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Introducing Joint GIAs

  • Updated

We are pleased to announce that Joint General Investment Accounts (Joint GIAs) are now available on the Söderberg & Partners Wealth Management Platform.

This new feature allows two clients to jointly own and manage a General Investment Account with enhanced flexibility and transparency.

 

Key Differences from a Single Owned GIA

While Joint GIAs function similarly to Individual GIAs, there are two key differences:

  • There are two Client IDs associated with the account
  • The account will have a designated Lead Client

 

 

Criteria for Opening a Joint GIA

  • Both clients must have an active or pending state.
  • Only individual adult clients can open a Joint GIA Corporate, Trust or minors are not eligible.
  • Clients cannot hold an existing Joint GIA with another individual, however, it is possible to hold multiple GIAs with the same co-owner.
  • There can only be two owners.
  • One of the clients must be assigned as the Lead Client.
  • Both clients must be assigned to the same advisor.

 

 

Joint GIA Declaration

Before a Joint GIA can become active, both owners must agree to a Joint GIA Declaration, this declaration will automatically appear in the client portal the next time each client logs in after account creation.

 

  • The declaration contains the name of the other owner and Joint GIA specific terms
  • The date of agreement is recorded on the client product, which means if the same clients opened a second Joint GIA together, they do not need to agree to it again
  • The account will only become active when both owners have accepted the declaration
  • Declaration acceptance will be replayed in both client notifications.

 

 

Management of a Joint GIA

Joint GIAs can be managed in the same way as single-owned GIAs, with a few additional considerations:

  • The Lead Client can be changed. Changing the lead client will also update the bank account details associated with the GIA.

  • If a recurring order is in place, the new lead client must have an active direct debit mandate before the switch can occur.

  • The lead client change cannot proceed until the direct debit mandate has been agreed by the new lead client.

It is not possible to change a Joint GIA to an Individual GIA - If this is required, a new Individual GIA should be created and then the funds moved.

 

 

Account Actions

Paying in, selling, investing and transfer out work the same way as they do for single owned GIAs

Internal movements of cash can be instructed for the following:

  • Joint GIA → Either owner's ISA or GIA

  • Either owner's ISA or GIA → Joint GIA

  • Joint GIA → Either owner's JISA

  • Joint GIA → Either owner's SIPP

  • Joint GIA → Another Joint GIA (where both accounts are owned by the same two clients)

Withdrawals can be instructed on the platform via both client accounts, this will then match against and be sent to the Lead Client's bank details.

Transfers in require both clients to be present on the request and all details must match what the provider holds, ensuring that the providers Lead/Primary Client is highlighted. For example, if Client A is the primary client with the current provider, they must be selected as the lead client in the transfer in request.

Additionally, if a transfer in requires a transfer instruction form, this can be found here.

 

For a step by step guide on how to open a Joint GIA and for further information on GIAs please see the below links:

Opening a Joint GIA – Söderberg & Partners Wealth Management

General Investment Account – Söderberg & Partners Wealth Management