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35% of advisers using wrap

Over a third of advisers are using a wrap platform and a further quarter have definite plans to do so, says CWC Research.

In face-to-face interviews with 73 advisers, it found that 35 per cent are using wrap platforms as their standard pro- cess for investment business or are in the process of migrating to wrap.

A further 12.5 per cent have agreed a date when they int- end to migrate assets on to a platform while 10 per cent have made a firm decision but not yet set a date.

Thirty-five per cent intend to move to a platform eventually while 10 per cent remain unconvinced.

CWC says 33.3 per cent of advisers are holding off while they await a superior product while 25 per cent are afraid that better products will make existing wraps redundant and 33.3 per cent want a platform that accommodates the full spectrum of products. Twenty per cent are unhappy with current pricing structures.

CWC Research’s survey followed the FSA’s thematic work on the UK wrap market.

Senior partner Clive Waller says: “The development of a true wrap market will be delayed by the FSA’s decision that existing rules must apply with regard to adviser status. This will have the effect of giving late entrants time to get their product together before most advisers make permanent decisions.

Seven Investment Management director Justin Urquhart Stewart says: “Professional advisers and planners need choice. What may be suitable for a client today may be an embarrassment tomorrow. This must apply to tax wrappers as well. What an adviser cannot afford to have is to find him or herself with the wrong type of wrapper. No one would want to stand there and look stupid in an old pair of flared Sipps. They looked good once but now they are embarrassing.”

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