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Standard Life changes adviser charging on platform

Standard Life changes adviser charging on platform

Standard Life has changed its platform so advisers can set their fees across all tax wrappers.

The wrap platform now allows advisers to take their fees from new and existing life assurance bonds, including the International Portfolio Bond product, the company has said.

Advisers were previously paid from the wrap cash account but the changes mean their income can come from the bond itself, which Standard Life said is more efficient.

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Alastair Black, head of financial planning propositions at Standard Life, said the changes are a result of adviser feedback, namely in increasing the efficiency of advice businesses.

The insurance giant has also made changes to its platform which look to support the increasing number of clients making the most of their pension freedoms.

A Lifetime Allowance percentage tool has been added in order to manage drawdown, reflecting the growing number of clients likely to need to manage their allowance position.

Standard Life has also added a performance report which offers a snapshot of the current portfolio, while giving advisers greater choice on the different reports available to clients.

The platform also now offers a tailored drawdown facility, which provides a quote and lets clients apply for withdrawals.

David Tiller, head of adviser and wealth manager propositions at Standard Life, said:  “With pension freedoms, retirement has become even more complex. 

“An efficient process needs a lot of moving parts to work well together.” 

He said the platform now offers an “end-to-end” process, and the insurer is working to make it better in order to make the adviser’s job more straightforward.