My business is modelled on pensions and investment. Four years ago, I looked at a number of wraps available in the market that could support my business. I opted for Skandia.
There are a number of reasons that led me to that decision. Given that my business is so heavy on pensions, the fact that all types of pension can be accessed through the wrap – including personal pensions, section 32s and executive schemes – was crucial. I also appreciated being able to deal with a real person, the consultant from Skandia, who would come and see me and give me practical assistance in working with the wrap.
Since then, I have been able to streamline my business processes even more. It took me eight months to get my first £1m funds under management, now, we are bringing in £1m a month.
In terms of ongoing service – the client management, portfolio management and maintenance of funds – it is streamlined and efficient. I have a portfolio model, which is linked bespoke to each client.
The portfolio modelling tools allow me to design something suitable for each client’s risk profile. Literally at the press of a few buttons, I can get real-time valua-tions and rebalance a portfolio in agreement with the client. I can do a query on my database to identify every client that is in a particular fund and do a mailer to each of them, saving the mailshot against the client record. The ability to measure any of the funds on the wrap against any fund in the marketplace is also extremely helpful.
The other factor that makes Skandia wrap work is the interaction between the wrap and my client database. Every day, we go on to the Skandia wrap and see the funds under management. Unlike with other providers, we do not have to add it up manually – it is there for us to see.
Nicola Downs is an IFA with Trentham Invest.