P1 Platform FAQ’s

Platform Onboarding

How do I get started?

  • If you’d like to learn how P1 could develop your business, then the first step will typically be to arrange a telephone call with one of our sales team.
  • Following on from your initial telephone call, if you like the sound of the platform then we would develop it to the next stage.
  • The sales team will then take you through a more in-depth demo on the platform, the operations team will be on board to ask any technical questions. Once we’ve shown you the platform there will be a chance for you to answer any questions.

Do you provide ongoing support?

  • We have an operations team available who are there to handle any questions or issues you may have. We aim to respond to all queries within three business hours, 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 team and the Platform are flexible to your needs and we can adapt our process to move quickly as you need or work around your schedule.
  • For a white-labeled platform, it would take a couple of weeks to get this setup, we’d recommend starting on the P1 branded platform and we can brand at a later date. The charge for a white-labeled platform is £1,000.

Cash Management and Transfers

When are adviser fees paid?

  • Fee payments are made from the platform weekly, paid on Friday, to clear in the adviser bank account approximately three working days later.
  • Initial and ad hoc 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 drop 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.
  • Fee reports are available from the platform under the Reports tab, as well as various back-office integrations automatically.

How can I bring money onto my platform?

  • The majority of assets that we look after for clients have been transferred across from other platforms. These transfers can either be done in bulk by switching over the custodian and informing all relevant fund managers, or on an individual basis, to tie in with client meetings.
  • Once you are up and running, new money can be brought onto the platform either by direct debit or bank transfer.

Do you pay interest on cash?

  • No – there is no interest paid on cash held on the platform. We are, however, working to introduce an integration with a cash management service to allow users to benefit from a smart, interest-bearing alternative to holding cash in the bank.

Can I move money between tax wrappers?

  • Yes, the P1 Platform allows users to move money between tax wrapper and accounts (for example from GIAs to ISAs) – with the exception of moving money out of pensions or third party product accounts. Currently, we only support cash movements.

What are the costs associated with the platform?

Are fees levied on cash?

  • Yes. % Platform Fees, % Discretionary Management Fees, and % Adviser Ongoing Fees are levied across all assets including cash.

Platform Operations

Can clients access the platform without an email address?

  • Every client must have an email address to use the platform and each email address can only be used once.
  • An email address is a unique username when accessing the system. All platform communications will be notified to clients by an email asking them to log in to the system.

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, new account openings, direct debit forms. When a message lands in the message hub, an email is sent to the client to notify them to log in and read the message.

Is it possible to white label the platform?

  • Yes, you can white-label both the adviser professional portal and the client portal.
  • Communications from the platform can also be white-labelled. This includes the ability to mask the platform web address (the URL) 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.

What support and training is available?

  • We provide web-based training as part of our onboarding process.
  • You will have guidance for adding your initial clients and the settling-in period.
  • Periodic visits can be made with focused ongoing training and support, including regular calls with our operations team.
  • Our operations team are on hand to answer your queries at any time over the telephone or by email.

Direct Debits

How long does a direct debit take to set up?

  • Each new direct debit takes 5 working days to get set up.

How long does it take to make a direct debit payment?

  • Each direct debit payment takes 3 working days to be taken.

What payment types does the platform accept?

  • Currently, you can add money to the platform via bank transfer or direct debit. Both options can be used to create regular or single payments and the payment/collections dates offered are the 7th, 14th, 21st, and 28th of each month.

How long does it take for money to reach a clients bank account after instructing a withdrawal?

  • It takes 3 working days from the point at which cash is cleared in a client’s account. If the client needs to sell an investment first, then it can take anywhere between 2 and 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 withdrawals?

  • Withdrawals for GIA and ISA wrappers can be requested to be received on the 7th, 14th, 21st, and 28th of each month.
  • Withdrawals for pension payments are paid monthly on/around the 1st of each month.

Dealing

Is fractional trading available on the platform?

  • Fractional trading is not yet available on the platform.

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).
  • Any funds which we do not have readily available for investment can be added on request, subject to external requirements.

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 comply 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 4bps charge, rather than the £4 minimum trade charge. Any individual client rebalance or regular payments into a model will incur the 4bps 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. Through this your back-office should then be able to meet most, if not all, of your requirements.

For CGT purposes, does the the platform report on distributions as well as initial purchases?

  • Yes, this is something we offer.

Intuitive Pension Account

Does the platform offer prefunding on pension tax relief?

  • Prefunding on tax relief is not available.

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.

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) and Uncrystallised Funds Pension Lump Sum (UFPLS) are both available.
  • Drawdown payments are made on/around the 1st of each month and requests must be received by 20th of each month in order to be paid for the 1st of the following month. Anything received from the 21st will fall into the next payment period. Please see below example:
  • 21st Month 1: Payment period opens
  • 27th Month 1: Drawdown request received
  • 20th Month 2: Payment period closes
  • 1st Month 3: Drawdown payment made

ISAs

Does the platform offer a ‘flexible’ ISA?

  • Yes, the P1 ISA is a flexible ISA.

Service & Functionality

Who has custody of client assets?

  • The custodian of the P1 Platform is Seccl custody, are a subsidiary of Octopus.
  • Seccl do not provide an offshore custody service.

Do you allow overseas clients?

  • We do not accept US clients.
  • Please contact our operations team to discuss any other overseas clients.