TRADITIONAL life companies have misjudged adviser demand for full wrap platforms and are now paying the cost, according to Skandia.
Whilst most traditional life companies have focused on developing full wrap or wealth management services, the reality is that very few financial advisers are ready to utilise all the services that full wrap platforms offer. The recent announcement by Friends Provident and the problems encountered by Norwich Union and its Lifetime platform provide clear evidence as to how competitive the platform market has become, according to Skandia. The demand for platforms is clearly growing, but the core market at the moment is for guided or open architecture platforms that provide advisers with a...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes