Nucleus wrap updates
2023 Defaqto Gold Service Rating
We’re delighted that Nucleus Wrap has been given a Gold rating for platform service by Defaqto.
A Gold rating means that we deliver the highest level of adviser satisfaction for provider perception, new business administration, existing business administration and online service.
You said, we did
You said..
It would be helpful for clients to be able to see their remaining ISA allowance.
We did..
We’ve added a feature in Nucleus Go so clients can check their remaining ISA allowance. To find this, click into ISA account then click the expand arrow beside ‘Allowances for current tax year’. This shows the allowance remaining, including any replaceable withdrawal allowance.
Updating model portfolios
Please remember to update advisory model portfolios when you’re informed of an asset that has been closed. Models which contain a closed asset prevent an account from rebalancing. If the account fails to rebalance you may need to consider the impact on your clients’ account.
Similarly, when we advise you of a corporate action, e.g. a fund merger, it’s really important to update any models which hold the impacted asset. This ensures the assets your clients are invested in are tradable and accounts can be rebalanced to keep them aligned to the model portfolio, as required.
Cash interest rates
You might remember, in July last year, we changed the way we manage cash holdings and pay interest to your clients – all geared at ensuring their cash works harder for them.
We now actively manage cash through our carefully-selected banking partners and link interest paid directly to the rate earned.
In 2022, this approach made it possible for us to pay your clients almost 10 times more interest for Q3 than we did for Q2 and a further 2.5 times for Q4. In the near future, we expect to pay even more.
The rates are disclosed and fully transparent - you can view them on our website.
|
|
% of interest earned | % of interest paid |
|---|---|---|
| 2022 Q1 | 0.02% | 0.02% |
| 2022 Q2 | 0.05% | 0.05% |
| 2022 Q3 | 1.80% | 0.48% |
| 2022 Q4 | 2.81% | 1.23% |
| 2023 Q1 | 3.55% | 1.79% |
Clients who haven't accessed Go to view documents
We're delighted that over 60,000 clients can easily view all their important documents by using our secure online portal, Nucleus Go. We do however have a number of clients who have online correspondence preferences but can't access their information online. This can occur if clients have no email address or an invalid one on their platform record, which is a requirement to complete the Go registration process. There are also occasions where clients do have an email address but can’t access their online documents as they’re locked out, or not registered on Go.
We really want to get these clients back up-and-running on Go, which is why we plan to write to clients who have online correspondence preferences but can’t access their information online. We’ll of course let you know if you have any clients affected before we write to them.
As always, if you've any questions, please don't hesitate to contact us.
New change of client name process
When a client wishes to change their name on the Nucleus Wrap platform, following marriage, divorce, or deed poll, we need to ensure we capture the client’s new name and signature for our records to avoid future potential delays with signature validation.
We’ve created a new Change of name form which we’ll need the client to sign with a handwritten signature. They’ll also be able to confirm if the name on the bank details we hold also needs to be updated (sort code and account number remain the same).
As with all name changes, we’ll still require sight of the appropriate legal document.
Both forms can be accepted via Jira messaging.
Please get in touch with your usual Nucleus Wrap contact if you’ve any questions.
Costs and charges statements
At the start of March, we uploaded this year's annual statement of costs and charges to the platform and Nucleus Go. Following this, clients who previously opted out of paperless received their copies by post.
Partial segment surrender process for bonds
We’ve improved the partial surrender process for bonds. Previously, assets often had to be sold ahead of instructing a partial segment surrender so there was a risk that the proceeds could unintentionally be used for other transactions on the account.
Now, on receipt of a partial bond surrender, the platform generates pro-rata sell trades to maintain the current asset balance and the proceeds of the sell trades are held in reserved cash. Once all trades have settled, the segment surrender completes with the proceeds paid to the client.
Before a partial segment surrender, sell trades will always be generated by the platform on a pro-rata basis, this means that no longer need to request sells ahead of time.
Summary:
- Full bond surrender – sells are required to be placed by the adviser
- Partial segment surrender – sells are automatically generated pro-rata by the system
- Surrender request across all segments – sells are required to be placed by the adviser
