The purpose of the personal risk questionnaire is to establish your attitude towards investment risk and ability to bear losses, to provide a suitable resulting investment recommendation.
It is important you answer the questions correctly and honestly, in order for us to provide you with the most suitable recommendation for your investment needs and circumstances. Answering the questionnaire inaccurately or dishonestly may result in you taking more investment risk than you are comfortable with.
The personal risk questionnaire is made up of a number of questions gauging your attitude to taking risk with your investments, and your ability to bear losses. Your responses will create a risk score which will enable us to establish the most appropriate risk level for your investments.
It is important you answer the questions correctly and honestly, in order for us to provide you with the most suitable recommendation for your investment needs and circumstances. Answering the questionnaire inaccurately or dishonestly may result in you taking more investment risk than you are comfortable with.
Should your circumstances change and you wish to reassess your attitude to risk, you can retake the Personal Risk Questionnaire via the ‘My Profile’ section of the portal.
If you retake your personal risk questionnaire, and we subsequently recommend a change to your investment risk, we will ask you to read and accept our suitability letter, and if accepted, we will change your investment to reflect your new approach to risk.
If you opt to change your strategy between our Passive Multi-Asset Fund and Multi-Asset Fund range, we will change your investment to the new strategy.
When you invest with us, your money will be placed into one of our investment funds which we consider is suitable for you. The fund you are invested into will ultimately be made up of different asset classes including cash, bonds, equities (also known as shares), property and commodities. Each of those asset classes carries a different level of risk. For example, equities tend to go up and down in value more so than bonds. So a fund holding more equities will normally swing up and down more than a fund holding fewer equities. Therefore, when we say that the value of your investment can fall as well as rise, it’s because the price of each of the different asset classes changes all the time and our riskier funds are more likely to go up and down compared to our lower risk funds.
At the same time, the investment market never repeats itself, which is why past performance should never be used as a guide to the future.
When you invest with us, your investment is registered with a custodian who has to follow custody and asset rules. Those rules mean that your investment must be kept separate from their own money and registered safely at all times. So in the unlikely event that we or the custodian were to collapse, neither of us could use your money to pay anyone we owed. Your money and investment would be protected from any creditors. Any shortfall in client money and assets may be covered by the FSCS up to a limit of £85,000 per client. More information can be found at www.fscs.org.uk.
As a regulated financial services company, we take the security of both your money and your identity very seriously. We are also required under anti-money laundering regulations to verify the identity of our clients when investing and to help prevent financial crime such as money laundering and terrorist financing.
We accept a valid UK passport or valid UK issued photocard driving licence as proof of identity.
In some circumstances, you may be asked to upload your ID documentation to the ‘Documents’ section of the portal so that we can manually verify your identity before your account is opened.
We ask you for the source of funds so we can use it to help understand whether you can afford to invest with us. Investments should normally be made for the longer term (5 years or more), so we use this information from you as part of our assessment to understand if you are likely to be able to part with your money without falling into any difficulties. Of course, we cannot predict the future so you could always access your money at any time before 5 years. However, our check is to ensure you invest with money you can afford to invest. At the same time, in case something happens in life, you should have an emergency pot of around 6 months expenses readily available before investing. This would help as you would be less likely to be forced to sell your investment at a time when the markets might be down and when you might suffer a loss.
You may receive a notification ‘Reviewing documentation/submission in progress’.
In order for us to keep MWise secure, we complete validation checks on all of our new accounts. If you are experiencing a delay in the activation of your account, this could be because we are still in the process of reviewing some of the details or documents you have provided us with as part of your application. Rest assured, we will inform you by email as soon as these checks have been completed or if we need you to provide us with any additional details. You can always contact us via secure message if you have any queries.
Your bank account details are stored securely within MWise so you can easily transfer money in or withdraw money from your portfolio. Your details can be updated at any time via the ‘Bank Account’ section of the ‘My Profile’ page. In order for us to confirm the changes to your details, you will also need to upload evidence of your new account details to the ‘Documents’ tab.
We have implemented organisational, technological and physical safeguards designed to always keep your information safe and secure. MWise is dedicated to not just maintaining, but continually improving the measures we take to protect your data. Your data is held securely within enterprise level tier 4 datacentres only within the UK / EEA using the highest grade AES-256 encryption. When you connect to the MWise platform all your communications are over HTTPS and encrypted using a 256-bit encrypted connection via Transport Layer Security (TLS v1.2) and a world-class certificate provider.
