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Giving you control and flexibility
Our platform is equipped with a modern cash account in each of our tax wrappers to give you more control and flexibility in how you manage your clients’ investments.
Plus, our innovative, automated cash management feature has been designed to optimise the performance of the platform.
Cash can be used to:
- Increase the transparency of transactions.
- Help preserve your client's investment strategy.
- Cover charges, fees and income.
Breathe easy, with our simple cash management
Want to save your team time? Our automated cash management ensures your clients’ fees and charges are covered – without your team having to lift a finger.
Features of cash
- It is your choice as to whether you actively manage cash. If not, our platform will do the heavy lifting.
- Cash can be held inside an account or inside a model portfolio.
- Fees and charges are funded from cash held in your client’s tax wrapper. This includes the Collective Investment Bond; however, cash will not be selectable for investment purposes within this tax wrapper.
- Cash inside a model portfolio will not be used for fees and charges.
- Interest is accrued on cleared cash and credited to the cash account once a month. Interest is paid gross for ISAs, JISAs and CRAs, but is subject to a basic rate income tax deduction on CIAs, except where the investor is exempt, in which case interest will be paid gross.
Which accounts can hold cash?
| ISA | JISA | CIA | CRA | CIB | |
| Cash | ✔ | ✔ | ✔ | ✔ | Partial |
For the CIB, whilst cash will be used to fund fees and charges, it will not be possible to select cash as an investible asset within the bond. Other cash funds, e.g. Blackrock cash, are available.
Automated cash management
To reduce the number of transactions on your client’s account and to make it easier for you to trade, we offer our automated cash management functionality.
This involves the platform selling a small amount of units and holding them as cash on your client’s account, typically every six months. This makes it easier for you to place other trades on your client's account whilst ensuring the process of paying fees and charges runs as smoothly as possible.
How does it work?
Step 1
The platform will attempt to deduct adviser fees or charges that are due.
*Includes adviser regular initial and ongoing fees, plus Quilter product/service charge.
Step 2
Where cash is insufficient, the platform sells units to fund approximately six times the fee or charge due.
Step 3
Fees and charges will continue to be deducted from cash until there is insufficient cash to fund a full fee at which point step 2 will be repeated.
0.33%
This is the average cash holding that will be held in the product cash account in the six month period for an investor, based on fees and charges each year for an adviser of 1% and Quilter 0.3%.
Many platforms mandate a cash balance of one to two percent of client assets. Our approach ensures only a small amount of cash needs to be held by your client. We will only sell units equivalent to a maximum of 0.75% of the value of an account at any one time.
Interest rates on cash
Our cash facility is designed to support the efficient running of your clients' investments, and also enables you to temporarily hold cash to support your wider investment strategy. It's not suitable for those who wish to have predominantly cash holdings for long periods.
For information on the interest rates paid on cash, visit Interest rates on cash.
