View more on these topics

‘Life platforms at saturation point’

The Platforum managing director Holly Mackay has claimed the life company platform sector will soon be oversaturated.

She says life company platforms appeal to IFAs that view tax wrappers as a commodity and, with the number of life office platforms tipped to rise to four, this market will become oversaturated.

Standard Life, Axa and Aviva already own platforms and Aegon hired ex-UBS Wealth Management executive director Tim O’Connor in June last year to sound out a potential launch into the wrap market.

Mackay says: “The challenge will be to differentiate and win those IFAs who see tax wrappers as commodities and do not mind the idea of partnering with a provider platform. There is a significant yet finite number of these IFAs and we think four platforms of this type are too many.”

She says Transact is right to be planning price cuts, as Money Marketing revealed last week, as she says this is the major gripe that IFAs have with the otherwise popular platform, according to feedback on her website.

Standard Life head of communications Mark Polson says: “Most bases are covered for IFAs, but whether there are too many life company wraps is for the market to judge.”

Thomas and Thomas managing director Darren Lloyd Thomas says: “There are too many life company platforms. It really comes down to functionality and cost.”

Recommended

24

FOS appoints Natalie Ceeney as chief ombudsman

The Financial Ombudsman Service has today announced the appointment of Natalie Ceeney (pictured) as chief ombudsman and chief executive. Ceeney succeeds Walter Merricks who stepped down in October after ten years in the post. She will join as chief ombudsman on March 22, 2010 from the National Archives, where she is chief executive and keeper […]

2

The Fof detox

For many IFAs, facing the pressures of the retail distribution review, this may be the time to review their business models and look for more efficient, cost-effective way to help clients manage their money. The fund of funds’ vehicle has proven invaluable to many IFAs. It is a great way of delivering active management, asset […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. totally agree with this article.

    http://www.projxhub.com

    wrap, sipp, IFA project management specialists

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com