We take your privacy very seriously and we will always ensure your data is held securely within our service.
For more information, please see our Privacy Policy and Terms of Service.
To ensure we always pay any withdrawals from your portfolio into the correct account, you can only have one bank account associated with your portfolio at any one time. This account should be owned by you and be the one you wish to fund your account or withdraw your monies into. Should you need to change your bank account details at any point, please visit the ‘Bank Account’ section of the ‘My Profile’ area of the portal.
When setting up your account, you will have a reference beginning with ‘M’. Once your account is set up, this will change to a ‘WO’ reference. The reference number you will see next to your portfolio details will be the unique identifier associated with your portfolio. This helps us to locate your account within the MWise system and will be the reference you need to use each time you wish to fund your account. This will ensure your funds are allocated correctly to your account and can be invested as quickly as possible.
When you invest with Mattioli Woods using MWise, your investment is registered with a custodian (Pershing Securities Limited) who has to follow custody and asset rules. Those rules mean that your investment must be kept separate from their own money and registered safely at all times. So in the unlikely event that we or the custodian were to collapse, neither of us could use your money to pay anyone we owed. Your money and investment would be protected from any creditors. Any shortfall in client money and assets may be covered by the FSCS up to a limit of £85,000 per client. More information can be found at www.fscs.org.uk
Mattioli Woods is authorised and regulated by the Financial Conduct Authority.
Mattioli Woods Limited. Registered in England No 03140521. 1 New Walk Place, Leicester, LE1 6RU.
Pershing Securities Limited is the custodian of MWise accounts. Pershing is part of the Bank of New York Mellon (BNY Mellon) group, the world’s largest custodian and one of the world’s leading investment services groups. As custodian, its role is primarily to keep your assets secure. Pershing also provides execution and settlement services, and Mattioli Woods uses Pershing’s wealth management platform, NexusComplete, as an investment management and administration tool to manage your assets.
Pershing Securities Limited is the custodian of MWise accounts. Pershing is part of the Bank of New York Mellon (BNY Mellon) group, the world’s largest custodian and one of the world’s leading investment services groups. As custodian, its role is primarily to keep your assets secure. Pershing also provides execution and settlement services, and Mattioli Woods uses Pershing’s wealth management platform, NexusComplete, as an investment management and administration tool to manage your assets.
You can download the MWise app from the App Store or Google Play by clicking the links below, or scanning the QR code on your phone.
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Apple App Store:
https://apps.apple.com/us/app/mwise/id1616514995 |
Google Play Store:
https://play.google.com/store/apps/details?id=com.mattioliwoods.wxl.prod |
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You can begin your journey by opening an account on your desktop, just visit www.mwise.mattioliwoods.com and click ‘Register for a new account here.’
If you do not wish to use the MWise app to verify your identity, you can upload a copy of your passport or driving licence to the documents section of MWise. We will also need proof of your address such as a bank statement or recent utility bill. Please ensure the copies are clear and the document is fully visible, if we are unable to accept the copies provided we will confirm to you via secure message.
You can also send us your copies via email: mwisesupport@mattioliwoods.com, or by post: MWise Support, 1 New Walk Place, Leicester, LE1 6RU.
Once you have uploaded your documents to the portal, posted or emailed them to us, let us know by sending us a secure message via the portal or giving us a call on 0116 240 8715.
When your documentation has been uploaded and confirmed, we will complete an online check to verify your identity. Please note that requesting a manual identity check may considerably increase the length of time it will take for your MWise account to be opened.
If you wish to open an additional portfolio within your account, you can do this by navigating to the ‘Applications’ tab and then selecting the ‘New Application’ button towards the top right hand corner of the page.
The portal will then guide you through the setup of your additional portfolio.
We are not able to offer this facility to non-UK residents or non-UK nationals at this time due to the additional reporting requirements.
You can cancel at any time during the account opening process and no fees will be charged. If you wish to cancel after you’ve invested with us, you can do so at any time by sending us a secure message through MWise, writing to us at any of our offices, or by email to MWiseSupport@mattioliwoods.com. If you cancel, the outstanding balance of fees accrued and due to us will remain payable up until such time as your investment has been transferred or withdrawn.
You can use the Connected accounts feature in two ways:
To manage who can see your MWise account, please log in to your MWise account, navigate to ‘Connected accounts’ and click on ‘Manage connected accounts’.
