1. Is it possible on Hubwise to set up GIAs owned by adults on their children’s behalf? If it is, what are the requirements?
Yes, the account can be named to indicate the fact that the GIA is investing with a particular minor in mind. ("Mr. John Smith for Master Eric Smith") There is also the ability to add details of the "Account Designation" required- this can be flagged as Revocable or Irrevocable, as required.
2. With regards to funding, could the Hubwise accounts receive third party contributions? i.e. from the grandparents or does it need to come from the parents (owner)
No, this is not permitted due to AML rules. If the Grandparents wish to contribute to the account they can do so via the Parents bank account. This position is set out within our T&Cs, where it states that an additional account must be in the client's (or registered contact's) name.
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