Funds and shares within trust accounts

Trusts Discussion
1

Seeking advice as to whether any trust accounts facilitate dealing of funds and shares within a discretionary trust?

Many thanks.
Mark Jackson

2

Not quite sure what you mean by ‘trust accounts’ - actual bank accounts or managed investment portfolios operated by wealth managers or stockbrokers? The latter is very commonplace and provided the trust Deed allows it then there should be no problem.
Maxine
Citroen Wells

3

Hi Maxine,

For example, I have a SIPP pension account, within which I can personally trade on the stock market in both funds and shares online.

I would like to set up a similar account within the a trust trading bank account.

5

We use Transact for our trust clients as they provide access to an unlimited universe of investments and a choice of four different tax wrappers. The tax wrapper decision is a very important trustee responsibility as choosing the wrong one could have unintended consequences for the beneficiaries.

Tony Clarkin

6

We use Hargreaves Lansdown Fund and Share Account which can be set up in the name of a trust.

Hugh

7

I’ve approached Hargreaves Lansdown to open an investment account for a trust - unfortunately they have suspended opening new accounts due to impacts of Covid-19 pandemic on staffing and paper based processes.

I’m really struggling to find other providers or platforms who are willing to open investment accounts for a trust (IIP trust).

Other suggestions would be much appreciated!

Martin

8

Transact are excellent for trustee investments.

9

Hi Martin

Try Woodruff Financial Planning and also Brewin Dolphin who provide Trust financial services

10

Interactive Investor provide Trustee investment trading accounts.

11

Thank you Tony, Hugh and Geoff.

I’ve been working through your suggestions.

It looks like the Transact platform is only available to IFAs.

Woodruff and Brewin Dolphin - I was hoping that the trust would be able to open an Investment Account in its own right rather than going through an IFA.

Interactive Investor - I could see from the fees and charges that they have Trust accounts but couldn’t see how to open an account. Spoke to them this morning and they are not opening new Trust accounts - they say the ones they support have been “migrated in”.

So I’m still struggling to find somewhere the trust could invest directly and build a portfolio. We’re also talking to another IFA who can support an IIP trust. For a small trust we wanted to avoid seeing “another” 1% disappear in fees each year on top of the platform, fund and transaction fees.

Much appreciate your suggestions.