The platform could become a lifestyle wrap offering a full range of products although any move would be driven by adviser demand, says Standard Life Savings head of communications Mark Polson. He says the firm is consulting advisers about what their clients want from a wrap.
He says: “If they come back to us and say, look, it is really important that when we advise our clients we can do it across both debts and investments and we really need the platform to be able to do that, then we will take a strong lead from that, as we do on most of our developments.
“One of the ways that wraps could go is to move beyond investments and on to debt and insurance. The more that advisers build up their service to clients, the more important it will become that the platform is not an investment platform but almost a lifestyle platform.”
A survey by CWC Research shows that 33 per cent of advisers want platforms to offer protection products, with 27 per cent calling for a mortgage service. Forty-four per cent of advisers would like banking and deposits and 16 per cent believe general insurance products should be included.
CWC senior partner Clive Waller says it is inevitable that platforms will move away from an investment-only model and a lifestyle wrap would bring life offices into competition with banks. He says: “It gives advisers new revenue streams and helps prevent clients going to other competition for these products.”