transfer.

  • Re-registration allows your clients to remain invested, depending on the availability of the assets on the new platform. This option usually takes longer than cash transfers due to the complexity of the process.
  • Cash transfers on the other hand usually take less time but expose the client to market fluctuations as they will be out of the market for a period of time until the cash is reinvested at the new platform.

The transfer and re-registration process is summarised in this diagram, although you can also find out more from the sections below.

You can also find out more in our guide to moving client assets.
 

Skip to section

How the re-registration process works

The re-registration process has multiple stages:

  1. The adviser submits the application and, if a provider is not electronically enabled, a letter of authority
  2. We review the application and issue a valuation request to the ceding (current) platform
  3. The ceding platform attempts to locate the client based on our information
    1. If the client is matched, a valuation is issued to us
    2. If the client is not matched, a rejection is issued to us
  4. We review the valuation and determine if re-registration is possible for each asset
    1. If the asset is available on our platform, then the re-registration application can proceed
    2. If the asset is not available on our platform but an alternative share class of the same fund is available, a conversion is requested
    3. If the asset is not available on our platform and there is no alternative share class available:
      1. Investment Accounts – the asset is excluded but the rest of the assets will be re-registered
      2. ISA – a request is made to sell down the asset and to send the cash to us
  5. We issue a transfer instruction (known as an acceptance) including specific asset instructions
  6. The ceding platform reviews the transfer instruction
    1. If all instructions are valid, they instruct the fund providers to execute stock transfers (and conversions or liquidations where required)
    2. If any asset instruction isn’t valid, or there are any client restrictions discovered (AML, etc.), a rejection is issued to us
  7. The fund provider executes a stock transfer, conversion or liquidation and sends a Confirmation of Transaction (COT) to us and the ceding platform
  8. We receive the COT and apply the units to the client’s account. If a cleaner version of the fund available, we will automatically send a conversion instruction to the fund provider to convert to the preferential share class
  9. Once all the assets are received, the ceding platform will issue any cash on the account to us. We will locate the payment (either cheque or BACs) and place the cash into the client’s account.

The re-registration journey

How the cash transfer process works

Cash transfers are simpler than re-registrations:

  1. The adviser submits the application and, if a provider is not electronically enabled, a letter of authority
  2. The ceding platform attempts to locate the client based on our information
    1. If the client is matched, a valuation is issued to us
    2. If the client is not matched, a rejection is issued to us
  3. We issue a cash transfer instruction
  4. The ceding platform reviews the transfer instruction
    1. If client data is matched and all required paperwork received, the ceding platform sells down all assets
    2. If any data is not matched or there are client restrictions (AML) or any paperwork outstanding, a rejection is issued to us
  5. The ceding platform issues any cash on the account to us. We will locate the payment (either cheque or BACs) and place the cash onto the client’s account.

The cash transfer journey

Points for consideration before moving assets

  • Fund eligibility – check the client’s funds (and share classes) are able to be moved. Eligibility can be ascertained in the re-registration quote. The system will inform you whether the fund can be re-registered and whether it will be subject to a conversion or not. If the fund is eligible but we hold a different share class, we’ll show that fund can be moved but we’ll then convert it into the alternative share class.
  • ISAs – if we don’t have access to a fund the client holds, we’ll request that this holding is sold and sent across as cash. This means the transfer will always be fully completed. Any fund sold down and sent as cash will be placed into Product Cash.
  • Investment Accounts – if we don’t offer the fund, we’ll leave this with the existing provider and only move the assets we can accept (including any holding in cash). If you wish to bring across all assets, any assets that we don’t offer will need to be converted into an alternative fund that we do offer or be moved into cash. However, you would need to consider any CGT implications of moving these assets.
  • If a fund being moved is still in a bundled share class, we’ll automatically convert this fund into the equivalent clean share class.
  • Check whether the old plan manager charges exit or other service fees that might need to be taken before the client moves assets to us. The payment of any fees often delays the completion of an application.

Frequently asked questions

What information can delay applications if it is missing or incorrect?
What other factors can cause delays?
Is a letter of authority required?
How can a case be tracked once the application has been submitted?
What communications will I receive throughout the process?
What documentation can I expect to receive?
What actions are required once assets are received?
What is the expected timeframe for completion of the process?
How do I produce a quote for a re-registration or transfer?
Will my client need to sign any forms?
What is a conversion and when is this necessary?
Can I place other business for my client while a re-registration or transfer is going through?

Related content

About our ISA

We offer both an ISA and a Junior ISA, providing choice and flexibility for both new investments or for transfers from other providers.

About our Investment Account

Our Investment Account offers access to over 5,500+ funds and ETIs, such as Exchange Traded Products, Investment Trusts and equities, from over 240 different fund partners.

Transferring clients between firms

There are three scenarios in which clients can be moved between firms.