Wrap to reap benefits in UK
Wrap providers are poised to benefit from deregulation of the UK financial services industry, the UK manager of a professional consulting services supplier has said.
According to Bravura Solutions (Bravura) UK country manager Steve Williams, deregulation has increased demand amongst independent financial planners for wrap portfolio administration products.
Williams’ comments follow the announcement that Bravura has been selected by UK financial services group Friends Provident to provide the technology for a new wrap platform in the UK market.
Friends Provident selected Bravura, global supplier of superannuation and pension, life insurance, investment and portfolio management applications, to provide a new service based on its Sonata Wrap application.
It will provide an end-to-end online system to simplify business methods for Independent Financial Adviser firms (IFAs).
The wrap platform is intended to provide advisers with significant savings in administration, compliance and monitoring time, enabling them to focus on building client relationships.
Friends Provident’s decision to enter the UK wrap market follows feedback from IFAs that wraps will be the preferred method of business management in the near future.
“Bravura’s technology will enable our customers to benefit from the streamlining of their portfolio on a single platform,” Friends Provident marketing director James Ward said.
“Our customers will enjoy instant online access to valuation and monitoring of investments, transaction histories and past performance.”
Williams added that advisers would gain from the flexibility of being able to choose the basis on which they receive commissions, as well as being able to access a wide range of product and fund choices.
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