View more on these topics

Standard Life Wrap to enable auto-disinvestment

David-Tiller-Standard-Life-480.jpg
David Tiller

Standard Life Wrap has announced it will facilitate auto-disinvestment and has increased the options for taking an adviser charge from clients’ investments.

Auto-disinvestment is the process of funding an adviser charge from client holdings to cover any shortfalls in the cash account.

Standard’s auto-disinvestment process will launch in July and will proportionally take an adviser charge across mutual fund holdings. It will not take funds from tax-wrapped investments except the Standard Life Wrap Isa.

The new options for taking adviser charges mean advisers can take their fees as a percentage of investments or as a flat fee.

It will also allow clients to withdraw money from their investments to use through their wrap cash account.

The changes come as part of a 12-month development programme.

Money Marketing study of auto-disinvestment processes in November showed Standard was the only one of 11 platforms which did not have an auto-disinvestment process in place.

Standard Life head of platform proposition David Tiller says: “The enhanced withdrawals and auto-disinvestment capability give advisers the choice they have been asking for.”

Evolve Financial Planning director Jason Witcombe says: ”Auto-disinvestment is useful because monitoring every client’s cash account to ensure your charges are covered is somewhat laborious. Most platforms have this kind of thing in place already.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment