Ascentric aims to add annuities to platform in 2012
Ascentric managing director Hugo Thorman says the platform plans to make annuities available before the end of 2012.
The Royal London-owned wrap says it has seen demand for the product from advisers who want to aggregate more client assets and is now working to make them available before the RDR deadline of January 1, 2013.
Thorman says: “We are putting together an annuity proposition for the market place that will be available in 2012.
“We are trying to make advisers’ lives easier and this is part of that process to be able to hold assets in one place.”
Money Marketing understands Nucleus is also looking to add annuity and protection products to its platform.
Chief executive David Ferguson declined to comment on the platform’s plans but says: “We are going to see every single useful product or product feature of the last 20 years reinvented for an unbundled world. Those platforms able to support more collaborative working will emerge with richer propositions.”
Research by technology company Dunstan Thomas in May this year found that almost two-thirds of advisers would transact annuity business through platforms if the service was widely available.
Skandia says it has no immediate plans to introduce annuities on to the Skandia platform and True Potential says it has no immediate plans to include either protection or annuity products.
Investment Quorum chief executive Lee Robertson says: “Adding annuities makes sense and it shows further platform progress as advisers are looking to consolidate client assets in one place.”