Companies trying to launch straight to the market with a full wrap proposition will fail, says Skandia UK chief executive Brett Williams.
He told the conference that the firm’s decision to create a fund supermarket offering out of the merged platforms of Skandia Multifunds and Selestia businesses rather than a wrap reflected the fact that the UK market is not yet ready for a full wrap.
He said: “To have rich functionality in a fund supermarket is far better than to have a wrap that might not work.”
But Nucleus chief executive David Ferguson says: “That is nonsense. Some IFA are not ready for wrap but those are the people who are probably still happily flogging with-profits. It is all about how the UK life industry treats the IFAs.”
Williams said: “What we need is a waterfront solution. The market works at different speeds and at different levels. There will not be one solution that fits all needs. If you to do everything at the start, then you will fail.”