You can open a General Investment Account (GIA) held in the name of a trust.
We support the following types of trusts:
- Discretionary
- Bare
- Accumulation
- Interest in possession
- Settlor interested
- Mixed
Things to be aware of before starting the process:
- The trust must be registered in the UK.
- You will need to add bank details to the client record – The bank details have to be for a trust bank account or a bank account in the name of one of the controlling trustees on the trust client.
- You have to add at least one stakeholder and this has to be of the role ‘Trustee’.
- For the stakeholder role ‘Beneficiary’, you have to set the individual up separately via the standalone client creation form before starting this process. This is so we can conduct AML checks on the individual.
- If you would like to add a stakeholder who isn’t already a client on the platform, the only options are ‘Settlor’ and ‘Trustee’.
- To setup a stakeholder who isn’t already a client on the platform and does not need to be AML checked, you have to provide, First name, Surname, DOB and address. You will input this from within the stakeholder section of the trust client creation form:
- In order to give a stakeholder the appropriate authority to provide instructions for managing the trust client and its associated accounts, they have to be AML checked, (i.e. they have to be setup separately on the platform via the standalone client creation form, before starting the trust setup process).
- In order to add a beneficiary who is under the age of 18, there is a separate link on the trustee creation form:
How to open a Trust
- Login to the platform and click on the ‘Clients’ tab from the top menu bar.
- Then, navigate to the top right hand corner of the screen, click ‘Create’ and select ‘Trust client’ from the drop-down.
- Add in:
- The name of the adviser.
- The type of trust.
- The name of the trust.
- The Trust registration number.
- LEI number, (as mentioned above, if the trust does not have an LEI then investments that require an LEI will be prohibited).
- Add stakeholders to the trust account by clicking on ‘Add a stakeholder’. As mentioned above the minimum here is 1 stakeholder with the role of ‘Trustee'.
- Corporate trustee – To add a trustee in the name of a company, follow the process for creating a Corporate client first > How to create a Corporate Client – Söderberg & Partners Wealth Management.
Once you’ve created the corporate client, you can add them in as a stakeholder of the type ‘Trustee’ in the normal way.
- Add bank details. As mentioned above the bank details have to be for a trust bank account or in the name of one of the controlling trustees.
- Accept the declaration, click ’Review’ to double check that all the information is correct and then click submit.
Once the account has been created and is in a pending status, please email servicecentre@soderbergpartners.com with the following:
- Client ID.
- Certified copy of the trust deed.
- Certified bank statement in the name of the trust as a trust bank account or in the name of one of the controlling trustees.
- Terms and conditions signed by all persons instructing on the account as determined by the stakeholder section.
Söderberg will conduct a know your customer (KYC) check and verify the trust client. Once verified Söderberg will inform you the client is active.
Once the trust client is active, you can create the GIA account where the investments will be held:
- Search for the trust client record and navigate to it.
- Once on the client record, navigate to the ‘Accounts’ tab.
- Click on ‘Create account’.
- Complete the form by entering:
- Account name.
- Wrapper type, (this will be greyed out and pre-selected as ‘GIA’).
- Investment strategy.
- And finally any adviser fees.
- Click Review and once you’ve reviewed the details and are happy, click submit.
The account status will change to ‘Active’ straight away and the account actions menu will be available for you to submit new money expectations.