Standard Life and Friends Provident plan to share inform-ation between their wrap offerings on legacy business held with each company so that advisers can avoid the hassle of re-registering assets.
Both firms are in discuss-ions with several other wrap providers in the life and pension market to extend information-sharing.
Friends says its wrap plans are progressing and it hopes to launch late this year.
Real-time valuation requests will be sent and received between the two providers’ backoffice systems each time an IFA accesses their clients’ port-folios held in the wrap.
The data is exchanged through the XML contract enquiry data standards defined by Origo. It was the common use of this system that prompted the tie-up.
Friends head of wealth management Christine Foyster says: “The idea is to free up advisers to concentrate on dealing with their clients. It is about overcoming legacy business for those advisers that are interested in genuine wealth management. There should not be a situation where advisers have to go from company to company to get a picture of all their clients’ legacy data. We want to make it as easy as possible for them and we are issuing an invitation to other life and pension wrap providers that use XML to come on board.”
Standard Life marketing director John Taylor says: “We are in discussion with life and pension wrap providers or those developing wraps. So far, the vast majority have been sharing the same vision as us. This should give IFAs a much more efficient way of valuing legacy life company contracts.”