Latest wealth management portfolio launch from life providers
Scottish Equitable International (SEI) is the latest life provider to offer a wealth management portfolio in recent months.
The move follows recent launches from Axa, Standard Life and Prudential who have all reworked their trust and bond offerings.
The Wealth Management Portfolio, set to launch on 13 March, marks a significant change in its product offering, according to David Healy, managing director of SEI.
The portfolio replaces its existing investment, money markets and private client portfolios.
Healy said the new portfolio would be separated into three categories, which included the Portfolio Fund, Preferential Range and Universal Range.
The Portfolio fund has a reduced annual management charge of 0.6%, while the Preferential Range will pay a rebate to customers and has access to 900 funds from 29 managers.
The Universal Range covers areas the Portfolio and Preferential Funds do not, as well as pays a rebate to the customer.
Advisers also have the flexibility to create their own bespoke charging structures to meet their clients' needs.
Healy said the three products were designed to be more transparent, with charges individually separated between SEI, advisers and fund managers.
He also said SEI had removed quarterly charges as well as buy/sell charges in almost all cases. Under all three products, 25 switches are allowed each year.
It has also revamped its online offering, which will go live with the portfolio later this month, Healy said.
The new service will provide an online valuation facility, giving intermediaries access to a client's portfolio and making it possible to buy and sell assets online.
Healy added: "In the past the offshore market was perceived as a complex environment for advisers when choosing investment solutions for their clients. We now have a product that counteracts this perception, with transparent terms on charges, investment and services.
"We are confident that with the launch of the Wealth management Portfolio, we are continuing to help the increasing number of advisers fund the correct investment solutions for their clients."
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