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Abbey launches wrap

Abbey has launched what it believes is the UK&#39s first comprehensive and scaleable
wrap service. It is available through Abbey for Intermediaries, and is said to deliver
a “completely new model for client portfolio administration” The bank says its
Abbey Wrap is designed to help intermediaries arrange transactions and report
and manage clients&#39 investment and pension portfolio from a single entry point.
The Abbey Wrap has an ISA, PEP and a SIPP wrapper, plus an Investment Portfolio
to hold funds, cash or direct equities. The next phase of the Abbey Wrap
development, which starts in early 2004, will see the addition of an onshore and an
offshore bond as well as an offset mortgage.
Abbey for Intermediaries director Ambrose McGinn says “Wrap services will change
forever the dynamic between client and adviser. The focus will shift from simply
selling individual products designed to meet or address a single need, to providing
advice which considers the client&#39s whole portfolio and the constituent assets and
tax wrappers in order to reflect more fully the client&#39s financial objectives and
attitude to risk.”

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