If you have permission to view another person’s MWise account, when you log in, you will be able to see their portfolios in the Connected accounts tab. You can also decide to show the values of the connected accounts in your landing page by clicking the ‘Include connected accounts’ button.
You are able to invite a user to view your MWise account by navigating to the ‘Connected accounts’ tab when viewing your portfolio and clicking ‘Manage connected accounts’.
Once the user has accepted your request, they will be able to see the current values of your MWise portfolios. They will only be able to view your portfolio values and will not be able to make any changes or see any sensitive data about you.
To view another user’s portfolios, they will first need to send you an invite from the ‘Manage connected accounts’ section of their MWise account.
Once you have accepted the request, you will be able to see the current values of their MWise portfolios. You will only be able to view their portfolio values and will not be able to make any changes or see any sensitive data.
You can remove both your access to view another user’s portfolios and their access to view yours at any time within the ‘Manage connected accounts’ section of your MWise account. Simply click ‘Remove’ next to their name and the connection will be removed.
A GIA is a simple way to get your money invested. This product does not come with the tax benefits of an ISA but there are no subscription limits. A GIA can be useful where you have used up your annual ISA allowance or if you don’t want to lock your money away in a pension. You can access your investment without restrictions.
An ISA is a retail investment scheme available to residents of the United Kingdom. It qualifies for a favourable tax status as the account is exempt from income tax and capital gains tax on the investment returns, and tax is not payable on money withdrawn from the scheme. Cash and a broad range of investments can be held within the arrangement and Mattioli Woods offers a stocks and shares Flexi-ISA with Pershing Securities Limited acting as the ISA plan manager. There is no restriction on when or how much money can be withdrawn. Although it is not a pension product, it can be a useful tool for retirement planning.
There are restrictions on investing in ISAs in each tax year (6 April to the following 5 April) which affect the type of ISA that may be opened and the cumulative amount of investment during the course of that year. The key restrictions are:
– You must be resident in the United Kingdom
– You cannot subscribe to more than the overall subscription limit (currently £20,000) into any ISAs you pay into in any one tax year.
Your annual ISA allowance expires at the end of the tax year and any unused allowance will be lost. It cannot be rolled over to the following year. You can choose between making a lump sum investment and/or making regular or ad hoc contributions throughout the tax year. You can pay into more than one ISA with different providers in each tax year, provided the total amount you pay in does not exceed the overall subscription limit, currently £20,000.
MWise from Mattioli Woods offers a stocks and shares ISA via Pershing Securities Limited.
Junior ISAs have many of the same features as adult ISAs. To satisfy eligibility for a JISA, children must be resident in the UK and be born on or after 3 January 2011, or not already have a Child Trust Fund (CTF). However, existing CTFs can now be transferred over to JISAs. Any person or organisation can contribute to a JISA, but the account is held in the child’s name. Like adult ISAs, JISAs are not subject to capital gains or income tax.
The child has a limit of £9,000 per tax year. No withdrawals are allowed until the child reaches the age of 18 and then it is legally their money. Until the child is 16, the JISA must be managed by a person with parental responsibility for the child. At 16, the child may take on the management, if they wish. At age 18, the JISA is converted into an adult ISA. JISA contributions will not impact upon adult ISA limits, i.e. at 16 a child can open an adult cash ISA and at 18, an adult Stocks and Shares ISA, regardless of whether a JISA has been subscribed to for that tax year. A child may only hold one Junior cash ISA and one Junior Stocks and Shares ISA at any time and cannot hold a Junior ISA and a Child Trust Fund at the same time.
In order to view any JISAs that are associated with your account, you will need to navigate to the ‘Accounts’ tab and then select the ‘Connected Portfolios’ option which will then display all JISA details.
An investment fund is a pool of investor monies which is used to collectively invest in a range of investment types such as equities, units of other collective investment funds and bonds.
Mattioli Woods MAFs are our core investment offering, managed by our expert in-house investment team. They utilise dynamic asset allocation, investing across the major asset classes using economic data and market opportunity to continually appraise the merits of each and determine final portfolio construction. The investment managers research whole of market and will primarily use active funds when investing into those asset classes. Active funds are investment products that seek to provide outperformance of an index. The investment managers have the flexibility to invest across a broad spectrum of investment vehicles (including passive instruments) and will select the most appropriate when investing for clients.
