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IFAs value a broad range of cash deposit products on wrap platforms

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One in three (34 per cent) IFAs believe that having access to a broader range of cash deposit products/rates on wrap platforms would help them enhance their value proposition to clients, according to research from Investec Specialist Bank. 

Currently, more than three in four (78 per cent) IFAs spend 10 per cent or less of their time managing the cash element of a typical portfolio. Indeed, one in ten (11 per cent) spends no time at all on this.
 
The research reveals that more than one in five (22 per cent) IFAs believe having access to a wider range of cash products on wrap platforms would increase the total assets under their advice, with 19 per cent suggesting it would improve the accuracy of asset allocation.
 
Despite IFAs recognising the value of a broad range of cash deposit products/rates, on average they spent just 6.25 per cent of their time on managing the cash element of a typical portfolio.
 
Lionel Ross, Investec Specialist Bank, says: “It is reassuring to see that IFAs understand the importance of being able to offer clients a broad  range of cash deposit products. However, it is also concerning to see that some spend no time at all on managing the cash element of a client’s portfolio.
 
“The role of cash deposit products/rates on wrap platforms will change substantially over the next few years. It is up to those IFAs to spend more time on this element of a portfolio to potentially gain a significant advantage for their client.”

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