Almost three-quarters of individual new business went onto wrap platforms in the second quarter of this year, Ascentric’s managing director Hugo Thorman has estimated.
Speaking about the wrap platform’s first-half results, Mr Thorman said figures from the Association of British Insurers had shown platforms accounted for about half of new business in 2012.
In the first quarter of 2013 this figure grew to approximately 65 per cent, and Mr Thorman estimates that figures will show the trend will continue with as much as 75 per cent of individual new business being done on platforms in the second quarter of 2013.
He said: “Our second quarter was greater than our first quarter. It’s the first time I have ever seen that in my history in financial services.
“What we are seeing across the board I think is platforms are growing, to some extent to the detriment of life companies.”
Earlier this month (19 August), advisers told FTAdviser that many life offices are looking to their platforms to bolster business.
Net new business for Ascentric and institutional arm IFDL was up 39 per cent year-on-year, reaching £819m.
Total collective assets came close to £6.2bn, an increase of 43 per cent compared to the first half of 2012.
According to Ascentric, more than 350 new adviser firms signed up to itself and IFDL during the first half of the year bringing the total to approximately 1,800 firms and contributing to a 35 per cent increase in total customers.