Our PMAFs offer a simplified and cost-effective means of investing into that exact same dynamic asset allocation. Again, they are fully managed; however, they are limited to passive instruments when investing. Passive instruments typically track an index and provide only the return of that index. They do not seek to provide any outperformance. While rare, there may be situations in which no specific index meets the asset allocation criteria. In this case, the investment managers will invest into an appropriate alternative.
Mattioli Woods’ Multi-Asset Funds and Passive Multi-Asset Funds are active allocation funds managed by our expert in-house investment team. We employ a wealth of experience and financial market insight to manage your investment, working diligently to navigate a constantly shifting investment landscape.
Our Cautious, Balanced, Growth and Adventurous Multi-Asset Funds and Passive Multi-Asset Funds can be invested in via this service. A cautious portfolio is positioned conservatively, aiming to minimise the risk of losing any of the original investment. At the other end of the scale, an adventurous portfolio seeks higher returns, which may mean, in the short-term, that the value can go down and up sharply and is therefore better positioned as a longer term investment. Here is a link to the fact sheets: https://mattioliwoods.com/MWise#Factsheets
Our Cautious, Balanced, Growth and Adventurous Multi-Asset Funds and Passive Multi-Asset Funds range in asset risk with Cautious being the most defensive, and Adventurous being the highest risk. If you have indicated a greater risk appetite and greater risk tolerance, we will recommend a model portfolio containing underlying assets which carry a greater degree of risk.
The value of investments and the income from them can fall as well as rise and investors may not get back the full amount invested. Past performance is not a guide to the future as investments do not have a capital or return guarantee.
Our projections are an indication of how the value of your investment portfolio might change on the basis that you continue to contribute the same amount each year.
To calculate our projections, we use objective data based on the last 100 years. We use that data to make assumptions on how our funds might perform. The outcome shown is specific to the fund shown after fees and charges have been deducted. The impact of fees on your investment is shown within MWise. To show the outcome in real terms our projections include an assumed rate of inflation at 2.5%.
Based on our assumptions, we then produce a range of outcomes and predict that there is around a 95% chance of your investment value falling within the shaded area of the chart. This is not guaranteed and there is still a 5% chance of going above or below the shaded area. The shaded area on all our projections will be larger for more riskier funds and smaller for those with less risk.
If markets perform well (compared to the average over the last 100 years) then you may end up at the top of the shaded area.
If markets perform worse (compared to the average over the last 100 years) then you may end up around the bottom of the shaded area.
The projected value is shown in the middle and means you have a 50% chance of being above this line or below it.
Of course, our projections are not a reliable indicator of future investment performance, and you may receive back less than your original investment.
When you use MWise, you will be shown an estimate of the fees which will apply based on the amount you choose to invest. You can see an estimate of our fees by using our calculator here.
On each anniversary of your account, we will provide you with an annual costs disclosure statement which will show the total amount you have paid in fees and charges throughout the previous 12 months.
Our charges are deducted in two ways:
(1) A fee which is deducted from the cash in your GIA/ISA/JISA (“account-level fees”)
(2) Fees which are deducted from the assets of your investment fund (“fund-level fees”)
Our account-level fees consist solely of our 0.3% charge per annum. This is based on the ongoing amount invested and is charged as an ongoing fee (there is no initial fee). This is the only charge you will see on your transaction statement. It is calculated quarterly on specific dates and deducted directly from your GIA, ISA and/or JISA on a quarterly basis.
The fund-level fees will not show on your transaction statement. These fees are taken directly from within the assets of the fund and they are reflected in your investment’s performance.
On each anniversary of your account, we will provide you with an annual costs disclosure statement which will show the total amount paid in both account-level fees and fund-level fees. You can see an estimate of how much your fees might be by using our MWise fee calculator.
Once you make payment to Pershing, they will use the reference provided to allocate the funds to your MWise portfolio. The funds will be used to purchase the appropriate Multi-Asset Fund or Passive Multi-Asset Fund, leaving a small amount in cash for ongoing fees.
In order to cancel an existing direct debit, you will first need to navigate to the ‘Accounts’ tab within the Client Portal. From here you can then select the correct portfolio. You should then see the ‘Regular Savings’ button within the left hand navigation tab. Once clicked you should then be able to select the ‘Cancel regular savings’ option and follow this process to cancel your direct debit.
All cancellation requests will take place from the following month, if the request is within 10 days of your next payment.
Once you send your bank transfer either manually or directly through MWise, Pershing will allocate the funds to your MWise account on the next business day. We will then invest the funds as soon as possible. Once the trade has been placed, you will be able to see the trade on the portal, and your live investment, usually the following business day.
