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Intrinsic shifts platform assets from IFDL to Arc

Intrinsic is moving away from placing business on its white-labelled platform powered by Investment Funds Direct Limited in favour of Aegon’s offering.

The network initially rolled out its Consolidate platform, backed by IFDL, in 2011, then launched its platform panel with Aegon Retirement Choices and Cofunds in November 2012.

Money Marketing understands most of Intrinsic’s new platform business is now being placed on the Arc platform.

Figures from The Platforum show that as at the end of September, Arc had £950m in assets under administration following its launch in November 2011.

Ascentric, which is also backed by IFDL and owned by Royal London, had £6.7bn AUA as at the end of September.

The Platforum head of adviser platform Freddie Findlater says: “Last year we saw lots of firms look to vertical integration to allow them to take control of more of the value chain. What a larger adviser group may need from a platform is different to what a small adviser firm is likely to need. For a small adviser the platform may be a full service support tool. For these larger groups there may be more demand for the platform to slot into the overall business model.”

Pilot Financial Planning director Ian Thomas says: “It is another sign of the distribution lines distribution being redrawn. We could get very hung up about the use of multiple platforms but what really counts in the end is delivering a good consumer outcome. I believe it is possible to achieve that under a restricted model.” 

Intrinsic, IFDL and Aegon declined to comment.

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