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‘Starting gun for wraps will fire soon’

True Financial Planning director John Baxter says using a wrap platform can save 400 per client a year.

Speaking at the FSA’s retail intermediaries sec-tor conference, Baxter explained the savings he has estimated through client simulation reviews compared with going to separate providers for different products.

He said he saw hurdles to overcome before wraps are more widely used and blamed many of the obstacles on the stranglehold that he believes providers have on the industry.

Baxter currently uses Transact for his wrap needs, saying it is the only service to meet the firm’s requirements, but said other wrap providers are catching up fast.

He said wrap growth in Australia has increased from 15 per cent to 90 per cent of the market in five years but that growth in the UK would not happen as quickly.

Baxter said: “Currently, wraps are not developed enough to put all your money in but this will change. The starting gun of mass wrap usage has yet to be fired but it will be in the near future.”

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