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OverviewAccount dealing
Here we explain different ways you can transact on behalf of your clients – whether it's investing a lump sum, opting for phased investments, creating a Regular Savings Plan or switching from one investment to another. You’ll also find information on using our model portfolio service here.
Application forms
Anti-money laundering (AML) procedures
You can sell investments within your client’s ISA or an Investment Account and keep the proceeds as cash within that account. Alternatively, you can direct the proceeds to the client’s Cash Management Account (CMA) or to their bank account. You can also withdraw money held in your client’s CMA to their bank account.
For information on withdrawals from client pension accounts, including tax-free cash, drawdown and UFPLS, click here.
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Sell types and methods
Selecting a sell type
You can choose to sell all the investments in the account at once, or you can select a specific amount to sell.
If you want to include cash in a withdrawal, you can specify this once you have selected the sell type and the amount to be withdrawn. You simply need to decide how much should be raised from cash within the account before choosing a sell method to raise the remaining value.
Selecting a Sell method
There are four different sell methods to choose from:
- Cash Amounts (£) - select an amount per asset to generate a specific value from the sale
- Percentage Amounts (£) - select a percentage per asset to generate a total amount from the sale
- Quantity (shares/units) - select a number of units/shares to sell. The amount raised will depend on the price achieved on the day of the deal
- Proportionally by value - sell from all assets in the proportions in which they are currently held to generate a total value for the sale.
Fees and charges
All fees and charges related to exchange traded investments will be deducted from the amount raised by the sell. You may wish to increase the value of the instruction to cover fees.
When selling a fund with a fund manager charge, units of sufficient value to cover both the specified withdrawal amount and the Fund Manager’s Sell Charge will be sold.
Frequently asked questions
Payment of proceeds depend on two timescales.
- The settlement period required by the fund provider or market – this can be between three and six days
- BACS timescales which take three to four working days.
Payment to the client can therefore be between six and ten working days from the date the instruction is placed.
If a client is withdrawing a specific sum, any sale of a particular fund greater than 90% will convert to a unit-based deal for the whole transaction (the reasons for this 90% tolerance level are given in the answer to the question below). Once 90% is exceeded, you will need to submit the whole instruction as a unit-based sale (using the ‘quantity method’ which will allow you to specify units). It won’t therefore be possible to raise an exact amount. The system will present you with a warning message asking you to do this.
Your other options are as follows:
- Proportional sell: where it is unlikely that 90% will be exceeded for any fund
- Consideration based sell: where the amount is less than 90%.
The reason for implementing a tolerance is to avoid deal failures where assets drop in value. For example, if a client has £1,000 in a fund and requests a sell deal of £950 (95%) and the price drops so their holding is only worth £940, then the deal cannot be executed. This is a common approach across platforms.
The tolerance is set at 90% so it is still effective in periods of extreme market volatility. It’s still possible to achieve a sell of between 90% and a 100% of the value of an asset, it just needs to be done on a unit basis. This will of course mean the client won’t know the exact amount realised until after the relevant pricing point.
For trust accounts, you can place the sell instruction online and print out a paper form for all the trustees to sign. We will carry out the instruction when we have received the form. We can make the payment to any of the trustees or to the trust bank account. In some cases, we may need to see identification verification documents. We plan to offer an online withdrawal service in the future.
For company investments the process is similar to the above, although two authorised signatories need to sign and we will only make payment to the company’s bank account.
Yes, we do provide this facility. The easiest way for clients to do this is online at fidelity.co.uk (registration and log-in is required).
You can find out more about getting clients online here.