FTAdviser.com

Advertising

Skandia said it would make the changes to its investment solutions platform over the next 12 to 18 months.

Further details on the introduction of CAR are expected soon. The changes will also include a widening of the investment choice, such as improving the cash option and the addition of direct investments, and the ability to white label the platform.

Today's announcement follows, Skandia's recent comments that its current investment solutions platform would be the basis for long term development of full wrap or wealth management services.

This initiative will be led by Neil Bage, who has been promoted to head of wealth management strategy. He was previously UK business development manager.

In his new role, Bage will be responsible for constructing a "blue print" for the long term development of the Skandia platform.

This will include evaluating how investments will be managed in the future, how customer behaviour towards investments is likely to develop, how the size and shape of the consumer market is changing, and how Skandia’s current platform needs to evolve to meet these future requirements.

Nick Poyntz-Wright, chief executive of Skandia UK, said: "The result will be one platform, under the Skandia brand, that offers financial advisers a comprehensive range of services and tools that will enable them to cater for all types of client, from the mass affluent through to the ultra high net worth with in excess of £3m in liquid assets.

"Advisers will be able to pick and choose the services they use on the platform to fit the needs of each individual client. There will not be different platforms for different types of investor; it will be a consistent process for all clients.

"We have a number of initiatives in the pipeline, beginning with changes to the charging structure on our platform that will be announced shortly. We believe this will raise the bar in the platform market and be very well received by advisers and clients."