Book costs can be updated at any time from the point a transfer status is updated from 'with previous provider' to 'onboarding assets', and they’re used to calculate a client's growth rate, as well as the CGT liability in the case of a GIA. 

If the book costs are not updated the system default is that the cost will show as £0, and the growth figure will equal the total value.

Electronic Transfers

If this is an electronic transfer, navigate to the Transfer Workbench under the Transfers tab in the top menu. Find the relevant row - if the transfer status is 'onboarding assets', this means the valuation has been received and the book costs can be added.

Click anywhere on the row to open the record and you will be presented with an itemized list of the client's assets, both those which have been received and those which are outstanding.

You will see a button in the top right hand corner titled Update book cost. Click on this and then add the book cost details here, then click on Review, and Submit to save the changes.

You can also access transfer details at a client level by clicking on the ‘Client transfers’ heading within the client record.

Manual Transfers

If the transfer was manual, send an email to servicecentre@soderbergpartners.co.uk with a list of the asset holdings and the book cost figures, and we will update this for you. The ceding provider should be able to provide this data.

We can alternatively update the book cost to match the value of the funds received if you prefer - this may be useful for non-GIA accounts where you want the growth rate to reflect more accurately. Please specify this in your email.