Operations & Onboarding
How do I get started?
If you’d like to learn how you could work with P1 Platform, please contact the team using the details at the bottom of this page.
What support and training is available?
Our support team are available to answer any questions you have or provide any assistance you require.
Assistance can either be provided over email, telephone or even by video call (Zoom/Microsoft Teams).
We aim to respond to most queries within 1 working day, that being said, some issues may take longer to resolve.
How long does it take to get set up?
The time frame is dependant on how quickly you want to progress.
The P1 Platform is flexible to your needs and we can adapt our process to move quickly as you need.
How do I set up a client?
Client accounts are created via the platform and once all details have been supplied and submitted, the client receives an email to notify them of their account set up.
Every client must have an email address to use the platform and each email address can only be used once as the email address is a unique username when accessing the system.
Once submitted the client is then required to set up a password and log in to review the details input and then accept the Terms & Conditions of the platform, as well as any product declarations.
When the Terms & Conditions have been accepted the client account will become active and then pensions and investment accounts can be created for all transactions to then be processed.
Do you accept overseas clients?
We do not accept US clients.
Please contact us to discuss any other overseas clients.
How does the Message Hub work?
All activity can be found in the client message hub. This includes notifications such as contract notes, adviser fee payments and new account openings.
When a message lands in the message hub, a notification email is sent to the client to prompt them to log in.
Can I white-label the platform?
We offer a full white-labelling of the platform; for both the adviser professional portal and the client portal.
Communications from the platform are also be white-labelled. This includes the ability to mask the platform web address with your own (such as platform.IFAfirm.com) and the email automatically generated from the Message Hub the email will be routed via your domain, so the client will know it’s from you.
The set up of a white-labelled platform takes up to one month, so we recommend starting on the P1 Platform to get familiar with the platform itself .
The fee for a white labelled platform will be £100 per month, when adopting the standard platform charges. This white label fee is payable for a minimum period of 12 months from the date of signing the platform agreement and thereafter will be renewed each 6 months for a further minimum term of 6 months.
Account Management, Fees & Charges
Can I move money between wrappers?
Users are able to move money between the same wrapper types and in some cases different wrapper types (for example from GIAs to ISAs).
Do you offer self-trade functionality for clients?
Clients are able to have self-trade investment accounts alongside their advised investment accounts.
Do you pay interest on cash?
Yes. We pay 3.2% per annum interest on cash held on platform.
| AER | Time period |
|---|---|
| 0.80% | 10/12/2022 – 08/01/2023 |
| 1.00% | 09/01/2023 – 05/03/2023 |
| 1.20% | 06/03/2023 – 16/04/2023 |
| 1.40% | 17/04/2023 – 11/06/2023 |
| 1.50% | 12/06/2023 – 19/06/2023 |
| 2.90% | 20/06/2023 – 04/07/2023 |
When are adviser fees paid?
Fee payments are made from the platform weekly, paid on Friday, to clear in the adviser bank account approximately 3 working days later.
Initial and adhoc fees that are taken from the wrappers up until Thursday night, will be paid that Friday.
Ongoing fees are taken from the wrappers around the 10th of each month and will be put into the weekly pay run as explained above.
If fund units need to be sold to pay fees, this will trigger the fund sales from the largest fund holding, and the cleared cash will be taken when available and land in the next weekly pay run.
Adhoc fees can only be made from cash held on account.
What reporting is available for fees?
Fee reports are available from the platform under the Reports tab, as well as various back-office integrations automatically.
What are the costs associated with the platform?
Our full range of charges can be found by visiting: https://p1-im.co.uk/p1-platform/price/
Payments, Withdrawals & Transfers
How can I bring money onto the platform?
Funds can be added to the platform either through payments in, both single and regular payments, or transfers in from other providers.
Payments in can only be made by either direct debit or bank transfer.
Once a payment expectation by bank transfer has been keyed onto the system you will be provided the payment details linked to that expectation. Once payment has been made, as long as the amount and reference matches the system, the funds will be allocated and visible on the platform within seconds of being sent.
We require one payment expectation per payment we are due to receive. This allows us to allocate funds instantly on receipt, as stated above. We cannot allocate multiple payments against a single payment expectation.
How long does a direct debit take to set up and make a payment?
Each new direct debit takes 5 working days to get set up.
Each direct debit payment takes 3 working days to be taken.
A direct debit payment requested from a new direct debit will take 8 working days to process.
How long does it take for money to reach a clients bank account after instructing a withdrawal?
It takes 3 full working days from the point at which cash is cleared in a client’s account.
If an investment needs to be sold first, then it can take anywhere up to 4 working days for the sell order to settle in a client’s account.
In total the whole process could take up to 7 working days from the point of submission to a client receiving the funds.
