Aviva is integrating its wrap and adviser web portal into a single platform that will include annuities and protection products.
The new Aviva Platform, which launches this year, will have £56bn of assets and 2.75 million customers and the firm says it will be the biggest player in the platform market.
The Aviva Wrap currently has only around £1bn of assets. Aviva says the integrated platform will hold 600,000 annuities and 345,000 protection policies.
It has redesigned its investment proposition to underpin the platform, which will offer a self-service proposition for IFAs and one managed by Aviva.
Aviva UK life and pensions chief executive Toby Strauss says the move allows the firm to focus on the mid-market IFA, an area which he says wrap providers have largely ignored. He says: “The concept of a single view in terms of what you have and what you add as well as the seamless journey from an IPP to a Sipp, with the investment range underpinning it, is a big, unique
CWC Research senior partner Clive Waller says: “It seems sensible to have everything in one place and a platform should allow someone to see every aspect of their clients’ resources.”
The Platforum managing director Holly Mackay says: “It is an inevitable move and other life companies are doing or will do the same thing.”
For a full interview with Toby Stauss see this week’s Money Marketing.