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Transparency was the clear choice

Contrary to what some sections of the industry would have us believe, wrap is pretty simple and straightforward.

In essence, it is an administrative service that combines, or wraps, all of a client’s investments into a single manageable account.

This means that their total portfolio can be viewed at a glance and involves a huge reduction in the amount of paperwork. It is not a product in which to invest but rather a service.

Despite its simplicity, however, at Ward Mitchell, we like to think we were ahead of the game when it came to really understanding its true potential. As a business, we started looking seriously at it and what it could do for us and our clients about two years ago.

Early analysis left us in no doubt as to how important wrap could and would become to the future success of Ward Mitchell and other IFA businesses just like it.

What we were also left in no doubt about was the importance of choosing the right wrap provider and, to ensure this happened, we formed an internal working party devoted to giving it the attention that we felt it deserved.

Key to all the success Ward Mitchell has had as a business over the years has been founded on its independence and it was important for us to find a proposition that would not compromise us in any way.

As a team, we looked closely at, and had conversations with, all the major players on the market – some of which are now no longer with us – and the only proposition that really struck a chord with us was the one being developed by the team at Nucleus.

It was still in its infancy when we had our first conversation with David Ferguson and the team but it quickly became obvious that Nucleus was going to be the right platform for us.

As an IFA-designed and owned proposition, it ticked all the boxes in terms of ease of use and functionality but also meant that, as owners, we had a say in its future development and direction.

However, of the many things that drew us to Nucleus, one of the most important was its commitment to transparency.

Where other providers had found it strangely difficult to explain and break down the charging structure that they were suggesting, Nucleus was the opposite.

Nucleus is of the view that for wrap to reach its full potential openness and transparency must be at the heart of the proposition. We could not agree more.

Jonathan Howard, partner, Ward Mitchell


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