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40% of firms adopt one wrap model

Forty per cent of adviser firms are embracing a single platform rather than multiple wraps and fund supermarkets, says CWC Research.

The study, conducted with BNP Paribas, reveals that 80 per cent of advisers see platforms as core to their future strategy.

Senior partner Clive Waller claims the move to a one-platform model represents a huge opportunity for adviser firms.

He says: “We are seeing a number of single-provider deals among significant IFAs.”

Waller says it is cheaper to run a business around one system and set of processes. He says: “Can you imagine a car dealer selling Toyotas, Fords and Land Rovers? The staff would have to know so much more, cope with different processes and deal with different offices.”

The study says the migra-tion to platforms and apparent threats from the retail distribution review, prin-ciple-based regulation and proposed changes to capital gains tax will have a huge impact on asset managers, life companies and distributors.

Waller says: “These changes are driving the migration to a platform-based model even faster, as this is the easiest way to improve the overall client proposition while reducing administration costs and introducing appropriate compliance checks and audits.”

He says no-brand or own-brand platforms are favoured over provider platforms. Waller says advisers “quite reasonably” do not know how to carry out due diligence on platforms.

The research involved face-to-face interviews with 100 individuals at 75 firms.


SG Hambros launches in-house Sipp

SG Hambros Bank is launching an in-house self-invested pension product. It says the main benefits will be allowing clients to invest in a wider range of investments, including private equity funds and strucured products, areas in which it says the bank already has expertise. SG Hambros says the choice of mandates includes a full discretionary […]

A&L and Godivapull 125% loans

Alliance & Leicester and Godiva Mortgages have withdrawn their combined mortgage and unsecured loan range which could see customers borrow up to 125 per cent loan to value.

The rising sum

The Budget and pre-Budget report produce many headlines but it is just as important to look at the detail that can so easily be overshadowed. A good example is a subtle change to the rules for delivering increased levels of protected pre-A-Day cash.

HMRC staff set for £23m in bonuses

HM Revenue and Customs staff are set for bonuses totalling £23m a Freedom of Information request has discovered.Tory MP Michael Fallon has hit out at the performance-related pay outs claiming the departments which lost the personal details of 25 million people are receiving “rewards for failure”.The bonus payments are up 22 per cent from £18.9m […]

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


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