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The value of investments can go down as well as up, and your clients could get back less than was paid in.
Each day the platform will automatically check for drops of 10% (and multiples of 10%) against the stored benchmark value for the portfolio or leveraged instrument. If a drop has been realised, then an alert is sent to the client's adviser. The alert will contain information confirming which client(s) has been impacted.
In addition, for Wrap, a PDF letter is created summarising the drop details and placed into the client's online document store.
In March 2020 the FCA announced a degree of flexibility around 10% drop notifications and has recently extended this until the end of March 2021.
On the back of this announcement we have decided that our 10% drop monitoring and reporting functionality (for Discretionary Managed Portfolios and Leveraged Instruments) will continue to operate as normal. For more information on our 10% drop process please visit our MiFID II page.
We will seek to obtain further clarity from the regulator on their announcement and any changes moving forward.
In order for key personnel within your firm to receive notifications, you should ensure that they are registered to receive “alerts” via the platform. Read our guide to setting up alerts on Standard Life Wrap or our guide to setting up alerts on Elevate.
For Elevate, an email will be issued to client’s adviser as shown on the client’s platform account. Advisers should ensure their email address on Elevate is up to date.