platform development group meeting - belfry 2011
DESCRIPTION
Platform Development Group meeting at The Belfry presentation.TRANSCRIPT
Nucleus FinancialPlatform Development Group
Quarterly meeting
February 2011
Agenda
• 2011 roadmap• Specific enhancements:
– New business– Illustrations– Model Portfolio Self-service– Pension changes– Later releases (valuations/trading)
• Gap analysis• Regulatory changes / TCF issues• LinkedIn• Review 2011 roadmap
Q1/Q2 2011
• Hardware resilience / performance• Self-service model portfolios• Platform security• API (internal) for New Business process
Additional Q1 changes
• Withdrawal maintenance• Exclude cash from rebalance• Aggregation / disaggregation• Trading enhancements• Reserved cash• USP information• Gross general account• Segment assignment• Distribution enhancements• Bulk reports• Reports• Transaction history
Q2/3 2011
• Revised New Business • Sub-accounts• Revised Valuations pages (front end)• External web services (API) for 3rd parties• Bulk switch / partial switch enhancements• Multiple Isa accounts
Q3/4 2011
• Trading enhancements (front end)• Performance analysis / client reporting• IFA self-service• Pension calculators / drawdown tools
Sprint schedule
Sprint # Ready for testing Release date (tbc) Strategy meeting
1 18th February 9th February2 18th February 18th March3 (4 weeks) 18th March 15th April4 (4 weeks) 15th April 20th May5 20th May 1st July 16th June6 1st July 12th August7 12th August 23rd September8 23rd September 4th November9 4th November 16th December 17th November
• Releases every 4-6 weeks
Sprints – Main Features• Sprint 1
– Bulk wrap & account summary• Sprint 2
– New business (add/edit client), Model portfolio self-service, Reports
• Sprint 3– New Business & Illustrations– Wrap & Account summaries
• Sprint 4– Bulk re-balance & bulk switch– Trading
• Sprint 5– Performance analysis & client reporting– Inter-account transfers– Sub accounts
• Sprint 6
Sprint 1 (Release 18th February)
• Purpose– Migration of platform into new framework to enable
Agile development.• Additional features
– Bulk wrap and account summary generation– Exclude cash from re-balance– Withdrawal maintenance (tbc)– Changes to reserved cash calculation– What if I re-balance now report?
Sprint 2 (Release 18th March tbc)
• Main features– Model portfolio self-service– New Business (add a client – released later)– Reports changes (including report for firms)
• Additional features– CGT calculator improvements (exclude in-specie
transfers)– Natural income display on transaction history
Model portfolio self-service
• Features– Create a new model portfolio– Edit – Copy– Set and change status and permissions– Find a model portfolio containing assets– Client search– Reports
Linkedin discussion points
• Easy way to start a new bulk switch or rebalance• Rebalance today on outstanding trades report• Model portfolios with closed funds
Next phase (for Sprint 3 &4)
• Audit– Records changes to the model portfolio– E.g
• Fund X removed. Fund Z Added on 9th February by L Campbell
• Fund Y % split changed from 10% to 15% on 9th February L Campbell
• Bulk change– Bulk change an asset across multiple model
portfolios.
New Business – progress update
• Split into 3 Sprints– Sprint 2 – Add and edit client – Sprint 3 – New business and top up for single client -
multi account (including joint accounts), new illustrations engine
– Sprint 4 – Multi-client, multi-account application submission
Sprint # Ready for testing Release date2 18th February 18th March
3 (4 weeks)
18th March 15th April
4 (4 weeks)
15th April 20th May
Illustrations
• Functionality– Drawdown illustrations– Quick quotes and full illustrations– Lump sum & regular payments– Save, copy and edit illustrations– Full asset or model selection– Link from illustrations to new business
• Calculations– Growth rates based on IMA sector
Sprint 3
• Valuations– Transaction history– Pending transactions– Running cash balance/running cash balance report– New permissions e.g. ‘can key ‘can key + place’– Improvements to bulk switching and re-balancing
Pensions changes - regulatory
• Following changes need to be made to the Pension (USP / Benefits and Income) account:– a reduction in the maximum drawdown limit to 100% GAD (from
120% for USP) for next period– a reduction in the periodic review requirement from 5 years to 3– an increase in the tax charge on death lump sums to 55%– removal of the age 75 limit– >75, any uncrystallised assets have a tax charge
Pensions changes – product enhancements
• Flexible drawdown– Unlimited GAD drawdown where meet Minimum Income
Requirement (£20K)– No reviews– Questions on how to determine whether client meets MIR
• Phased drawdown– Update phased drawdown product assuming sufficient IFA
demand– Potential to create drawdown using 2 linked accounts: one for
holding investments, and one for crystallised assets
Sprint 4
• Multi-client, multi-account new business submission
• Bulk switch & Bulk rebalance improvements• Trading enhancements
Sprints 5 & 6
• Performance analysis• Self-service
– Add a new user or new office – Change the permissions (e.g. can trade, can submit
new business)– New paraplanner role– Configure correspondence
Closing the Transact gap
• Key features to meet (priority order):– Single nominee structure– Payments / withdrawals from client accounts– Natural income sweep– General to ISA switches– Buy by units– Death processing– Multi-currency assets– MIPs– Cash flow analysis– Equity trading– Single withdrawal payment across tax wrappers
Other regulatory changes
• RDR– Corporate actions– Unit based rebates– Automated re-registration
• Tax wrapper changes– Pensions drawdown– ISA contributions
Automated re-registrations
• Nucleus chaired TISA workstream has produced SLA for re-registrations:• Standard turnaround for
transfers• Across all nominees
• Next step is trial with industry participants (IFDS, FNZ)
New Products
• MIPS– More relevant due to pensions contribution
restrictions?– qualifying regular premium endowment policy– Would run in transparent manner, and be similar to
onshore bond in some ways• Protection
– Create links to protection providers from platform – Would pre-populate forms / underwriting engines– Additional
• Annuities– Run third-party annuities on Nucleus platform
Platform Development Meeting in June
• Where will we be?– New business live– Model portfolio, bulk switch and bulk re-balance fully
integrated and improved– Wrap and account summary
• What’s next?– Automated re-registration– Pension calculators