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Standard Life to offer IFAs robo-advice help in Elevate shake-up

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.”

Standing alone

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 ElevateHowever, 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.”


Paul Matthews Standard Life

Standard Life vows Elevate will be profitable in ‘next couple of years’

Standard Life expects the Elevate platform to be profitable in “the next couple of years”, as its 2016 annual results statement reveals it paid £31m to acquire the platform from Axa. The results documents reveal Standard Life expects the total cost of the acquisition to reach £100m. Standard Life UK and Europe chief executive Paul Matthews […]


Standard Life reveals new Elevate charging model

New Elevate customers will face an average increase of 0.04 per cent in portfolio charges to support platform development, Standard Life has said. Standard Life, which purchased the Elevate platform off Axa in May, confirmed the new pricing structure for the platform today after deciding to keep Elevate as a standalone business last month. Charges for existing […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. Robot Advice or “With profits” what is the difference ? Sub standard products for which the content or assets contained within are not known, and in many cases not understood. Hidden charges, poor returns when compared with the grown up Investment Managers – who carry out a good job over the long term. WIth every possibility the market will go down – who wants to buy into a fund guaranteed to drop with the index plus charges. Robot advice from Sub Standard Life or their cronies does not reflect the clients Capacity for Loss, may briefly go some way to looking at clients attitude to risk – but ultimately fails once more in Meeting Clients outcomes. Poor performance by Standard Life and Scottish Widows and others in the past means the client has to give up Much More of their hard earned cash – to supplement poor levels of investment returns. I refer to this as “innefficient investment”, but commission paid to their Tied agents and IFA’s continue to be high – but their investment returns poor or low. Get the truth out of your Robotic Adviser, whether sub standard life or any other tied agent restricted adviser or just plain lazy adviser – ask them how much they expect the returns to be ? higher than a five or the same as a bank account ? When a client knows how much they need – or desires a great return to meet a desired lifestyle in the future – they need to understand the Risks involved – not be shoe horned into a Robo Advice or an index tracker ( the American system – which is why the American Investment houses are over here – they cant sell their tardy fund s in the UNited States of AMeri CA ! Given the Aberdeen purchase of Scottish Widows Unit Trusts ( and their failures ) it will be interesting to see that there is less choice no that Sub Standard Life claims to have purchased Aberdeen. Interestingly Standard Life used to boast to being the biggest in Europe ! Now after purchasing so many IFA’s the IFP and so many Tied Agents/Restricted Advisers – who will be next A J Belly ? Monopoly the game for all the family under the current Government – One telephone system BT Monopoly, and companies controlled by the CONservative Government – removing small businesses – to make way for the American Invasion – and smelly or toxic Audi and Volkswagen cars and their poor quality engineering.

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