Question
I am interested in setting up/transferring some ISAs for myself and my wife using a Discount Broker. Will I be able to act on my wife's behalf doing this so that our investments are all in the same place?Answer
Yes, but your wife may need to sign some letters/forms along the way.
The simplest scenario would be if your ISAs are already held on a fund platform, for example Cofunds or FundsNetwork. In this instance your funds are already held in one place, making monitoring and subsequent fund switches very straightforward. Benefitting from a discount broker (who offers trail commission rebates) simply means signing a 'change of agency' form or letter (your wife would need to sign for her ISAs) and the ISAs can remain in situ with the platform.
Given most platforms allow you to manage your investments online, it would be straightforward for you to look after your wife's ISAs (including subsequent switches) provided she's happy to give you her login details. If you want to make switches and get information over the phone or in writing then your wife would normally need to sign a letter giving you permission to do so, which would be sent to the discount broker and platform.
If the ISAs are currently held with different ISA providers and you want to consolidate onto one platform then you and your wife will need to complete ISA transfer forms, supplied by the discount broker. Once the transfer is complete, you can manage the investments as per above.
I am interested in setting up/transferring some ISAs for myself and my wife using a Discount Broker. Will I be able to act on my wife's behalf doing this so that our investments are all in the same place?Answer
Yes, but your wife may need to sign some letters/forms along the way.
The simplest scenario would be if your ISAs are already held on a fund platform, for example Cofunds or FundsNetwork. In this instance your funds are already held in one place, making monitoring and subsequent fund switches very straightforward. Benefitting from a discount broker (who offers trail commission rebates) simply means signing a 'change of agency' form or letter (your wife would need to sign for her ISAs) and the ISAs can remain in situ with the platform.
Given most platforms allow you to manage your investments online, it would be straightforward for you to look after your wife's ISAs (including subsequent switches) provided she's happy to give you her login details. If you want to make switches and get information over the phone or in writing then your wife would normally need to sign a letter giving you permission to do so, which would be sent to the discount broker and platform.
If the ISAs are currently held with different ISA providers and you want to consolidate onto one platform then you and your wife will need to complete ISA transfer forms, supplied by the discount broker. Once the transfer is complete, you can manage the investments as per above.
Read this Q and A at http://www.candidmoney.com/askjustin/766/can-i-manage-my-wifes-isas
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