MWise does not currently offer card payments or cheques as a payment option. You can invest with us via a bank transfer or direct debit. You can send your bank transfer through our integrated payment service or make a manual payment using the Pershing bank details.
The integrated payments service automatically populates the bank details and references, so all you need to do is enter the amount you wish to send and authorise the payment. This is the best way to make sure your money is transferred as quickly and as safely as possible.
If you do not want to use the integrated payment facility through MWise, you can manually initiate a payment from your bank account instead. Navigate to the ‘Add money’ screen as normal and click ‘send your payment manually’. You will be sent to the manual payment screen. Simply make a notification and use the bank details and reference on screen to send your payment.
Once you have confirmed the amount you wish to invest and clicked ‘next’ you will be redirected to your bank’s website to complete the payment – payment will need to be made from the bank account associated with your MWise account. You will be asked to verify the payment via your bank’s online service. After completing the automated payment, you will be redirected back to MWise.
If you have an ISA or JISA account, you will notice the payment reference does not include the ‘TI’ or ‘JI’ from your account reference. This allows us to ensure that your ISA is correctly subscribed, by sending the initial funds to a linked non-ISA account. Please only use the reference you see quoted on the payment screen.
The service connects to most banks in the UK, but not all of them. Even if your bank connects to Truelayer it may sometimes have its own payments limits. Your bank will also have its own payment protection and fraud detection protocols. If a payment through the integrated payment service fails you can try and send the funds manually, but if your bank continues to reject the payment instruction you will need to contact your bank to find out why.
If you wish to transfer the value of your portfolio to a new provider, you will need to complete the new provider’s forms with details of your MWise account, and the new provider will need to send this to Pershing.
You can initiate an ISA transfer, either as part of setting up your account or at any time once your account has been opened on MWise. The process is the same in both instances and can be initiated via the Client Portal.
Start by navigating to the ‘Accounts’ page and selecting the account which you wish to transfer your existing ISA or JISA into. From here you can then select the ‘Transfer’ option from the toolbar on the left hand side. This page will then guide you through the process of entering and submitting the details of your transfer.
Once we have received your transfer details, we will work with our custodian (Pershing Securities Limited) to request the monies from your existing provider. We aim to complete all transfers electronically wherever possible. However, depending on the requirements of your existing provider, you may be asked to complete a paper transfer request form. If this is the case you will receive instructions via secure message within your Client Portal.
We aim to process all transfer requests as soon as possible; however, transaction times will vary depending upon your existing provider, and can take up to four weeks.
To withdraw money from your MWise account, you should go to the ‘Accounts’ tab, select the portfolio from which you wish to withdraw funds and then select the ‘Withdrawals’ option from the left hand sidebar. This screen will then walk you through the withdrawal process.
If you are withdrawing from an ISA, the money you withdraw will lose its tax-free status. You can replace the withdrawn funds back into the ISA by the end of the same tax year for the funds to regain their tax-free status. If you are withdrawing from a GIA, any gains you have made may be subject to capital gains tax. Tax treatment will depend on your personal circumstances.
When you request a withdrawal, we will sell some or all of your investment to cover the withdrawal amount and the proceeds will usually be paid out to your nominated bank account within 5-6 working days from the date of your request.
We’re really sorry to hear that you are thinking of closing your MWise account; however, we aim to make this process as easy and as efficient as possible for you. To get started, navigate to the ‘Accounts’ tab and select the portfolio you wish to close. Then select the ‘Manage Portfolio’ option from the left hand sidebar before selecting the ‘Close this portfolio’ button. The following screens will then guide you through the closure process.
Once we receive your closure request, your investments will then be sold to create cash for us to send to your associated bank account. Pershing will then commence the account closure process, which can take up to two weeks. Once the cash has settled, any final fees will be deducted before the cash is transferred to your bank account by BACS, which takes up to three working days for the money to appear.
Any additional interest or dividends received over the following 90 days will also be forwarded to your account in due course.
If you wish to transfer your portfolio to an alternative provider, you will need to initiate this process with your new provider, who will then contact us to complete the transfer.
There are no costs associated with transferring your portfolio to another provider where the transfer is in cash. However, if you would like to transfer the investment without selling down and would prefer to transfer your investments in-specie, Pershing will charge a £10 stock transfer fee, which will be deducted from your account before the account is closed. As your MWise account will only hold one fund, the stock transfer fee will only apply once and will therefore be £10.