Onshore/offshore bonds on the 7IM Platform

7IM does not provide its own bond, but you can set up a 7IM account with either an onshore or offshore bond provider. The bond provider will be the main point of contact for most of the administration. However, the 7IM platform will be the investment hub.

Onshore bond

We have a partnership with Countrywide Assured who provide the onshore bond. Visit the Countrywide Assured website where you'll find all the documents you need to open the bond.

Opening

Open the bond with Countrywide Assured. Once open, send the 7IM bond account opening form and supporting documentation to postroom@7im.co.uk.

Funding

To fund the onshore bond, send the money to Countrywide Assured. They will transfer the money to us and you will be able to invest via the 7IM Platform.

Withdrawals

Please request withdrawals with Countrywide Assured, 7IM will send the money to them. Countrywide Assured will process the withdrawal along with any chargeable gain events.

Adviser fees

All adviser fees will be paid to you directly by Countrywide Assured, not 7IM, but can be funded by cash held in the 7IM account.

You must contact Countrywide Assured to obtain illustrations, application forms, and any other documents necessary to open the account. The onshore bond at Countrywide Assured must already be open before the 7IM account can be opened.

Offshore bond

We have partnered with a number of offshore bond providers:

Opening

Open the bond with the offshore bond provider. Once open, send the 7IM bond account opening form and supporting documentation to postroom@7im.co.uk.

Download form

Funding

To fund the offshore bond, send the money to the offshore bond provider or start the in specie transfer process. They will transfer the money to us and you will be able to invest via the 7IM Platform.

Withdrawals

Please request withdrawals with the offshore bond provider, 7IM will send the money to them. The offshore bond provider will process the withdrawal along with any annual allowance or chargeable gain events.

Adviser fees

All adviser fees will be paid to you directly by the bond provider, not 7IM, but can be funded by cash held in the 7IM account. Alternatively, you can have your fees deducted from a client’s linked GIA instead which avoids the fees forming part of the client’s 5% annual withdrawal amount.

You must contact the offshore bond provider to obtain illustrations, application forms, and any other documents necessary to open the account. The offshore bond at the provider must already be open before the 7IM account can be opened.

Transfers

Bonds themselves cannot be transferred, only kept or surrendered, and it is often undesirable to surrender a bond because of all the tax consequences, particularly if the bond is held within a trust.

The assets held within an open architecture offshore bond can usually be transferred to 7IM. Therefore, you can retain an existing bond product, and any associated trust arrangements, and simply transfer the underlying assets from their current custody (e.g. with another platform or discretionary investment manager) onto our platform where you can manage them and they can be included in the client’s reporting.