Standard Life says it will not compete with IFAs despite promoting its wrap direct to clients.
The company has written to members of its private-client database, promoting its wrap’s benefits, but says consumers will only be contacted if they do not have an IFA.
Marketing director John Taylor says: “We will never get in a situation where we are competing with IFAs. If we are introduced by or if we know a client has an IFA, we will not contact them. Our wrap was developed for IFAs but the direct salesforce can use the same technology.”
Family Office IFA Sebastian Lyle says: “I have always feared providers would use their right to contact clients directly.”
Argyle Financial Management director Phil Melville says: “Providers should not go direct but regrettably it seems to be happening.”