Getting started
- Click on the New Client button in the top left hand corner of the screen
- Select the adviser to which this client will be aligned and select Trust and press Next: Trust Detail (please refer to the Adding a New Individual Client and Adding a New Corporate Client web pages if you need help loading on these types of clients).
- Add in the name of the Trust, mark this as a New Trust or an Existing Trust - if this is a New Trust we will require the appropriate Trust Deed to be completed, if this an Existing Trust we will require sight of the existing trust deed. Please note the LEI number field is only required if the Trust will be investing in Exchange Traded Instruments. Please select which law is to apply and from the drop down list, select the FATCA/CRS Business Type.
- If the entity is resident for tax purposes anywhere other than the UK, please add in the Country of Residence for Tax and the Tax Identification Number (TIN).
- Then click on Next: Trust Member
- Enter the details of the Trustee and select which role(s) are appropriate for this member from Trustee, Settlor or Beneficiary.
- If the member is already a platform customer you can search for and select their Existing client record and this will populate their details. If the member is new to the platform you will need to add in their details.
- Add in the Regulatory details regarding tax residency and citizenship and then you can add other members should you wish by clicking on the Add Another Member + symbol.
- You also have the ability to add in Beneficiary details. Remember, these may be compulsory or optional depending on the type of trust.
- Once complete you can click Next to either Add the client, Start New Business or Create Another Client.
Setting up a new trustee
From the dashboard screen you can click on the New Client button in the top left corner of the screenSelect the adviser to which this client will be aligned and select Trust and press Next: Trust Details.
If you need help loading an individual client see our guide on adding a new client.
If you need help loading an individual client see our guide on adding a new client.
Add in the name of the Trust, mark this as a New Trust or an Existing Trust - if this is a New Trust we will require the appropriate Trust Deed to be completed, if this an Existing Trust we will require sight of the existing trust deed. Please note the LEI number field is only required if the Trust will be investing in Exchange Traded Instruments. Please select which law is to apply and from the drop down list, select the FATCA/CRS Business Type. Please note, if Investment Body is selected you will also need to complete the entity self-certification form.
If the entity is resident for tax purposes anywhere other than the UK, please add in the Country of Residence for Tax and the Tax Identification Number (TIN).
Then click on Next: Trust Member
If the entity is resident for tax purposes anywhere other than the UK, please add in the Country of Residence for Tax and the Tax Identification Number (TIN).
Then click on Next: Trust Member
- Enter the details of the Trustee and select which role(s) are appropriate for this member from Trustee, Settlor or Beneficiary.
- If the member is already a platform customer you can search for and select their Existing client record and this will populate their details. If the member is new to the platform you will need to add in their details.
- Add in the Regulatory details regarding tax residency and citizenship and then you can add other members should you wish by clicking on the Add Another Member + symbol.
- Once complete you can click Next to either Add the client, Start New Business or Create Another Client.
Trust New Business
Step 1 - account info
- Enter the details of the Trustee and select which role(s) are appropriate for this member from Trustee, Settlor or Beneficiary.
- If the member is already a platform customer you can search for and select their Existing client record and this will populate their details. If the member is new to the platform you will need to add in their details.
- Add in the Regulatory details regarding tax residency and citizenship and then you can add other members should you wish by clicking on the Add Another Member + symbol.
- Once complete you can click Next to either Add the client, Start New Business or Create Another Client.
- If you have entered the details of a Trust client, when you start New Business, the system will retain the detail you have already entered. In Step 1 you need to complete the missing fields. The Trust Type can be Gift Plan, Discounted Gift Plan or Loan Plan. The Trust Category can be Absolute, Flexible or Discretionary thus giving you 9 possible types of new trust. If you have confirmed this is an Existing Trust, the type of Trust will not be required.
- The Gift/Loan amount (if applicable) must match the amount entered in Tax Wrapper Allocation and select the Advice Type; Discretionary or Non-Discretionary.
