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Advisers convince Friends to set up a wrap platform

Friends Provident is to set up a wrap service in the next 12 months with Australian software firm Bravura supplying the platform.

The firm, which has been sceptical of wrap, says it will launch a comprehensive service within a year, including onshore and offshore bonds, Sipps, Isas and cash accounts.

Head of investment marketing Christine Foyster says the platform will offer open architecture with hundreds of funds initially available through the platform and look to integrate all its investment services within five years.

She says the charging structure of the wrap is being discussed but it will look to offer the maximum flexibility of choice for the adv- iser on commission or char- ging a fee.

The firm will link up with Distribution Technology for the platform’s financial planning tools and Rhyme Systems for investment admin.

Friends marketing director James Ward says the investment admin experience developed through its international business and the provider’s e-commerce reputation will ensure that it makes an impact on the market.

He says Friends finally decided to enter the market following adviser feedback that wraps are going to be the way that many will want to manage their business.

Ward says: “We know that the wrap market is evolving. The time is right for us, with our proven track record in delivering genuine added value and high-quality service, to improve the choice for advisers and their clients.”

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