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Brodie claims platform software is a blunt tool

There is no value in using current wraps as spreadsheets can do the same job at a fraction of the cost, says Master Adviser director Doug Brodie.

Brodie told the Money Marketing Retirement Summit in Monte Carlo last week that he is frustrated with the UK’s wrap offerings because the software is not sophisticated enough.

He criticised wrap charging structures and claimed that a spreadsheet will do the same job without a charge of 35 basis points. He said: “There is no ability to model the in-retirement phase. This software has been out in the US for 10 years. Why can’t we get it here? We do our modelling on spreadsheets. We think that the platform is a support tool to the modelling and it is the modelling which can add the value.”

Capital Asset Management managing director Alan Smith said: “The one thing that seems to be missing is fully operational lifetime cashflow charts but spreadsheets will not enable you to have the same opportunities as wrap.”

Fidelity executive director of IFA channel Peter Hicks said Fidelity has not yet developed in-retirement software but is working on it. He said: “You cannot transact on a spreadsheet. Any wrap provider has the right to charge for its service.”

Baigrie Davies IFA Amanda Davidson said: “Not all wraps charge 35 basis points and delays in trading by not being on a wrap often cost more.”

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