The Sanlam Onshore Bond has been created by Sanlam for the 7IM platform in response to adviser demand, the firms said in a statement.
Both groups claim the open architecture bond is “very different” to what is available through the vast majority of providers because advisers will not be limited to only using insured funds.
The bond can invest in authorised and regulated collective investment schemes.
Verona Smith, head of platform at 7IM, said: “This new launch is a much-anticipated product wrapper for advisers using the 7IM platform, and fills a much-needed gap in the market.
“This is the first time we have been able to add an onshore bond to the platform, the challenge historically being that most onshore bond providers only allow access to insured funds. We have enjoyed working with Sanlam on this important new product launch.”
In addition to 7IM’s standard platform costs and underlying product charges, the bond will cost: 0.25% for the first £100,000; 0.2% between £100,001 and £500,000; 0.15% between £500,001 and £1,000,000; and 0.1% on the value above £1,000,000.
Jonathan Polin, group chief executive of Sanlam (pictured), said: “We are delighted to be partnering with 7IM. Together we have developed a simple, innovative solution which will support financial advisers and help meet the increasingly complex requirements of their clients.
“In particular, for those advisers looking for onshore options, this solution gives individuals the opportunity to pass on their wealth through the generations, in a tax efficient, onshore trust environment.”
