Onboarding of children
Hi, what is your procedure when a child of a client, turns 18 with for example, a Junior ISA, which is to remain invested.
I think this is the trigger to take them on as a full client in their own right, which means completing their own factfind, assessing risk, issuing onboarding documents etc. Due to the likely low value of the assets, a simplified/automated proposition may be applied but are there any other areas where you simplify? A shortened factfind for example?
I do think it’s important to engage/build a relationship with the children of clients, so I wouldn’t want to simplify too much but I’m interested to hear how others handle this.