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Standard Life backs Elevate as standalone platform

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Standard Life says Elevate will continue to operate as a separate platform from its existing Wrap offering following adviser feedback.

Standard Life’s acquisition of the former Axa platform completed earlier this month, with the deal creating the largest adviser platform by assets with combined assets under administration of £38.4bn as at the end of March.

Since completion, Standard Life has been carrying out adviser research to understand what Elevate users want from their platform in the future.

Based on adviser conversations and a survey of 500 advisers, Elevate users put ease of use and automation and competitive pricing at the top of their list on their key platform requirements.

They highlighted commitment to platform development and technical support as the key criteria they want to see from their platform provider.

Standard Life says the research points to keeping Elevate as a standalone platform.

Development plans for both the Standard Life Wrap and Elevate will be set out early next year.

Standard Life head of adviser and wealth manager propositions David Tiller says: “There has been speculation around bringing the Elevate and Wrap propositions together, but research with advisers has confirmed that Elevate platform should remain as a distinct proposition.

“This means both Elevate and Wrap can move forward with clear purpose and their own development agendas while, at the same time, benefiting from a shared infrastructure that enables the easy sharing of capabilities where this is appropriate.

“Advisers working with Standard Life will be able to select the most appropriate platform proposition based on their clients’ individual needs.”

Tiller adds the review of Elevate’s pricing model is ongoing.

He says: “We are undertaking a commercial review of the Elevate proposition to ensure that it operates on a sustainable basis in the future with a pricing strategy that is commensurate with the services provided.

“Our intent is to minimise the impact on advisers and their clients and ensure our platform propositions are competitive in the market. We expect to be able to confirm the detail in December.”

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