Shard Open Plan is a new type of account that Financial Advisers can use to buy structured products for your clients. It is operated and managed by Shard Capital Stockbrokers who offer a specialist expert service.
Shard Open Plan offers your clients the benefits of a normal plan, but with additional benefits, flexibility and efficiency.
Fees and Charges
SHOP charges are in line with the charges for Plan management, administration and custody. Your client is charged an initial fee when they invest, there are no on-going fees for custody or administration. There is no inactivity fee.
SHOP is a specialist account through which you can buy structured products and other listed products. You can use the SHOP account to buy other assets like ETFs and investment trusts. SHOP offers access to a large number of new and existing products.
There are some platforms and wrappers that prohibit the use of accounts that can be used for multiple investments. You can limit the use of the account to the purchase of a single product. If you select this option, the account will operate exactly like a conventional Plan. Once the product has been sold, or matures, the account will be closed.
Share can offer multiple services through SHOP, including:
- Execution-only brokerage
- Discretionary management
You can also limit the services that Shard will provide through the SHOP account. If what you want is an account that operates like a plan, then you should limit the service to Execution Only.
Once you have set up a SHOP account for your client, you can use the account to buy other products without any additional form filling.
Each client will be able to see all of the products that they hold through their SHOP account.
Shard will pay you any fees that you have agreed with your clients from the cash that they have in the account.
The dealers at Shard offer a specialist service and will be able to buy and sell products for your clients every day. They will ensure that your clients get the best possible price when they buy and sell. The dealers are able to accept limit orders (if there is a maximum price that your client is prepared to pay, or a minimum price that they want to sell at).
Opening a Shard Account
Before you open an account for a client, you will need to sign and return the SHOP terms of business. This can be found in the download section below. You will also need to complete the adviser details form. This includes important information like your bank details that are required if you want Shard to pay you the fees that you have agreed with your client. This form also includes details about you and your company that Shard need to complete the checks that they are obliged to do before they can accept business from you.
Your client will need to complete an application form. There are a variety of account opening forms for the different sort of clients that may open an account. Shard also needs to complete standard AML and KYC checks on each client.
Your client needs to transfer funds into the SHOP account before any purchase can be executed. This may be through a transfer of assets or cash from another account, or by direct payment. Shard will accept BACS, or payment by debit card.