Standard Life Aberdeen has backed its financial planning business 1825 and advised platforms Wrap, Elevate and Parmenion as a key part of its growth story amid a backdrop of investment outflows.
In financial results released this morning, assets under management and administration across the group were down 9 per cent in 2018, from £608.1bn to £551.1bn.
However, in a year when many platforms struggled to offset the extent of market falls with growth in inflows, the group notes that AUA across its three platforms increased from £58.4bn to £59.4bn.
Revenue from the Wrap and Elevate platforms grew 10 per cent from £129m to £142m, while revenue at 1825 ticked up from £32m to £34m in a year where the firm scored two advice business acquisitions.
Assets under advice at 1825 increased from £3.6bn to £4bn. 1825 now has financial 80 planners across 14 locations providing face-to-face and over the phone advice to in excess of 9,000 clients.
In what could be seen as a nod to the benefits of its vertically integrated structure, the firm said the adviser platforms “continue to benefit from…our 1825 advice business”, while of Wrap and Elevate assets, 14 per cent are managed by Aberdeen Standard Investments.
The results read: “1825 has continued to build a national presence across the UK and offers customers a full financial planning and personal tax advice service. We are also developing a digital capability to provide planning and advice in areas of the market where people do not already have easy access to advice.
“We believe digital advice is key to the future of retirement planning, especially in the UK, where the percentage of those reaching age 65 is expected to continue to rise. We are developing a dedicated digital advice proposition to develop new, efficient ways to meet our customers’ retirement planning needs.”