Standard Life has confirmed that its newly-acquired platform Elevate will not be merged with its own wrap platform, after the group consulted hundreds of advisers about the proposal.
There had been speculation around bringing the Elevate and Standard Life Wrap propositions together, but Standard Life’s head of adviser propositions David Tiller said its research confirmed that Elevate should remain as a “distinct proposition”.
“This means both Elevate and Wrap can move forward with clear purpose and their own development agendas while, at the same time, benefiting from a shared infrastructure that enables the easy sharing of capabilities where this is appropriate,” he said.
Mr Tiller said advisers who work with Standard Life will be able to select the most appropriate platform proposition based on their clients’ individual needs.
Standard Life’s decision not to fully merge the two platforms is surprising as it was anticipated there would be economies of scale and cost savings Scott GallacherAfter having direct conversations with advisers and gathering 500 responses, Standard Life found that advisers’ key priorities for the platform included it being easy to use and competitive in price.
Advisers also cited Standard Life’s commitment to developing the platform and offering technical support as top requirements where the provider is concerned.
These findings come just weeks after Standard Life completed its acquisition of Elevate.
Earlier this month, Mr Tiller told FTAdviser there would be no disruption to advisers’ daily activities as the group works through the details of the acquisition.
Steve Owen, Elevate’s head of proposition said he was pleased to have a “clear direction” for Elevate based on what advisers want.
“The strong commitment from Standard Life to respond to advisers’ needs and make the investment required for a sustainable future for Elevate.”
The development plans for both platforms are expected to be finalised next year.
Scott Gallacher, chartered financial planner at Rowley Turton, said: "Standard Life’s decision not to fully merge the two platforms is somewhat surprising as it was anticipated there would be economies of scale and cost savings arising from this.
"It could be inferred, from Standard Life’s comment that adviser’s key priorities for the platform included “competitive in price”, that maintaining two separate platforms allows Standard Life to have different charges on each wrap.
"For example, they could market a competitive platform for independent and whole of market advisers, and also have a less competitive one for their own restricted advisers."
