Charges on the Aegon Platform€¦ · summary. Charges on the Aegon Platform 12 Ad hoc adviser...

Charges on the

Aegon Platform

For intermediaries only

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2

Learning objectives3

Intermediary charges

– the basics5

Taking intermediary

charges8

Managing ongoing

adviser charges13

Redirecting charges18

Managing and

monitoring cash23

Key dates and

reconciling charges29

Learning outcomes33

Charges on the Aegon Platform

Contents

3

Learning objectives


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Explore the key aspects of intermediary charges on the Aegon Platform.

Understand how and when we pay your charges.

Understand charging options for products available and how to redirect them.

Learn how to reconcile your intermediary charges.


Learning objectives

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- the basics


6Charges on the Aegon Platform

Intermediary charges – the basics

ChoiceInitial adviser charges - single, regular and cash

transfer contributions.

Ad hoc adviser charges.

Ongoing adviser charges – (% or £, including or

excluding VAT, minimum and maximum charges (£) and

tiered).

Tailored initial adviser

chargesInitial adviser charges can be a

percentage or monetary amount. Simple payment

We pay all charges from the product’s

cash facility.

We don’t need your

client’s signed fee

agreement for ISA, GIA or

Aegon SIPP.

Minimal paperwork

There’s a default sell down

in place on each product –

in case there’s not enough

money to cover

outstanding charges.

Default sell down


Intermediary charges – the basics

• Support material is available in the document library.

• The Intermediary charges section provides forms so you can set up or amend charges and supporting documents such as the key dates calendar and annual charge guide.

• Product specific forms are available under the individual product categories

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Taking intermediary charges



Taking intermediary charges

You can select the following intermediary

charges during the online quote and apply

process:

• initial adviser charge (IAC) on cash

transfers;

• IAC on single contributions;

• IAC on new regular contributions;

• ongoing adviser charge (OAC), and

• ongoing service charge.

OAC can be:

• a percentage;

• monetary amount, or

• tiered.

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You can take an IAC on new regular contributions in either of two ways:

1. A fixed amount over the payment period.

For example, £500 to be paid over a maximum of 36 months.

2. An amount of each contribution:

Monetary – for example, £50 each month for a maximum of 36 months.

Percentage – for example, 3% of a regular contribution for a maximum of 36 months.

IAC on new regular contributions Charges on the Aegon Platform

This option isn’t available for Aegon SIPP regular contributions or on existing regular

contributions.


IAC on new regular contributions

Available from:

• the quote and apply process

for a new ISA or GIA

product, or

• the Regular contributions

tab from the Product

summary.


Ad hoc adviser charge

You can request an ad hoc adviser

charge from the Intermediary

charges tab in the product

summary.

Simply select the Set up ad hoc

charge button.

You can then choose to use

available cash or select funds to

switch into cash to pay the charge.

We’ll give you a deal acknowledgement reference after you

submit the request online.

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Managing ongoing adviser charges


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• OAC can be set up as:

• a percentage;

• a fixed amount (£);

• to include or exclude VAT;

• a minimum and maximum amount, or

• tiered.

• You can also choose a service charge if you

want to charge separately for other services

you offer.

• The use of fee models is optional. To create a

fee model, please complete the Charge set

up form.


OAC options

To download the form, select Intermediary charges then Forms from the

document library.


OAC

From the product summary you

can view and amend ongoing

adviser charges in the

Intermediary charges tab.

To make changes select Manage

ongoing charges.


Change cash top-up method

From the Intermediary

charges tab you can also

view and change the cash top-

up method.

Select the Change cash top-

up method button.


Cash top-up method

You can select to sell from either the largest fund (default) or a nominated fund.

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Redirecting charges


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Fees and charges – payment options


Product level GIA GIA direct debit for cash

Product charges paid from

the product’s cash facility:

Annual charge


Service charges

SIPP drawdown charge

Selected product charges

paid from the GIA cash

facility:

ISA, GIA and SIPP

charges

All intermediary charges

All service charges


Selected product charges

paid from the GIA cash

facility – topped up by

monthly direct debit:

ISA,GIA and SIPP charges

All intermediary charges

All service charges



Manage product charges

Select Manage

product charges from

the client summary to

view how ongoing

adviser charges are

set up for each

product.


