Setting up an International Portfolio Bond

Step 1 – Set up a new client

Select the ‘new client’ button and choose client type ‘individual’

Add in the client’s details and select ‘Next: Start new business’. Please note the telephone number fields are optional. All other fields are mandatory.

For more information on adding a new individual client view our ‘Adding a new individual client’ help page.

Step 2 - Start new business

Before starting the Offshore Bond new business wizard, you will be asked if you wish to make payments into the Cash Account. There is no requirement to put any payments into Cash Account and you need only do so if you intend to fund bond charges from out with the bond itself.

Once the client details have been added then choose the ‘Wrapper selection’ option and select ‘Offshore Bond’ for the ‘Service proposition type’.

Enter the name you would like the account to have.

You can enter single or regular payments into the Cash Account. The default option to pay charges on an International Bond is the product however, you could consider using the Cash Account as an alternative, if you instruct charges to come from the Cash Account, you will need to put money into the Cash Account to get paid.

Select ‘Next: Additional product details’ - Add the client’s bank account if you are planning withdrawals from the International Portfolio Bond.

Please note: the bank account will need to be verified if you wish to make withdrawals. For more information on our bank verification process please view this help page.

If adding cash accounts then this is separate from the International Portfolio Bond journey.

If you have added cash accounts then Select ‘Review’ and add the cash accounts. 

You can download any documentation relating to the Cash Account here as well as configure the client portal preference if you plan to allow client access in the future.

Select ‘Next to start the International Bond process’

Step 3 – Open Offshore Bond

Select ‘Open Offshore Bond’

Follow the six steps from left to right.

Step 1 – Tax Wrapper Allocation – enter the value of the bond. PLEASE NOTE: You can only add one payment into the International Portfolio Bond. 

Step 2 – Adviser Charging - add your initial and ongoing charges

Choose between the Cash Account or the International Portfolio bond for where your adviser charges are deducted from. If you choose ‘Cash Account’ you must enter these as either monetary amount or percentages.

When you select ongoing adviser charges you also need to select the deduction frequency. This defaults to monthly, but you can choose from quarterly, half yearly and annually.

The ongoing adviser charge will always be entered as an annual figure regardless of what deduction frequency you select.

For more information on adviser charging please view our guide ‘Managing your Adviser Charges’.

Step 3 – Investment Selection

Enter the investment choice. You need to enter details of the investments you wish to include in the International Portfolio Bond. This will only be for any new money being added i.e. single or recurrent single payments. You can choose from Discretionary Models, if permissioned on the Hub, adviser models, single funds and cash.

Each column must total 100% before you will be able to proceed.

Step 4 – Wrapper details

Enter the choice of law and your lives assured. You can add up to six lives assured. Please note where there are more than 2 lives assured, illustrations will only ever display 2, the youngest and the oldest.

Step 5 – SIPP Drawdown details – this section can be ignored as it relates to the Wrap SIPP product.

Step 6 – Validate & execute

You can send any documents that require a client signature to your client electronically using our e-signature service. You must generate at least one document allowed for e-signature before this service is available.

Step 4 – Sign up documents

To complete the set-up of the International Portfolio Bond we require these forms:

Supporting resources

Exploring the integrated Wrap International Portfolio Bond webinar

This webinar helps you learn more about the on platform integrated Wrap International Portfolio Bond and how it sits alongside a client’s core tax wrappers to assist with their financial planning needs.

Key areas include:

Why choose International Portfolio Bond on Wrap sales aid (PDF) details the benefits of the International Portfolio Bond on Wrap.