How to withdraw money from Shareworks (Morgan Stanley) - UK guide

Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.

Part of an equity compensation scheme at work? If you have shares, stock options or restricted stock units (RSUs), you’ll need to know how best to manage them. And when the time comes to cash out, how to withdraw them from the equity compensation platform your employer uses.

We’re here to help, with an essential guide on how to withdraw money from Shareworks as a UK employee.

Run by investment bank and financial services giant Morgan Stanley, Shareworks is an integrated equity compensation management platform headquartered in Canada. It’s a popular choice with companies all over the world, including the UK.

Below, we’ll give you a step-by-step guide on how to withdraw your portfolio from Shareworks. This should make it easier to navigate the platform and release those all-important funds when the time comes.

So, let’s dive right in.

How to withdraw my portfolio from Shareworks (Solium)

You have a few different options for withdrawing money from Shareworks. These are as follows:¹

1. Cheque in the post - if available as an option, this will initiate the posting of a cheque for net proceeds to the registered address in your Shareworks account.
2. Electronic transfer - for users with UK bank accounts, it’s possible to request an electronic transfer sent via BACs or SEPA. Alternatively, you can provide US account details (using a multi-currency account, for example) and have the payment sent by Automated Clearing House (ACH).
3. Wire transfer - an international wire transfer can be used to send your funds to an account anywhere in the world.

Depending on the platform’s restrictions based on your location or the terms of your company’s equity benefits plan, not all of the options above may be available to you.

Below, we’ll run through all of the steps involved in option 2 - receiving an electronic transfer. This could be the quickest way to receive your funds, but it can vary depending on your circumstances, bank and other factors.

Step 1: Make sure your bank details are up to date

If you choose to have the net proceeds of Stock Option Plans or Share Purchase Plans delivered to your bank account, you’ll need to be absolutely certain that the details are up to date.

To do this, follow these steps:²

1. Sign into your Shareworks account
2. Go to your profile, by clicking your name on the top-right and selecting ‘View Profile’
3. Find the Financial Institution Information section
4. Choose ‘Manage Banking Information’
5. Click ‘Add or Edit Banking Information’
6. Add a new account or update existing bank details saved in this section
7. Shareworks will need to verify that it’s really you making these changes. The next step involves choosing a method to receive a verification code from the platform.
8. Once you receive the verification code (i.e. sent to your email or via SMS to your phone), enter it when prompted.
9. Click ‘Save’ to confirm and save your changes.

Now that you know that Shareworks definitely has your correct bank details on file, you can move to the next step.

Step 2: Choose a release method³

If your RSUs or other awards have completed the required vesting period and have been automatically released to you, you should be able to see their value in your Shareworks account dashboard.

There will also be the option to choose a release method. This is how you’ll be able to withdraw the funds directly to your chosen account.

Here’s how to do it:

1. Sign into your Shareworks account
2. On the dashboard, scroll down to ‘Tasks’
3. Find the ‘Choose release method’ tile and click ‘Choose method’
4. Select a release method from the available options. These offer different ways to cover applicable fees and taxes, such as paying them through payroll, deducting them from the share amount and paying them separately. You’ll need to choose the option that suits you best.
5. Review the summary of release details at the bottom of the page, including the estimated release gain.
6. Click ‘continue’.

Step 3: Choose a delivery method³

The next section is a short but important one. Here, you’ll be prompted to choose your preferred delivery method.

Options are likely to include electronic transfer, and you should also see an estimated timescale for delivery here (i.e. 2 to 5 working days).

Once you’ve chosen your delivery method, click ‘continue’ again.

Step 4: Review and accept the release direction form³

At this stage, you’ll be shown on screen a release direction form. It’s essentially a formal summary or written statement, setting out your wishes in relation to withdrawing an award from the platform.

It’s important to read this through carefully, checking that all the details are correct. You can also print this agreement if you wish - it could be a good idea to have your own copy of it for your records.

Once you’re happy, you can click ‘accept’.

Step 5: Verify and submit³

The final step involves another summary of your withdrawal/release request. This time it’s in the form of a complete financial summary, including details such as:

• Release date
• Number of shares
• Estimated value of shares
• All applicable taxes, charges and costs
• Delivery method
• Your personal details, including contact numbers. There’s a ‘Change Contact Information’ button here if you need to update any of this information
• Company contact details.

At the bottom, there’s a final box to check to indicate your understanding and acceptance of the terms and conditions. Once you’ve checked everything through carefully and ticked this box, you can click the ‘Submit election’ button to officially submit your withdrawal request.

You’ll see a confirmation screen explaining that your request has been successfully submitted. You’ll also be given a reference number - make a note of this just in case you need it later.

You can then click the ‘Return to Account Summary’ button to get back to your Shareworks dashboard.

Save on currency conversion when withdrawing from overseas investment platforms

If your investments or RSUs are held in an overseas investment or equity compensation platform, you may get a surprise when you come to withdraw money.

Depending on how much you withdraw, you might find that a sizable sum has been lost to currency conversion fees or poor exchange rates. This can happen when sending proceeds in USD (for example) to a UK bank account denominated in GBP. If you’re withdrawing a lot of money, it could add up to hundreds or even thousands of pounds.

There is a way to shrink these currency conversion costs right down. You could look for an account that lets you receive money in other currencies and has local account details (i.e. account number, ACH and wire routing number) which allows you to get paid directly in dollars even if you are in the UK.

After reading this, you should have a better idea of the steps involved in withdrawing money from Shareworks (Morgan Stanley). It’s reasonably straightforward to do, but it’s so important to check all the details carefully at every stage.

And before you withdraw any money from the platform, you might also want to seek professional advice on how to best manage your equity benefits and investments.

Sources used:

1. Morgan Stanley At Work - how to receive the net proceeds
2. Morgan Stanley at Work - how to enter and/or update banking and brokerage information
3. Ceros - Shareworks public market participant training

Sources last checked on date: 31-Oct-2024

Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.