View more on these topics

Australian example

We first came across wraps in the mid-1990s in the US. We admired the way that they worked in America but we had some reservations about the UK market, some of which have not really gone away.

The multiplicity of tax and product wrappers in the UK seemed to be a barrier to loading all of a client’s assets on to one wrap platform and, in my view, continue to be.

It is difficult to justify adding an existing product to a wrap when one of the consequences is to add charges to a structure where they may already be considerable.

Swift re-registration of client assets is possible in America and Australia but seems a long way off in the UK where it can take many weeks and sometimes months to transfer assets.

Nirvana for us would be a situation where client assets could be transferred without delay within their existing tax wrappers, including investment bondsNevertheless, we were enthusiastic early adopters of the Abbey (now James Hay) offering, because of its clear and transparent charging structure and open architecture.

As one of the few advisers in the UK to have access to institutional-grade funds, we see wrap platforms as vital to our offering a low-cost service which combines low-cost dealing with administrative efficiency. They also suit our feebased approach.

We have visited Australia and are hugely impressed with the wrap offerings there. James Hay is building a true wrap proposition, with Australian help and we are looking forward to seeing improvements later this year. In the meantime, we have developed our own wrap comparison tool to monitor James Hay’s competitiveness against the rest of the market and so far it holds up very well.

Noel Farrelly is director of Index Fund Advisors.


Nucleus white-labels wrap for Paradigm

Nucleus Financial Group is to white-label its wrap for new IFA support firm Paradigm Partners.The deal, expected to be signed this week, is Nucleus’s first white-label deal and marks a departure from its sole targeting of top-end IFAs.Neither Paradigm nor its advisers will be taking equ-ity stakes in Nucleus.Nucleus has just signed up another two […]

Impact assessment

The first Customer Impact survey provides pointers for the way ahead.

Don’t bully us over Sipps

Has Peter Hargreaves found the only viable future for the entire industry? We are an industry of diversity. Some businesses operate on indemnity commission and some avoid it like the plague. It is for the clients to decide which suits their preferred method of payment. To say that one form of payment is wrong to […]

Correspondent’s Week

This week by The Express deputy personal finance editor Holly Thomas.

Leading Edge June – Investment panel debate

RLAM’s asset class specialists discuss some of the findings from the panel session at our recent Investment Conference. By Rob Williams, Head of Distribution Welcome to the latest edition of Leading Edge. It has been an eventful six months since the last e-zine. The European Central Bank announced ongoing stimulus measures, while the immigration crisis in Europe threw the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm