Aviva reopened its wrap for new business last week – seven months later than expected.
In an interview with Money Marketing in April 2009, then Lifetime managing director Toby Strauss said the platform expected to reopen June last year.
The plaform uses Bravura’s software and administration is handled by Scottish Friendly, both of which are also behind the Nucleus platform.
The platform offers Isa, Sipp and Oeic wrappers and has an unbundled pricing structure.
The Aviva wrap, formerly Lifetime, closed to new business in 2007 following admin problems after costing the company well over £100m.
Head of wrap marketing Nick Burton says: “Toby set out our ambition to relaunch the platform by June but rather than rushing back with something that was not as good as it could have been, we wanted to make sure it was abso lutely right in terms of being ready for advisercharging and offering bulk switching and portfolio rebalancing.”
Finance and Technology Res – earch Centre director Ian Mc- Kenna says: “Given the challenges Aviva have faced in the past with their platform I am sure their priority has been to do it right rather than do it quick. We are going to see a lot of upheaval in the platform area over the next few
years and for an organisation with the scale and standing of Aviva, time issue are less critical, equally there are others looking to enter this sector, everything is still up for grabs”.
Threesixty partner Phil Young says: “Given that Aviva has had to start pretty much from scratch, it is not surprising that they have taken some time to relaunch. The Lifetime system was critically flawed so a rebuild was almost inevitable.”