Payment options

Select to redirect charges from client

products into the GIA.

Where more than one GIA is available you

can select which GIA your client would like

us to take the charges from.


Direct debit for charges

You can also choose to set up a

direct debit into the GIA to cover

the charges taken from the GIA.

Select Next to:

• view an estimate of all monthly

charges;

• choose a direct debit amount;

• supply all direct debit

information, and

• submit the instruction.

2323

Managing and monitoring cash



• All charges, income or withdrawals are paid from a product’s cash facility.

• There needs to be enough money available in the cash facility to make payments.

• If there isn’t and you don’t tell us what to do, we’ll automatically sell funds to top up the cash balance.

• You can make sure there’s enough money available by:

• allocating a specific amount into the cash facility;

• switching from funds into the cash facility;

• automatic cash top up from largest fund (default option);

• automatic cash top up from nominated fund (fund selected through the Intermediary charges section in the Product summary), and

• automatic recurring switch to cash from selected funds or proportionately (set up by sending us a completed recurring switch from cash instruction).

Managing and monitoring cash


Cash ring fencing reminder

• We collect charges from the available cash when

they’re due.

• This may mean the cash you want to use for other

purposes may be used to pay monthly charges. This

is because it isn’t currently ring fenced.

• Examples of instructions this can happen with are

ad hoc adviser charges and GIA to ISA switch

(single and joint accounts).

• You may want to switch an additional amount to cash

to make sure there’s enough money available.


How to switch to cash

1. Complete the online switch process to switch the required monetary amount to cash.

2. Where cash isn’t ring fenced, we suggest you oversell to cover the potential impact of

monthly charges.

3. Wait for the pending trades to settle before placing the next transaction.

To view an estimate of the monthly charges, select Manage product charges from the

client summary screen, and then select to pay by direct debit. The next screen shows

the estimate.


Switching to cash – ring fencingWhen switching, you’re asked if you want to Use the cash allocation for fees and charges.

If you select Yes - the cash will only be available for ongoing adviser charges.

If you select No - it will be available for all charges and anything else.

We don’t ring fence for ad hoc adviser charges


• The Wrapper Data report allows you to monitor all product cash balances.

• Go to the Product Wrappers Opened and Held Reports section in Report Zone.

• It opens a customisable report with over 60 data fields.

• Use the Layout tab to select data to include.

• To view cash information select from:• cash value;• available cash, and• cash percentage.

Cash balance monitoring

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Key dates and reconciling charges


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• We calculate the OAC using the product value on the last working

day of the month.

• We’ll collect the payment from cash on the first business day of the

month.

• If there isn’t enough cash available to fund charges and a sell

down is required, we’ll sell down automatically, wait for the cash to

settle and make payment on the following Monday.

• We pay IAC and ad hoc adviser charges weekly.

• All charges are paid by BACs.


Key dates

You can find our key dates for intermediary charges calendar in the document

library under Intermediary charges > Support literature


Access information from the

Adviser Remuneration

Reports section of Report Zone to:

• Check paid charges.

• Identify clients who aren’t paying charges.

• Search charges by date and type.

• Check outstanding ongoing adviser

charges.

• Identify clients with no ongoing adviser

charge.

• Export to Microsoft Excel or PDF.

Reconciling charges – Reports


• Data files with full details of all charge payments can be

accessed using our eData service.

• eData supplies data to back-office systems and other services that have links with us.

• We can help you to integrate our data so links seamlessly into your back-office systems for intermediary charge reconciliation.

• Email our Platform Consultant team at

[email protected] to get started.

Intermediary charges data integration

As email isn’t a secure method of communication, please don’t include any personal, financial or banking information.

mailto:[email protected]

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Learning outcomes



We’ve explored different intermediary charges, the options available and their features.

You should now understand the different ways you can instruct and redirect charges.

You should now know how we calculate, collect and pay intermediary charges.

You should now know how to reconcile intermediary charges.

Learning outcomes

35

APLT386189/01/20

Charges on the Aegon Platform€¦ · summary. Charges on the Aegon Platform 12 Ad hoc adviser...

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Transcript of Charges on the Aegon Platform€¦ · summary. Charges on the Aegon Platform 12 Ad hoc adviser...