What dates do you offer for payments and withdrawals?
Payments in can be requested to be taken on/paid in for the 7th, 14th, 21st, and 28th of each month.
Withdrawals for GIA and ISA wrappers can be requested to be received on the 7th, 14th, 21st, and 28th of each month.
See the pension section for further details on withdrawals for pensions.
How do I request a transfer in onto the platform?
We process transfers in via the platform using the Origo Options and Altus Transfer Gateway (ATG) systems. Origo allows for cash payments of pensions, whereas ATG allows the electronic re-registration of assets and cash payments.
When requesting a transfer in via the platform you will be given the option to select a provider from as drop down list. If the provider you are looking to transfer is not on this list then please contact us so we can confirm to you how we would need to proceed.
Do you accept Defined Benefit (DB) pension transfers?
We accept Defined Benefit (DB) pension transfers where there has been positive advice only.
We do not accept transfers for insistent clients.
Funds & Dealing
Who has custody of client assets?
The custodian of the P1 Platform is Seccl Custody, who are a subsidiary of Octopus.
Seccl do not provide an offshore custody service.
What investments are available?
The platform is open-architecture and has a substantial range of funds available.
We can add funds not currently available on a case-by-case basis should they be required, if the fund provider is happy to enter an agreement should one not already be in place.
Exchange-Traded instruments, (ETFs, Direct Equities, Investment Trusts, and VCTs) available via the London Stock Exchange (both Main Market and Alternative Investment Market).
Can you do mandatory corporate actions?
We can do mandatory corporate actions (stock split, cash dividend, or bonus issue). however, we aren’t in a position to do voluntary corporate actions (buyback or rights issue).
Can SECCL report exchange transactions to Unavista with MIFIR?
Yes that correct, we do transactions reporting daily via Unavista which is part of the LSE.
How does aggregated trading for Exchange-Traded instruments work?
If a model portfolio consists of exchange-traded instruments, a wholesale model portfolio change or rebalance will aggregate the trades of the same instrument together into a single trade, meaning that each client is more likely to pay the standard 0.04% charge, rather than the £4 minimum trade charge.
Any individual client rebalance or regular payments into a model will incur the 0.04% trading charge, but subject to the minimum of £4 per trade, which could make this instruction relatively expensive for a client.
In these scenarios, it would be sensible to consider any regular payments (or smaller single payments) to go into an account as cash, and then for this cash to be swept up during the normal rebalance frequency. The client will then benefit from aggregated charging.
Reporting
What client reporting functionality is available?
A range of reporting functionality is offered within the platform ranging from GGT reports to backdated valuations to transfer monitoring.
Downloadable PDF documents are also available, ranging from adhoc valuations to contract notes to consolidated tax vouchers.
Quarterly valuations are issued following the end of each quarter directly to clients.
Bespoke Management Information reports can be provided upon request.
The platform has a suite of Application Programming interfaces (API) therefore all data can be extracted from and pushed into the platform allowing it to interface with a multitude of back-offices, CRMs, and other adviser tools as long as they have appropriate APIs.
For CGT purposes, does the the platform report on distributions as well as initial purchases?
Yes, this is something we offer.
Intuitive Pension Account
Who is the Scheme Administrator?
Gaudi Regulated Services Limited (GRSL) are the Scheme Administrator of the P1 Intuitive Pension Account.
What drawdown functionality is available?
Flexi-Access Drawdown (FAD), Pension Commencement Lump Sum (PCLS) and Uncrystallised Funds Pension Lump Sum (UFPLS) retirement options are available.
FAD payments are made on/around the 1st of each month and all requirements need to be received by 20th of each month in order to be paid for the 1st of the following month.
PCLS and UFPLS payments are paid weekly and would fall into the next payroll available once all requirements have been met.
Do you offer post age 75 drawdown and PCLS?
The P1 Intuitive Pension Account offers post age 75 drawdown and PCLS.
Does the platform offer prefunding on pension tax relief?
Prefunding on tax relief is not available.
Tax relief can take up to 12 weeks to be applied to the account, varying by when the initial payment has been received.
Is there a minimum age for dependents/successors pension to be inherited (eg age 18) or can this be done for minors?
There is no minimum age.
ISA
Who is the ISA manager?
P1 Investment Management are the ISA managers and are authorised by HM Revenue and Customs for this purpose under reference number Z2017.
What types of ISA do you offer?
The P1 Platform offers a Stocks & Shares ISA.
Is your ISA a ‘Flexible ISA’?
The P1 ISA has adopted the ‘Flexible ISA’ rules, meaning that if you withdraw money from your ISA, you can put it back into the same account in the same tax year without affecting your allowance. This also includes adviser charges.