American Express is not relaxing its vetting principles for doing deals with IFAs over use of its wrap account, but is widening the list of potential contacts as it moves to add services to the platform.
The statement of intent comes as four more names are added to the list of businesses using its Adviser Service wrap account: Carroll Asset Management, PSD Robinson Gear (Investment Planning), Regent IFA Services, and Stafford & Co.
"Given all the developments and enhancements to our wrap offering, we feel that the time is right to open up our services to a broader range of clients,” says Jamsheed Poncha, head of adviser services for American Express Financial Services Europe.
There is no suggestion of a change to the business model, a spokesperson adds.
As the offering develops and more services added, it simply means there may be more instances where both Amex and IFA businesses concerned are able to find mutual benefit in working together, the spokesperson says.
Amex will not soften its vetting process, which thus far has meant the services provider would only consider a limited number of IFA businesses with which to do deals.IFAonline
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