More than half of IFAs plan to migrate the majority of clients' assets onto wrap platforms within the next two years, but uncertainty remains over compliance issues like cost, according to a survey.
A survey of 114 IFA firms, carried out by Legacy Asset Systems (LAS), which provides asset migration services, found that although 53% intend to move 70% of assets onto wraps, concerns over running accurate and compliant cost comparisons between old and new policies remain. The FSA's finalised guidance on replacement business and centralised investment propositions, published in July, detailed that the reduction in yield (RIY) when migrating assets onto platforms should not exceed 0.5%. But 12% of respondents thought that the old for new RIY cost increase could be acceptable at over 1...
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