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Standard Life to re-develop Wrap platform


Standard Life plans to re-develop its Wrap platform to address the need for better integration between the investment management and financial planning worlds.

Flexibility of pension choices has seen the amount of investable wealth increase significantly, resulting in new requirements for many advisers from their platform.
Standard Life Wrap will move towards a new fully integrated wealth platform model offering solutions to suit both advisers and private client managers, with a programme of developments to reflect this.
These will see the introduction of new tailored portfolio functionality enabling the automatic execution of personalised client mandates reflecting requirements such as asset exclusions, substitutions, ethical and CGT management strategies, plus the ability to segregate investment management and financial planning with a new dedicated interface and technology for back offices.
In addition, an improved ‘look-through’ of multi-manager fund strategies including MyFolio ‘superclean’ funds will be introduced along with improved reporting including brand new income and withdrawal reports, and extended support for retirement planning and intra-generational wealth transfers including a suite of junior products, tax efficient AIM portfolios and new modelling tools and alerts for at retirement clients.
David Tiller, head of adviser and wealth manager propositions at Standard Life, says: “The post ‘freedoms’ world is well established and we are seeing more people in control of increasing amounts of pension wealth. As a result adviser businesses are adopting more of a ‘family office’ type approach by employing key experts, and so, in turn, are looking for more from their platform provider. The new model wealth platform must deliver individual solutions in an efficient manner through combining highly scalable process automation with the ability to tailor investment portfolios and tax strategies at a client level.
“The best wrap platforms are clean, transparent and able to deal with multiple tax strategies, while the best private client platforms are great at supporting scalable portfolio management. This plan for Standard Life Wrap brings together the best of both disciplines.”
Mike Hogg, head of proposition for Standard Life Wrap, says: “We’re privileged to have direct access to the most progressive advisory businesses in the UK, as well as close working relationships with leading DFMs and private client managers. The plans announced today have been specifically developed to support their business growth strategies, which increasingly depend on combining the very latest in portfolio management techniques with sophisticated tax and financial planning services. Bringing together these two capabilities into a single platform will mean wealth management businesses can deliver a fully integrated service to their clients.”

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