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Standard Life denies low-client advisers full wrap access

An adviser has hit out at Standard Life after the insurer denied him full access to its wrap because he did not have enough platform clients.

Barretts Financial Solutions senior partner Kim Barrett took on a client with around £200,000 of assets on Standard Life Wrap.

Standard declined to give Barrett access to the platform to make changes to the portfolio and required him to go through a Standard Life agent via telephone if he wanted to transact or make changes.

Although Barrett was told he did not have enough clients on the wrap to warrant full access, Standard says it does not set a minimum amount of clients in order to grant full access to the platform.

Barrett says: “It is ridiculous to prevent me from dealing with my client in an efficient way and force me to ring an agent every time I want to deal with my client on SL Wrap.”

An SL spokeswoman says: “It is not commercially viable for either party to go through the rigorous and time-consuming process of configuring and embedding the platform to service a single client. We have offered an alternative process that other advisers in this situation are using.”

Thomas and Thomas Financial Services managing director Darren Lloyd Thomas says: “This flies in the face of the RDR and is preventing the adviser from dealing with their client.”

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