Monthly Release - September 2020

Oct 8, 2020 5:11:03 PM

The Hubwise investment platform is architected around a single code stack and single, highly resilient transactional database serving all our customers.

With the modern platform technology owned and controlled by Hubwise, we are able to release enhancements and new features on a monthly cycle as part of our continuous improvement programme in close collaboration with our customers.

September 2020 Release - Main Features

1. Cash Receipt Monitoring

Where client money is received at Hubwise without a cash expectation recorded through the user portal, or there is an expectation but the amount received is outside of our 10% tolerance rule, the money will be posted to the client account as a 'ring-fenced' cash amount and not automatically invested.

This has been introduced to further enable straight through processing, cash is only invested automatically when a client account has a valid expectation recorded through the user portal.

This new feature streamlines the alert process and enables you to react appropriately. We will advise you that a report requires your attention via an email notification to the address we have registered for your firm.

If the cash receipt is valid, then via the user portal, you should:

  • Remove the 'ring-fenced' cash amount
  • Instruct “invest surplus cash” to trigger the trading process

If the cash receipt is invalid, then raise a Freshdesk ticket to instruct next actions.

If the expectation has a contingent adviser fee payable, this payment will be triggered even if the cash amount is outside tolerance.  The fee will be marked as paid, so any subsequent instalments received will not result in paying the adviser fee again. 

2. Fee Reports & Management Information Reports

With more individuals working from home, we are aware that access to SFTP folders can be challenging for business users.

We have now enabled your team with access to your Fee Reports and the suite of daily/weekly MI Reports through the user portal.

The suite of standard MI Reports now includes the following: 

  • Buy List (your instrument universe)
  • Cash Expectations Report
  • Daily Market Trades
  • General Management Information
  • Ring-Fenced Cash
  • Surplus Cash Report
  • Unfunded ISAs
  • Open Transfers

3. Dual Nationalities & Multiple TINs

The platform now enables the capture of more than one nationality and Tax Identification Number (TIN) for an investor to allow for dual nationality.

4. Ad-Hoc Fees For 3rd Party Products

One-off fees can now be applied through the user portal for any third party product wrapper (pensions and offshore bond products) supported by the platform.

5. Adviser Illustration & Banded Fees

Platform fees can already be setup on the platform as fixed values, percentage values or as a tiered percentage structure (e.g. 20bps up to £100k; 15bps from £100k to £500k; 10bps above £500k).

This new feature enables a banded fee structure (sometimes also known as 'ribbons') to be implemented and intelligently applied within the adviser illustration, automatically generated as part of the account opening process. The platform fee percentage is determined by the band in which the aggregate portfolio value falls and is then applied to the whole portfolio value.