PlatformsMay 2 2013

Standard Life enhances Wrap adviser charging functions

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ByMichael Trudeau

Standard Life has improved the adviser charging functionality on its platform, including an enhanced withdrawal capability and an auto-disinvestment process after six months of consultation with advisers.

Set to launch next week, the new withdrawal functionality aims to help advisers maximise the tax efficiency of funding charges by allowing them to target specific wrappers and investment funds, as well as automatically calculating the precise amount required.

The auto-disinvestment process, due to launch in July, will prioritise disinvestment from cash and unwrapped assets, providing a more streamlined and tax efficient process for funding adviser charges.

These developments are the first steps in the group’s 12-month ‘Leading Platform Programme’.

David Tiller, head of platform propositions at Standard Life, said: “Throughout 2013 we’re introducing a series of changes to make Standard Life Wrap easier to use, and our enhanced functionality to fund adviser charging is just the first of these.

“How adviser charging is funded is purely a matter for advisers and their clients, so we want to allow maximum flexibility for advisers to charge in a tax-efficient way that best suits their clients and businesses.”