Wrap enhancements from Standard Life

Wrap enhancements from Standard Life

Standard Life has made a series of enhancements to its wrap to support individuals seeking to make use of pension freedoms.

Adviser charging can now be taken for new and existing bonds from within the international portfolio bond product on the Standard Life Wrap platform, which has £28bn in assets under administration.

Tailored drawdown, which the firm claims is the only way to maximise tax-efficient withdrawals in pensions, is now a fully online quote and apply journey. In addition, recording of nominations has been integrated into the review process.

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A lifetime allowance percentage tool and a new portfolio performance report have also been inaugurated into the system. The former has been developed for ongoing management of drawdown, while the latter offers a snapshot of an individual’s current portfolio.

Alastair Black, head of financial planning propositions at Standard Life, said: “The enhancements we are making are a direct result of adviser feedback and will support efficiencies and de-risking for adviser businesses. We are seeing the focus shift more and more towards retirement planning, hence this has been the focal point of our activity.”

David Tiller, Standard Life’s head of adviser and wealth manager propositions, said:  “With pension freedoms, retirement has become even more complex. An efficient process needs a lot of moving parts working well together. We have the end-to-end process; now we are working at making it even better, to make the adviser’s job that bit more straightforward.” 

Adviser view

Sebastian van Mook, financial adviser at Shropshire-based Abacus Associates, said: “I am quite happy with the wrap. It is adviser friendly, but not the cheapest. The adviser charging enhancement is particularly a positive. I have played with the drawdown facility and it is not fully functional at the moment I would say, but is still pretty good.”