Standard Life wrap has launched what it claims to be the largest functionality upgrade since its inception, an automated trust creation suite.
Designed following demand from its adviser user group, the new solution enables Standard Life wrap users to create and integrate nine different trusts onto the platform – from the firm’s Loan Plan, Discounted Gift Plan and Gift Plan.
They can be used with either an onshore or offshore bond.
Standard Life notes the service has already seen “significant” client use in just under a week of going live, with £6m in business from 40 cases.
The firm says the streamlined service enables advisers to deliver a more holistic estate planning solution to clients.
Standard Life estate planning head Julie Hutchison says trusts underpin many client investment decisions.
“It is not just a question of completing the trust on-screen and then moving to print and sign it,” she says.
“There is logic built into the system to flag certain complexities and keep things on track.
“This will prove to be a big time-saver in terms of processing, leading to speedier and more accurate outcomes for everyone.”
Standard Life Savings communication head Mark Polson says the development also shows the firm’s wrap has the backing and scope to drive the marketplace forward.
“Wrap advisers have asked us for an end-to-end trust planning solution, integrated into the platform,” he says. “We have listened.”
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