Skandia platform name dropped after 35 years

A new era for one of the largest adviser platforms is expected to begin this week as the 35-year-old Skandia brand is dropped in favour of Old Mutual Wealth.

In a move described as “symbolic”, from September 22 the Skandia brand will be scrapped and the entire business renamed Old Mutual Wealth.

Old Mutual bought Skandia in 2006 and since the RDR it has increasingly looked to create a more integrated business.

It bought the restricted adviser network Intrinsic earlier this year and has increased the integration between adviser, platform and asset management businesses, through products such as its model portfolio proposition WealthSelect.

Mark Polson, principal of The Lang Cat consultancy, said the rebrand of Skandia could signal closer integration.

He said if the intent is to move further towards targeting the restricted end of the adviser space, then “aligning the brand is very sensible”.

Mr Polson added that while Skandia had already moved down that road with WealthSelect, there were “so many more bits to put together” to more closely integrate the platform and the rest of the business.

“I think this rebrand clears the way for it to offer a restricted or vertically integrated proposition in which Old Mutual plays more than one role.”

Paul Feeney, chief executive of Old Mutual Wealth, said he was “incredibly proud” of Skandia’s heritage and wanted the rebrand to “reignite the Skandia passion” for service.

“There is a huge opportunity to create a company for the many who want to make a positive difference for themselves, those close to them, or the society they live in,” he said.

“There is an opportunity to build a business that integrates the three elements people need to help them save for their future – financial advice, investment and retirement solutions and tax efficient products.

“There is a necessity to rebuild trust in financial services by empowering customers through high quality advice and information.”