Standard Life is now moving into the fund supermarket space with the launch this week of a mutual funds proposition.
Called FundZone, the platform is said to differ from but draws on the functionality of Standard Life’s wrap as it instead focuses only on fund sales as well as providing access to limited range of products such as Isas and Isa/Pep transfers.
The firm argues it offers a unique flexible commission and charging structure as there is an option allowing the client to invest 100% of the sum for advice given over several years and then pay the charges over the early years either through initial or trail commission, rather than as a lump sum payment, as well as a facility which rebates both initial and renewal commissions to the client.
Gerry McGrath, products manager for savings and investments at Standard Life, says the fund platform follows the standard competitive charging structure of other fund supermarkets, and provides access, at this stage, to over 700 funds through 47 investment managers.
Some of the additional functionality includes online and paper applications, access to online valuations, consolidated statements, as well as easy ability to re-register out of FundZone – and likewise onto the wrap – onto another provider system.
While FundZone is currently an adviser-only proposition, officials recognise they could review this at a later stage should there be a business case.
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