As a business, we have dipped our toes into the world of wrap and have spent time developing our client offering using the Standard Life wrap.
A lot has been said about the ability of wraps to save time and effort in your administration and valuation processes. Additionally, we are told, the benefits of wraps can be numerous, including the ability to act like a vacuum cleaner, sucking up other client assets as well as leading to more client referrals.
So far, a lot of this is true and we have seen an increase in client referrals as well as seeing this Hoover effect in action.
As for easing the administrative burden, we will have to wait and see. Early signs are that this will happen but it is too early for us to say at the moment.
As an early adopter of the Standard Life system, we have benefited from the ability to tailor our system to meet our needs and thanks should go to Standard Life and First NZ for the work they have done for us so far.
Our business is built on long-term client relationships and a high level of service is essential. The service we have received so far has been excellent and we hope this continues to be the case as the Standard Life wrap continues to grow and develop.
Chris Bardin is director of operations at Tenon Financial Services.