Can I process a Bed & ISA from a Joint Investment Portfolio to each clients' ISA?
This is not currently possible straight through (online) but we have a process for this:
Step 1: You sell down the total amount in the joint Investment Portfolio. If both clients are doing a £20,000 Bed and ISA, then they should sell at least £40,000 (factoring in upcoming fees and charges, market movement and the client's cash account balance).
Step 2: If the client does not have a single Investment Portfolio alongside the ISA Portfolio, you will need to key a new Investment Portfolio online through the same header account as the ISA Portfolio for each client. We will not require any further paperwork.
If the client has an existing, closed Investment Portfolio this will need to be re-opened.
Step 3: Once the money is in cash and each client has an open, single Investment Portfolio, an email should be sent to email@example.com to advise they require an internal transfer to be done.
This should detail the debit and credit account numbers and the amount to be moved.
Step 4: Client Payments will confirm back to you once this has been completed.
Step 5: You then key the Bed & ISA as normal.