The firm, which is 100 per cent owned by Axa, is moving its 250 advisers on to Elevate over the next six to 12 months.
It currently uses a number of platforms, including Cofunds and Transact, but will work solely with Elevate.
However, a delegate at the recent Platform Evolution conference in London questioned Bluefin group proposition director Jon Everill about how the company can claim to be independent when it has chosen to move all its business on to the Axa wrap.
Everill says: “This is untrodden ground. There are no particular guidelines issued from the FSA about its stance is on this. I think we will be one of the first to go and do this and we will work very hard in demonstra- ting to the regulator that we are still independent.”
Everill says that the company has been helping Axa develop the Elevate platform over the last four years.
He adds: “This is really interesting for the regulator and for our clients.
“Does it mean we are not independent because we are taking their wrap? Or is the fact that we have spent three or four years helping build something we think will be absolutely perfect for our clients more valuable then the question of independence?”
Everill says that Bluefin Wealth Management, which currently uses Transact, is reviewing its relationship with Transact to see if Elevate is a more suitable proposition.