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Denne sets the first stage for wrap process

Falcon Group has put in place the first steps of what will lead to a full wrap proposition as it bids to increase its wealth management capabilities and attract new advisers.

Business development manager Piers Denne, who joined the firm last month, was brought in to introduce and develop the project which he says will take place in a series of stages rather than “rushing the job”.

Denne says he is in talks with providers to collect as much data as possible on the funds of Falcon clients, looking at information such as fund type, when funds were recommen-ded, value and performance.

He says this data mining will be followed a decision as to which up and running pro-vider wrap Falcon will use in the interim period until the firm has the resources to build its own platform. He anticipates that within three or four years, the firm and network will be running the wrap independently of the provider.

Denne says that in conjunction with this e-commerce platform, Falcon will be looking to provide a complete reporting structure for members. He sees Hargreaves Lansdown’s Vantage platform, which has over 1bn in assets under management, as a benchmark.

He says: “This will be a sta-ged programme as setting up a full wrap is an expensive process. At some stage, we will have a Falcon wrap but will first be choosing a provider with a service that is up and running, with the intention of transforming this over the next four years.”

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