This guide will walk through the steps required in order to request a transfer into an ISA, JISA or GIA account on the Soderberg platform.

Please note, the following transfer types cannot be processed within the adviser portal:

• Cash ISAs where the provider does not support electronic partial transfers.
• Partial JISA transfers.

In this scenario, please complete a manual transfer form and email it to servicecentre@soderbergpartners.com.

For GIAs, we recommend obtaining an initial book cost report from the ceding provider, so that these can be entered into our system after the transfer is completed. This will ensure correct performance figures and an accurate CGT report can be produced.

In-specie transfers

To prevent delays, before requesting an in-specie transfer, we recommend that you check the ‘Instruments’ tab to ensure all of the client’s assets can be held by Soderberg. Email servicecentre@soderbergpartners.com should you wish to request a new asset is added to the platform.

We also recommend that you obtain the initial book costs of the assets in the client's portfolio with the ceding provider so that you can enter them into our system after the transfer is completed. This allows us to show correct performance of the investments, and to calculate CGT correctly. 

Process Steps

• Open the relevant account and then click Account actions and Transfer. 

• Where it is an ISA, select the type of ISA you are transferring i.e. how it is currently held; Stocks & Shares or Cash.

• Select the transfer type; cash or in-specie

• Select the provider from the list. You will be notified if the provider does not support electronic partial transfers at this stage, otherwise, you will be able to opt for a full or partial request:

If the provider requires a manual form, a pop up will appear here to advise you of this, and you will be prompted either to upload a transfer form at the bottom of the screen, or where a wet signed form is required, you will be presented with the address to send this to. If nothing appears, the provider accepts electronic transfer requests and no additional paperwork is required.

• Next, enter the approximate transfer value. If you have opted for a partial ISA transfer, you will need to indicate whether the funds being transferred are from the current or previous year subscriptions:

• Enter the ceding provider’s reference number. Pay particular attention to the hint beneath the reference number box as for most providers this will provide the expected format. We strongly recommend that you check this carefully, as this is the most common reason for rejections:

• At this stage, if the transfer is for a joint GIA, you will need to select the primary client. Please ensure this reflects the information that the ceding scheme holds, including the registered address.

• The address details of the client will be automatically populated in the transfer from the client details screen. Please ensure we and the ceding scheme hold the correct address, as a mismatch in the client’s address is another common reason for transfer rejections.

• If the client has a default investment strategy in place, you will be asked if you would like the transfer to auto-invest upon receipt. You can set up/amend the client’s default investment strategy within the ‘account details’ tab. You can find more details on this here.

• You will then have the option to apply an initial fee, which is automatically deducted when the transfer lands prior to auto-investment. N.B. there is a 5% maximum limit.

• If the chosen provider is one that requests a signed form in order to accept the request, here you will need to upload the form (this must be a PDF). An onscreen message will confirm the type of signature required; either a scanned copy or digital signature.

We recommend that you check with the ceding scheme as to whether they have specific requirements around paperwork e.g. discharge forms. Where the ceding scheme has their own paperwork for transfers out, please upload their paperwork instead of the Soderberg manual form.

• Once completed, click Review to double-check the information and then click Submit. 

• The transfer is now submitted and you can follow the progress in the Transfers Workbench, which is accessed via the Transfers tab in the top menu. Electronic transfers will show a status of 'With previous provider'. Transfers requiring manual forms will show a status of 'Awaiting documentation' or 'Reviewing documentation'. You can find more information about transfer and tracking statuses here.

Please post wet signed forms if required to 20 Manvers Street, Bath, BA1 1JW, for the attention of Seccl.

Once the transfer shows as completed, you may update the book cost; see here for a guide on how to do this.

See here for more information on dealing with rejections.