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Standard Life wrap launches at-retirement DFM service

Standard Life wrap launches at-retirement DFM service

Standard Life has launched a new discretionary management service targeted at those approaching retirement ahead of the pension freedoms reforms which come into force in April.

The new proposition, called ‘discretionary plus’, includes eight discretionary fund managers drawn from the existing range of 30 on the Standard Life wrap.

It has been “created specifically to support advisers facing the challenge of the changing retirement market and having to manage the portfolios of large numbers of clients requiring regular income withdrawals”, the firm said in a statement.

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Asked by FTAdviser how the service would differ from other DFM options offered through Standard Life beyond a simple focus on retirement, a spokesperson pointed to bespoke fee arrangements with the panel of managers and “some portfolio exclusivity”.

The eight firms selected are: Brewin Dolphin, Brooks Macdonald, Charles Stanley, Financial Express, Investec, Quilter Cheviot, Standard Life Wealth and Vestra Wealth. The managers already look after 61 per cent of the open market discretionary assets on the wrap platform.

David Tiller, Standard Life head of adviser platform propositions, said: “Many advisers have told us they are reviewing their central investment proposition to ensure they are well placed to support clients in retirement.

“In particular, CIPs are being reviewed with sustainability of income in mind rather than maximising growth.

“I also believe advisers are considering the capacity issues that may arise from the massive increase in client demand arising from the chancellor’s pension freedoms. What we are seeing is advisers bolstering their processes to meet this demand, which is extremely encouraging.”

ruth.gillbe@ft.com