Towergate Financial is launching a new wealth platform, powered by Investment Funds Direct Ltd(IFDL), to help it meet RDR requirements.
The platform, aimed at mid-to-high net worth individuals, will roll out by the end of the year and forms a key part of Towergate's new client offering.
Towergate business development director Dan Salter says the platform took nine months to prepare after a vigorous selection process which saw 12 providers reviewed by its leading financial planners.
He says the decision to use IFDL, which also runs the Ascentric brand, was based on its integrated fund management , stock broking and cash management solution. Towergate was also impressed with its ability to add and remove products, along with clear charging and multiple-product offerings.
"We knew Ascentric had been successful in the multiple tax-wrapper environment with its cash solutions, stocks and shares and huge fund universe," he says.
Crucially, he adds, it is RDR-friendly.
"One of our principal considerations in building the Towergate financial wealth platform was to ensure our independence and whole of market credentials were not fettered," he comments. "IFDL's multi tax-wrapper and large investment universe ensures that this is the case."
The wealth platform is part of Towergate's new platform proposition, which also includes its retail arm, powered by Cofunds, launching next week.
Towergate's new product comes after the launch of its employee benefits and private clients business Towergate Financial London earlier in the month, which coincided with the re-branding of its business.
IFDL was founded in 1982 and Fundsdirect launched as the UK's first online fund supermarket in December 1999. Since then, IFDL has also provided a wrap service to IFAs under the Ascentric brand. In October 2007, Royal London Group acquired a majority holding in IFDL.
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