Life companies are beginning to count the cost of creating full wrap platforms which few advisers are ready to use, Skandia claims.
Skandia believes the recent announcement by Friends Provident and the problems encountered by Norwich Union’s Lifetime platform shows how competitive the UK platform market has become. It says traditional life companies have misjudged demand for wrap and have also mistakenly tired to adapt to an open architecture model by taking Australian or New Zealand expertise. Skandia UK chief executive Brett Williams says full wrap services will be in demand in the future, but in the meantime the platform business to focus on the needs of advisers today will come out victorious. “The platform model...
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