Standard Life has completed the full integration of the Elevate platform into the Standard Life business with all Transitional Service Agreements (TSAs) with Axa UK plc now ended.
The Edinburgh-based financial services giant said in a statement that while Standard Life’s Elevate and Wrap platforms will continue to operate separately, three new “centres of excellence” – in Bristol, Basingstoke and Edinburgh – that have been established to support both platforms.
Since Standard Life acquired the Elevate platform it has introduced a simplified new business process, access to Standard Life International Bond, the addition of over 440 discounted funds and an additional option that enables clients to opt out of receiving paper contract notes.
Barry O’Dwyer, CEO, Standard Life, said: “When we acquired Elevate in November 2016, we set out to transition a business that was making substantial ongoing losses. Our aim was to have it operating sustainably within a three year period and the progress we are making is well ahead of our timeline.
O’Dwyer cited “commitment” to the adviser platform market and to “helping advisers build their advice businesses”.
David Tiller, head of adviser and wealth manager propositions at Standard Life,said: “I know advisers have had high expectations of Elevate from the day Standard Life completed the acquisition and today’s announcement allows us to roll up our sleeves and really accelerate our plans to deliver a greatly enhanced platform.
“Elevate’s foundations are solid and a great platform from which to build an even greater platform. We intend to respond to adviser demand for access to a wide range of discretionary managers, to raise the bar around supporting retirement drawdown and to achieve this through more efficient easier processes with enhanced value adding client reporting.”