PlatformsJul 9 2015

Standard Life package targets paraplanners

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Standard Life has rolled out a programme of developments designed to support financial planners amid an increase in demand for advice due to the implementation of the pension reforms.

The Generation Advice programme will include service improvements, product enhancements and business insights.

The company said it also includes a back book client safety net, which provides an ongoing non-advised service to clients where full advice is not economically viable.

Notable features of the programme include the “systemisation” of asset migration, back office integration, tax optimisation of client income withdrawals, CGT modelling and strategy execution.

The programme also includes adviser-led investment “insourcing”, which the firm said gives planners access to investment specialists without the loss of control experienced with traditional investment outsourcing.

David Tiller, head of adviser propositions and strategy at Standard Life, said: “We are already seeing a significant increase in the demand for quality advice as a direct result of pension freedoms. With demographic change and the baby boomers reaching retirement, this demand will only grow. We are committed to supporting advisers through market-leading propositions which will help them run successful and scalable businesses offering top quality advice to the large number of people who need it. This ongoing programme will be driven and influenced by advisers all the way.”

Speaking at the launch event, Standard Life head of platform strategy Mike Hogg said that in August the company will launch a tax optimisation tool designed to help advisers draw assets out of wrappers tax-efficiently.

Adviser view

Commenting on the adviser-led investment insourcing, Alan Solomons, director at London-based Alpha Investments & Financial Planning, said: “It sounds like someone is trying to create something out of nothing. IFAs either want to do the investments themselves, choose the managed fund route or go through a DFM.”

Email: myron.jobson@ft.com