Standard Life has announced a series of platform enhancements for its Elevate platform.
The new programme – which was designed to reflect the results of the company’s recent financial adviser research – focuses on supporting new-style advice models and the asset consolidation and decumulation markets, Standard Life said in a statement announcing the launch.
Elevate said that the platform changes are designed to; offer access to an extended range of external discretionary investment portfolios, powered by Standard Life’s portfolio management capability; improve integration and tools to support cash flow, CGT planning and pension income management; introduce a new ‘click and switch’ processes to transfer assets between wrappers and improve the overall client experience with reduced paperwork, as well as improved investment and tax reporting.
“We are seeing a number of platforms struggling to cope with changing adviser priorities,” said Standard Life’s head of adviser and wealth manager propositions, David Tiller. “Legacy fund platforms, with their transactional nature, relegate the role of the adviser to that of mere execution rather than active ongoing plan management. Picking funds and products is the outcome of advice, not the advice itself.
With adviser focus having shifted to consolidation and decumulation, Tiller added that it is “vital” that platforms help advisers to constantly review and reshape client plans as needs evolve. “Advisers and clients want a platform that will support them throughout retirement and Elevate will do just that,” he added.
Steve Owen, head of proposition at Elevate, said that the recent research with Elevate advisers pointed that that investing in technology, to support their advice process is more important than delivering unused product features, or investment choices. “The features arms race is over,” he said. “It’s not about ‘flashing lights’, it’s about enabling advisers to help them grow their businesses while offering their clients a great service.”
As reported, Standard Life acquired Elevate in November 2016, announcing at the time that it aimed to continue its strategy to maintain Elevate as a standalone proposition in the adviser market.