Hay wrap is our partner
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I used to agonise on making decisions on providers for clients. I could not accept the concept of putting them in a managed fund and moving on to the next sale.
When Scottish Mutual announced its link-up with James Hay Sipp, I embraced the concept from the start. This quickly evolved through the Abbey wrap and now James Hay.
I now have the ability to build true portfolios across clients' investments, Isas, Peps and pensions using funds with the leading investment houses.
The James Hay wrap does not restrict me to using just the negotiated panel either. Coupled with dealing online, this has opened up the opportunity for me to compete in the wealth management market against traditional stockbrokers and banks.
Being in at the start means that I have built up good relationships with James Hay staff, who I find very friendly.
This includes sitting in with James Hay to provide input for the wrap development. A major benefit for JHC is working with a professional, well organised company which offers very good administration.
This compares with the old days of being scraped off the ceiling each Friday after dealing with "ordinary" insurance companies.
The takeover by Bank Santander meant the development of the wrap was put back by around one year while they realised what they had bought in to.
This meant I had to consider moving my client bank if Santander decided to scrap the wrap.
There have been new players in the market during the last few years. Some have promised much but failed to deliver with their administration. Another gave me the impression that we were too small for them to take my business.
Moving would have been a difficult decision as I believe that once you have decided on your wrap, provided it makes sense for your clients, you stay with them. I consider the James Hay wrap to be a partner for the development of my business and not another product provider.
James Hay will now be linking with Australian company, Info Comp which will provide a fully integrated system that has been purpose-built for the wrap market. This must also benefit JHC.
One additional benefit to the package that should not be overlooked is the James Hay technical team. In 30 years in this profession, this is one of the best teams I have worked with. The level of expertise for investments, trusts and pensions they provide JHC with is second to none.
Keith Iles is a director at JHC Partnership
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