Standard Life Aberdeen backs advice arm and platforms to buck outflows

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.”

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  1. Annoyed Bristol 14th March 2019 at 7:50 pm

    Revenue increased by less than the revenue normally generated by one of the aquisitions Cumberland Place who on company accounts showed income from fees etc being 3.3 million for year ending March 2018. The other aquisition that year Fraser Heath was too small to show full accounts. Looking at past accounts for the company after initial good growth they appeared to be at a impasse with very little movement, if this was due to an aging client bank entering the deaccumulation phase of investing is unknown but would imagine Standard Life would not have been that lax not to do due diligence.

    In regard to AUA are these figures inclusive of the integration of the two aquisitions who brought a combined 700 million AUA and the integration of their previous direct sales force PCM who brought 900m AUA if so then even the AUA looks like it has reduced, perhaps they can enlighten us.

    Are their proper numbers available for analysis on what they have included in their figures

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