Standard Life is revamping its Wrap and Elevate adviser platforms.
The Edinburgh-based asset management firm – part of the recently merged Aberdeen Standard group – said in a statement that it able to make the move following the completion of regulatory programmes and service process improvements within the organisation.
The developments will focus on “strengthening and enhancing” the support and end-to-end experience the platforms can provide to adviser partners and their clients, the company said.
The Wrap platform will continue to concentrate on the tailoring and presentation of holistic financial solutions in retirement, while Elevate users will see enhanced investment options and an “advanced platform user experience”.
Both platforms will see a total of 12 changes with a new DFM proposition introduced to the Elevate platform.
The Standard Life Wrap will see: new adviser portfolio management capabilities with auto-rebalancing and auto-tailoring of portfolios to reduce time taken over portfolio management; the ability to manage platform assets held in third party tax wrappers and extended coverage of integrated capital gains tax scenario planning.
Elevate will see: access to wider range of discretionary fund managers; the ability to mix and match different investment approaches; enhanced reporting of adviser portfolios and clearer labelling convention and graphical representation, Standard Life said.
David Tiller, head of adviser and wealth manager propositions, Standard Life said: “2017 was a fantastic year for our platforms with the biggest inflows we have ever seen and to support adviser service levels, we prioritised stability and process enhancements. This has all been against the backdrop of delivering the large scale regulatory change demanded by MiFID and EU GDPR. With this work now nearing completion we’ve released capacity to focus firmly on development.”
Standard Life’s platforms are used by over 3,000 adviser firms. The announcement comes just two days after Aegon completed the technology upgrade of Cofunds’ retail book of customers after its acquisition of the platform giant in 2016.