Succession to launch Aegon-backed wrap in January

Succession Group will partner with Aegon to launch its corporate benefits wrap platform in January 2014, following an announcement that a wrap would be brought to market in January of this year.

Speaking to FTAdviser, Simon Chamberlain, chief executive of Succession Advisory Services, said that although the company is piloting the programme now, it likely will not fully roll-out to the company’s 60 member firms until January 2014.

Succession acquired five firms in August 2012, including London-based Smart Wealth, which has a corporate benefits offering that has grown into the company’s fully-fledged corporate wrap.

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All of Succession’s £2bn asset book will be consolidated on the platform, which Mr Chamberlain said he hopes will allow clients to enjoy both lower product prices and lower fund manager costs.

Mr Chamberlain said: “We are going to consolidate those assets on to the platform. It’s in the clients’ best interest because of price and service.

“By using the volume we can drive down the price of the product but also the fund management aspect of it because it goes into the fund managmeent matrix we use in the private client business.”

The firms have only recently finished their year-long integration period after which Succession buys out the firm, going from owning only 15 per cent to at least majority ownership.

Six other firms joined Succession last month, bringing a further half-billion pounds under management into the firm.

Succession revealed its intention to launch a benefits platform to FTAdviser sister title Financial Adviser in January of this year.