Standard Life will not begin actively managing its wrap until early next year with its sales push focusing on its new FundZone platform in the short term, Money Marketing understands.
Around 100 IFA firms are thought to be using the wrap, which Standard says will be made available to the wider market after the new year.
There is no specific date in mind to switch from promoting FundZone to promoting the wrap but Standard says the state of the market dictates that the fund supermarket platform is an easier starting point for IFAs to administer their clients’ assets using the technology.
Standard says the onus is on IFA firms to move their business models to a wealth planning proposition rather than a transactional IFA set up and embrace wrap.
It believes most advisers will use FundZone as a stepping stone to moving to a full wrap anyway.
National sales manager Nick Blake says: “We took a fairly deliberate approach to certain firms that wanted to work with us and change the way they were working to move towards adopting a full wrap. We will continue to roll it out to the market but really it is up to the advisers to prove they are willing to work with us and that they meet the criteria.”