WealthSolver – Modelling – Target Set /Model Portfolio & Funds from Another Entity

This guide will step you through how to model opening a new account under one person with additional funds coming across from another entity (Client -> Partner) in WealthSolver:

We first need to create a Joint Proposal that includes both Client and Partner, as we will be rolling the Partners Acclaim Super to Colonial FirstChoice Super, investing into a Target Set and using a portion of funds from both the Partners investment account and the clients cash on hand:

 

Next step is to action the partial sell down of the Clients cash account: Noting after we have actioned the partial sell down of $100k from the clients cash account, it is then sitting as ‘Unallocated’

 

 

 

 

We are now ready to start modelling against the Partner: Noting we will now step through rolling all funds from the Acclaim Super fund and $50k from the Partners investment account

Firstly enter the Partners Proposal, then mark the Acclaim Super fund as ‘Close / Roll balance out’

 

Then navigate into the investment account and sell down $50k:

 

 

 

The problem we now face is that, if we then proceed to create the new Colonial FirstChoice Super account and add the Target Set, it will only allow the funds to be auto allocated from the Partners Unallocated amount, not including the Clients $100k. We need to apply a workaround in using a dummy cash holding.

Navigate back to the ‘Details’ tab (always using the ‘Save’ buttons). Then create an additional Cash Holding under the Partner equal to the balance of funds coming across from the Client:

 

 

 

 

We can now navigate into the Partners Proposal and perform the following steps:

                Sell down Liquid Asset cash account $100k

                Add new Colonial FirstChoice Super plan

                Add Example Target Set

 

 

Next we need to add the new Super plan, press 'Add Proposed Plan -> Super Plan':

 

 

You may need to use the filters on the left side of the page to locate and select your desired plan:

 

 

Once selected, then press 'Add Investment':

 

Update the Search filter on the top left from 'Plan Investment Menu' to either 'Target Set' or 'Model Portfolio':

 

Then select your desired set/portfolio and press 'Add Investments':

 

You will now see the full $350k being invested proportionally across the portfolio inline with the Proposed Percentages:

 

 

We can then see back on the ‘Details’ tab, that the Clients $100k is still sitting as Unallocated, where as the funds from the dummy cash account against the Partner have been factored into the new CFS Account. The last step is to pull through the Unallocated funds from the Client to the Partner, to do this we simply remove the dummy cash account from the ‘Current Situation’ screen against the Partner:

 

 

 

This has now successfully allowed the funds to move across from the Client to the Partner and be applied through a percentage across several investments. Noting if the recommended Colonial First State (New Platform) against the Partner only held a couple of investments and you knew the exact dollar amount to invest, you would not need to perform the dummy cash account workaround, this is only when applying a Target Set / Model Portfolio the above steps are required.

 

Published by Joshua Heath