Aviva has said its retail wrap will target advisers offering restricted and simplified advice propositions as part of a wider assault on the mass market.
Senior marketing manager Phil Ralli said the retail wrap will offer restricted advice investment panels in addition to functionality for advisers offering a simplified advice proposition after the retail distribution review (RDR).
"Rather than building a new platform this will be about tailoring the existing proposition to simplified advisers," said Ralli. "After the RDR we will look at how we can use the current platform to develop relevant functionality for simplified advice offerings."
Aviva relaunched its retail wrap in 2010 after its previous offering, Lifetime, was discontinued due to service issues.
Ralli said the business is in discussions with a range of distributors about their plans in the restricted advice space.
"We will look to help advisers construct restricted advice panels and structures so they can get to a position where they can have a restricted advice proposition."
The wrap's designs in the restricted and simplified advice arenas are part of a wider strategy to tap into the mass market and distinguish itself from other wraps, which he said traditionally focus on the high net worth space.
"We see there is a lack of choice for advisers in the mass market," he said. "Conversations we have had so far indicate advisers want a solution for clients with uncomplicated needs."
He added: "Our focus will be on mass market clients. We are saying to advisers we will never be the right solution for high net worth clients with sophisticated needs. But will be the most appropriate platform for people with straightforward needs."
Ralli said rather than focusing on "weird and wonderful" investment options, the wrap will instead concentrate on "getting the basics right" such as making it simple for advisers to rebalance portfolios and switch funds.
Other developments will see the wrap link with the Aviva For Advisers portal, giving advisers a single entry point. The first phase of the integration will launch in Q3.
The platform will also tailor its SIPP product for investors looking to save for retirement for the first time.
Ralli added although the insurer has no plans to develop an execution-only wrap, he was not ruling it out for the future.
Whilst the platform has yet to hit profitability, Ralli is optimistic it will break the £1bn assets under management (AUM) milestone in the second half of this year. The platform's current AUM is £769m.
Last month, Aviva unveiled details of its auto-enrolment proposition, as well as a separate workplace savings platform.
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