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Wraps will hinder not help, says Harrison

All wrap is doing is making things worse for IFAs, says True Potential managing partner David Harrison.

Harrison’s new company, True Potential, launches this week, claiming to bring IFAs the industry’s first end to end solution.

The platform says it will reduce admin burdens between distributors and product providers, consolidating all elements of the advice process, from back office and point of sale to ongoing client servicing.

True Potential will service all types of distribution firm – bancassurer and single tie, multi-tie or IFA.

Harrison says substandard technology has only made things worse and told advisers that systems like his were the only way for advisers to tackle increasing pressure from the regulator in driving down commissions and changing remuneration models.

Harrison says: “People keep talking about wrap as the solution – but wrap will make this worse, not better.

“The industry has run into huge inefficiencies and technology seems to have made things worse, somehow.

“The advice market is continuing to fragment into smaller and smaller firms which means inefficient and legacy processes are becoming more prevalent, not less.”

He says with increased fragmentation improved efficiency and effectiveness were needed if IFAs stood any chance of success.

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