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Bigger Picture aims to illustrate wrap benefits

Lifetime says rival firms have struggled to explain the ben- efits of wrap.

Lifetime’s platform, The Bigger Picture, becomes operational this week with Millfield and Tenet Group advisers.

The company says 100 advisers, who have been trained in using the system, will get user names and passwords this week, with more set to join in the future. The wrap allows advisers to set their own rate for advising on a client’s portfolio based on an annual charge of total funds under advice.

Lifetime chief executive Jeremy Bradburne says that the user-friendly nature of The Bigger Picture will help wrap reach the potential shown in other countries such as Australia, where it accounts for 90 per cent of the market.

Lifetime is owned 70 per cent by Norwich Union and 24 per cent by Millfield. The Bigger Picture will offer access to a Sipp, Isa, Pep and general investment portfolio with additions such as an offshore bond due later in the year.

Lifetime Group chief executive Jeremy Bradburne says: “There is no doubt that wrap services are going to play a major part in the future of the UK advisory market but many wrap providers have struggled to articulate the benefits.”

Skandia Investment marketing manager Ian Thomas says “This is a very complex business and I would argue the opposite view – that many newer wraps are over-simplifying things. For clients that fit a certain mould, the theory is fine but life is often more complicated.”

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