Skandia is setting up the UK's first investment hypermarket, bringing together its online investment and pension business in one portfolio consolidation service.
The project, which is planned over the next few months, will allow IFAs to manage everything from pensions to bonds to Isas on the same platform. It will be similar to the master trust model pioneered in Australia.
The first stage opens on September 1 and will enable IFAs to carry out phased investments for clients to phase their money into stockmarkets over a threeto six-month period. Skandia is also introducing a portfolio rebalancing facility, allowing clients to have their portfolio realigned to a specific asset allocation mix every three months.
Later in the year, IFAs will be able to place funds from any of the 30-plus providers into one of a range of wrappers – including pensions, onshore and offshore bonds and Isas. Switching will also be available between wrappers. Accounts will be consolidated on to one statement.
Investment marketing manager Chris Linpow says: “We have introduced these new facilities because of IFA demand. With markets the way they are at the moment, many clients are uneasy about equity investment. Phasing allows them to dripfeed into the market and take advantage of the potentials of pound-cost averaging.”
Skandia Life is to link to Artemis from October 1. The deal will take Skandia's total number of providers to 32.