Standard Life is planning to offer better access to discretionary managers on the wrap platform after the RDR.
Currently, its own discretionary manager, Standard Life Wealth, is accessible on the platform, but other discretionary managers can only be accessed via the tax wrappers on the platform.
Standard Life Wealth director of strategy and business development David Tiller says: “We wish to put more discretionary managers on the platform, but at the moment RDR is a priority. The situation at the moment is that the discretionary manager has custody of the assets, but we are moving to a situation where our platform offers a custody service with the discretionary manager.
This makes it easier to swap out and replace discretionary managers. There is more complexity to switching now, but when we change it will be like making a fund switch. It means you will get our reporting and a consistent process on the platform. It will be more streamlined, which will make dealing with us easier for advisers.”
Tiller says that different discretionaries have different characteristics and appeal to different advisers.
“So increasing the profile of discretionaries on the platform will be a post RDR project,” he says.
The group is also looking at offering structured products on the platform.
Standard Life head of investment group relationships Graham Dow says: “We want to offer our customers as full a proposition and service as we can. We will look at offering access to structured product. It is about finding the right way we can offer these products that is operationally sound and easy to do.”