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Synaptic to feature wrap comparison

Synaptic Solutions is adding a wrap comparison tool to its product research service in response to what it says is growing adviser interest in platforms.

The wrap tool is being launched in early 2007 and will enable advisers to compare charges and which products can be held on it.

A survey by the research provider reveals that 92 per cent of IFAs intend to increase the amount of business they put on a wrap over the next three years.

The survey of 200 advisers found that currently, advisers are using multiple wraps with 75 per cent of advisers typically having used between two and five wraps in the last six months.

Synaptic says this indicates they are being selected to match clients’ specific needs.

In response to the FSA’s suggestion that using a single wrap provider might affect an IFA’s ‘independent’ tag, 40 per cent of respondents said they felt it did affect their status as an IFA.

Research manager Ellen Ashcroft says: “Our survey shows wraps are increasingly important but there is a lack of awareness of some of the implications of the growth in their use. This is particularly true on the issue of independence which is important because it is at the very heart of the role of the IFA.”

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