All end-to-end renewals for private and joint accounts handled via renewal module

Renewals can be raised due to several reasons: a time-triggered renewal is done every 1/3/5 years (depending on the client's risk profile), but an ODD can also be based on certain activities (e.g. but not limited to AML alerts, transaction alerts, funding behaviour different from what was initially declared etc.)

Historically, only time-triggered renewals were part of the renewal module within the platform, whereas ‘activity based’ renewals were usually done by reaching out to partners via cases. This meant that partners had to navigate between the renewal module and the case management module to make sure no ODD requests were missed.

We will shortly enhance our renewal module to include all renewal activities for private accounts and for joint accounts. That means, for private and joint accounts, the full renewal experience can be processed end-to-end within the renewal module. The module will provide a full overview for all renewal types, and partners with the mandate to do renewals on behalf of their clients will also be able to submit initial information and provide feedback in feedback loops.

For corporate accounts, unfortunately, the process is still unchanged: time-triggered corporate renewals are visible and can be initiated via renewal module, but feedback loops as well as all “activity-based” ODDs are still to be processed via case management.

Hybrid renewal solution for specific partner use-cases

Saxo serves different types of partners:

1. Money managers/asset managers, where end-clients have ‘view only’ access to the platform (but no trading access): end-clients are not able to process renewals and hence the money manager/asset manager needs to renew their end-clients’ accounts via the platform
2. Introducing-only brokers with ‘view only’ access (no authority to place trades on their clients’ accounts): self-managed end-clients trade themselves on the platform and renew their accounts via the end-client trading platform themselves
3. Introducing brokers with the authority to trade, but as execution-only (no discretionary trading). Some partners might act like money managers (handhold clients) whereas others mainly have self-managed clients trading on the platform themselves (like introducing-only brokers). Currently, those type-3 partners need to decide whether they want to do renewals on behalf of their end-clients or whether they want their end-clients to do renewals fully themselves via the platform.

We are shortly releasing the possibility for those partners to have a “hybrid model”, i.e. push the majority of their clients to renew themselves via the platform (like introducing-only brokers do), but also have the possibility to assist some of their VIP clients by renewing their account on their behalf (like money managers do).

If you are an introducing broker with authority to trade (execution only) and would like to use the “hybrid” renewal module, please contact your account manager.