- Press continue and this will create the Trust Account and provide you with a WP reference number.
- Using the tick box ‘All correspondence to go to’, select which of the Trustees is the lead trustee and will receive all correspondence.
- Select if this account should be ‘Paperless’ and also add in the Trust bank account details.
- Money Laundering – select Validate and tick the box to confirm the money laundering requirements have been met
- You can also select which Trustees will require Client Portal access and once live you can go in and set up their access.
- Select Next to go to Step 2 Existing Savings Investments (Optional Step)
Step 2 - Existing savings/investments
This step is only applicable on Gift Plans and Existing Trusts cases. This is the section where existing investments can be re-registered onto the platform.Select Next to go to Step 3 Tax Wrapper Allocation
Step 3 - Tax Wrapper allocation
- Add in the appropriate values into the tax wrapper columns. If you are creating a new Loan Trust or Discounted Gift Trust you will only be able to use the Onshore Bond or Offshore Bond tax wrappers. If you are adding a new Gift Plan or an Existing Trust you can select to use a Personal Portfolio, Onshore Bond or Offshore Bond.
- Each Loan or Discounted Gift Plan can only invest in one tax wrapper whereas each new Gift Plan or Existing Trust can invest in multiple tax wrappers.
- Where possible you may want to add money to Cash Account for fees. Loan Trusts and Discounted Gift Trusts do not allow interest bearing cash accounts to be used so if you are setting up one of those types of trust, you may need to arrange payment of your adviser charges by another method.
Step 4 - Adviser Charging
You can enter initial and ongoing adviser charges as fixed monetary amounts or percentages.
Please note, for Discounted Gift Plans and Loan Plans Adviser Charge payments can only be paid from the IPB Bank Account. For Existing Trusts and Gift Plans adviser charges can be paid from Cash Account or IPB Bank Account.
Step 5 - Investment selection
Add in the investments you want to use and ensure they add up to 100%. Please note, if taking Initial adviser charge from the offshore bond, please ensure you leave this % of IAC in product cash (otherwise the bond will go overdrawn).
Step 6 - Wrapper details
Options for Personal Portfolio- Please select where you would like any Natural Income to go – Product Cash, Reinvest, Cash Account or External Payment.
Options for Bonds
- Regular withdrawals – if applicable please add in the withdrawal details and select the bank account the withdrawals will be paid into. This is particularly relevant on Discounted Gift Plans and Loan Plans
- Lives assured – Its important any lives assured are selected at outset as additional lives assured cannot be added at a later date. You can add up to 9 but note the illustration will only ever display two lives assured.
- Segments – Offshore bonds can hold between 100 and 9999 segments. The minimum value per segment is £200 so on investments above £20,000 you can select to hold higher than 100 segments. As a general rule, more segments means more flexibility later when you may wish to encash them or assign them.
- Source of Wealth – please add in the source of these funds. Note, the Source of Wealth Form will still be required at submission.
Step 7 - Validate and execute
Produce the charge documents, illustrations and sign-up documents as appropriate. Trust Deeds can be accessed in the Literature section, as well as the Beneficial ownership form, AML, Residency outside Ireland, Source of wealth, Entity certification, and we also require the TRS Certificate for the trust.
ACTION REQUIRED
To progress the application we will require the following:
- Review the platform application and update as required.
Please thoroughly review all the details and lives assured information for the bond
A bank account needs to be added at an absolute minimum.
- Complete all necessary documents for this case available here: Trust new business application document requirements
The add/verify Trust Form requires Trustees signatures. Upload the form to the client document library. Notify us that a form has been submitted by sending an email to wrap_trust@abrdn.com and include the account WP number, date and time of submission.
There is no guarantee that any email you send will be received or will not have been tampered with. You should not send personal details by email.
Once the necessary paperwork has been signed by the client you can tick the declarations and submit the new business. Once submitted no further changes can be made so please ensure the information entered in the steps is correct.