The Standard Life Wrap platform has launched its previously announced investment service allowing discretionary fund managers (DFMs) to create a more personalised service for advisers and their clients.
Standard Life first announced its Individually Managed Accounts product in January and has now brought it to market, allowing DFMs to add services such as capital gains tax management and exclusion-based investment policies.
Going forward the product will also allow clients to focus on particular investment themes.
David Tiller, the company’s head of platform proposition, said: “This is something we have worked on for about 18 months. We obviously spend a lot of time speaking with DFMs and with advisers, and we do ask them what the challenges and problems they face are.
"And it came back to us from advises that they find DFM services to be quite commoditised, you can get the risk level, but that’s all.
"We have worked with lots of DFM providers on this to try to ensure it does solve the problem. We would anticipate that we will be able to add thematic screens in future, so a client who wants to focus on certain investment themes can have that by the end of 2020.
"One thing we were keen to have was that there is no extra paperwork for the adviser.”
Among the DFMs who collaborated with Standard Life on the product were Aberdeen Standard Capital, Mercer, Bordier UK, Morningstar Investment Management Europe, LGT Vestra, Sanlam Investment Management, FE Investments, and Sarasin & Partners.
Mr Tiller added: “For the first time financial planners and investment managers can, through our innovative technology, create individual client outcomes without expensive manual interventions.
"Advisers have told us the goal must be the ability to provide tailored private client investment solutions on their chosen platform with the same efficiency and price as simply buying a fund.
"I truly believe we will look back and see the introduction of IMA as a pivotal point in the development of adviser platforms.”
Standard Life would not reveal the cost structure of the new product.
david.thorpe@ft.com
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