In Focus: Tax Year End  

Platforms need to adapt to intergenerational wealth planning

Andrew Back

Andrew Back

Assets, wrappers and trusts

Some family groups will have simple investment needs but certain generations, particularly those requiring an income in retirement, may have more complex and flexible needs.

A platform must therefore have the scope to support those with the simplest requirements, whether it is access to Junior Isa wrappers or a UK equity fund, while also having the ability to trade assets required for more complex investor portfolios and provide multi-asset, multi-custodian, multi-jurisdictional and even multi-custodial services if required by wealthier families – this is business as usual for platforms operating in the family office space.

Trusts are also a key part of IHT planning and intergenerational portfolio management, but it is quite unusual for retail platforms to allow these to operate flexibly and effectively as part of a linked group.

It is similarly unusual to be able to give a full range of flexibilities on fees for family groups, as well as reporting at a group level.

Platforms that have extensive experience of working with family offices and wealth managers offer sophisticated solutions in these areas.

For advisers looking to deliver high-quality service to the unique and changing needs of their clients, it might be that they need to step out of purely looking at traditional retail platforms.

Our industry, and platforms in particular, are an essential part of this process and need to adapt their processes and service offerings to successfully fulfil these changing requirements, customised to the family needs.

Andrew Back is chief commercial officer at Multrees Investor Services