Standard Life is exploring robo-advice tools as it sets out to advisers its plans for acquired platform Elevate, including a rebrand.
A blog on the Standard Life website today by Standard Life adviser and wealth manager propositions head David Tiller explains further the company’s plans for Elevate.
This week Standard Life announced it would be improving the Elevate platform including through offering access to an extended range of discretionary investment portfolios, improving tools to support cashflow, capital gains tax planning and pension income management, and reducing paperwork.
Writing to advisers in the blog, Tiller says that as part of the platform’s expansion, it was considering offering help to users on setting up robo-advice propositions.
Tiller writes: “We have naturally prioritised investment in the areas of greatest immediate demand from firms like yours but there will inevitably be developments you want to see that we haven’t been able to include in our initial shortlist. Please be assured that the priorities we have identified are just the first steps – we will be coming back to speak to you again later this year to understand where we should be focused next.”
He adds: “Alongside this, we’re working with partners on key innovations to support your business, such as digital self-service, robo-advice applications, and tools to drive increased productivity in the advice process.”
The blog also explains that one of the next changes will be rebranding the Elevate platform to Standard Life Elevate.
Tiller writes: “This change marks the beginning of our development work and you will see further releases periodically as we move forward together with additional information on new developments being prioritised.”
Standard Life has been clear it intends to keep Elevate as a standalone platform in the market. The acquisition of Elevate completed in November last year.
The blog also restates that Elevate will not be re-platformed.
Tiller writes: “Adviser focus has shifted to the consolidation and decumulation market, and many platforms are struggling to support this without completing significant – and costly – technology upgrades.”
He adds: “A streamlined service for advisers serving clients in the run up to and throughout retirement has always been at Elevate’s core so our future investment will build on this. To reiterate our stated strategy – we have no plans to re-platform Elevate.”
Speaking to Money Marketing this week, Tiller said there would be no changes to the charging models for the Standard Life Wrap platform or Elevate. However, it did increase prices for new business on Elevate from March.
Tiller said: “The pricing models are slightly different for the two platforms, reflecting the services they provide. We have no plans to change the pricing models of either.”