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Skandia looks at co-brand platform deal for advisers

Skandia’s move to operate an execution-only service for clients brings it into line with other platform providers’ plans.

In its 2011 results, published last week, Skandia said it is looking to increase client access to its platform following adviser and client demand.

It is considering creating co-branded versions of the platform, with advisers offering financial planning material, storing product valuations and new applications, allowing execution-only Isa transactions and consolidated valuations of non-Skandia investments.

The Lang Cat principal Mark Polson says: “Most platforms are looking to be able to offer this but for bigger companies such as Skandia, it is not always easy to do because advisers might get somewhat suspicious.”

Mackenzie Taylor Wealth Management director Ken Taylor says: “It is probably not something that high-net-worth clients would be interested in but certainly for the mass-affluent, it is a service that would be useful across most platforms.”

Transact managing director Ian Taylor says: “We allow clients to conduct this simple business because we believe it should be their right to have access to their money. I am sure other platforms are doing the same.”

Cofunds and Fidelity both offer execution-only, whitelabelled services while Nucleus says it is planning to launch one but has not confirmed when.

Ascentric says it plans to have an execution-only, white-labelled service for adviser firms available by the second half of the year while Novia says it is looking into a service but has raised concerns over cost. Aegon is also looking at offering this flexibility.

Skandia’s 2011 results show gross platform sales were flat at £4.9bn while net client cashflow shrank from £3.6bn in 2010 to £3.3bn last year.

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