Adam’s Technical – Valuations
The October valuations are due to be issued on Friday the 30th of October. Please note that we have recently moved to a new administration system and as a consequence the layout of the valuations will be different. It was not an option to keep it the same.
Due to an issue with the transfer of information from the old system to the new, the Terminal Bonus (TB) figure attaching to most With Profits funds will be displayed as shown below (circled in red) upon the valuations. The TB figure does not show a date of calculation, but it has been amended within the last year. We are working on a solution to have the TB displayed under each plan, along with the date calculated, by the February 2021 valuations. Please see below the logic as to why we had to change our system.
As many of you know, having invested into the M&T discretionary portfolios that were launched earlier this year, we needed to amend our system.
The process of managing discretionary portfolios again, like Morfitt & Turnbull did in the 80’s & 90’s, began early in 2019 by looking at alternative options to the fund switching process whereby previously we had to write and ask for your approval, i.e. advisory. This has always been cumbersome to administer but we did not feel comfortable using a discretionary fund manager that runs their own administration system.
A new solution has presented itself in recent years whereby the discretionary fund manager latches onto the platforms that we use, i.e. Aviva and Aegon (Cofunds), at a reduced annual charge compared to the alternative way.
Following the introduction of the M&T discretionary portfolios we had to look at upgrading our back office administration system that produces the client valuations. This is because when we make changes within the M&T discretionary portfolios every investment fund held is amended, even if we only change 1%. If we had kept our old system the manual work required to get ready for the valuation ‘run’, three times a year, would be insurmountable. We now have new technology whereby our system ‘talks’ with most of the providers systems to update the units and funds held. We still process new business and withdrawals manually.
Don’t forget you can view the latest allocation of the M&T portfolios and see what switching we have undertaken in the last twelve months by visiting the Morfitt & Turnbull website: www.morfittandturnbull.com, then scrolling down to ‘M&T Portfolio’s’ – click on the tile and put in the password ‘gareth’ (all lower case).
We are pleased with the layout of the new valuations and hope you are too. If you have any queries regarding your valuation when it arrives, please contact your M&T adviser.
Adam.
