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Standard choice

How very different life is now compared with when I started as an adviser. Clients are more demanding of service and the timescale of its delivery. Containing costs is key to a profitable business. Some costs such as regulatory costs are unavoidable. Some such as administration costs are controllable.

These demands led us to consider what we should be doing regarding wrap. There was no doubt that the service and efficiency that wrap could provide was something which clients were increasingly demanding. We set up a project group to look at existing, new and imminent propositions under offer. After a lot of deliberation, we chose Standard Life and have not regretted our choice.

We like the idea that we were early adopters of the Standard Life wrap. To be involved at ground level meant that we had certain flexibility in terms of the functionality and features that the wrap could offer us. Some of the innovation we have seen on our wrap has been client-driven, which is as it should be.

It takes time to get trained and used to wrap. Advisers should persist and get familiar with portions of what wrap does as this increases confidence.

Our clients have welcomed wrap and I have even had a client say to me that he was excited by his pension. Clients have a real sense of ownership of the assets that are on the wrap. Their ability to go online and see what they have at any time involves them in a way paper statements do not.

I have also had a referral as a result of wrap. A client spoke in glowing terms to a friend of his, who I am now advising.

Wrap is like any good investment – you need to put in some effort to reap the rewards – but it is well worth it in the end.

Amanda Davidson is a director of Baigrie Davies.

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