Third party products describe wrappers that are administered by a third party, with the assets being held on the Soderberg platform.
This is not a fully integrated solution. You would be required to open the account with the third party product provider first and then create a linked account on the Soderberg platform.
Any withdrawals instructed from the account on the Soderberg platform are sent to the third party product provider, and the same goes for payments in; they should come from the third party product provider.
This includes the following wrapper types:
- Full Self-Invested Personal Pension (SIPP)
- Offshore Bond
We have an existing relationship with an external third party product provider, Canada Life International for offshore bonds and a relationship with Investacc for third party SIPPs.
Soderberg would only provide trading and custody services for the assets held within that wrapper, with the tax administration being carried out by Canada Life International or Investacc.
Setting up the account
- Create the client and account on the third party product provider’s platform.
Navigate to the client’s record on the Soderberg platform and follow these steps:
a) Select ‘Create new account’.
b) Enter the policy name from the third party product provider’s platform in the “account name” field.
c) Select the relevant wrapper type: third-party SIPP or third-party offshore bond.
d) Select the relevant product provider.
e) Enter the product provider account reference.
f) If the client is investing in ETI’s, you must select ‘Yes’ to the question ‘Is this a trust’, regardless of whether it is held in trust or not, in order to reveal the LEI input – the design of this will change in a future release, but an LEI is required in order to invest.
g) Enter the product provider bank details – these should be the product provider’s bank details for withdrawals.
h) Complete the remaining fields, including attaching the investment strategy and applying an ongoing fee if applicable.
3. Click review and then create.
4. Send an email to the third party product provider to confirm the following details:
a) The Soderberg reference number which is in the format SODBG-ACCOUNTID.
b) As well as the following statement “I can confirm that an account has been setup in the name of ‘XXXX’.