Service commitments

Our service commitments to you and your clients for Wrap and Elevate.

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We'll be available when you need us

  • UK based teams with over 550 people dedicated to adviser and platform operations
  • We flex our staffing levels to reflect demand
  • We answer your calls in 45 seconds on average
  • We give you the support you need no matter how long it takes
  • We increase our resourcing at critical points in the year e.g. Tax Year End

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We'll listen and respond to your needs

  • We invest in our technology and have improved call routing and faster identification of who is calling us
  • We log your comments, capture and analyse data so we can evolve our service in response to the trends we identify
  • We carry out regular adviser surveys to monitor satisfaction levels and help us identify any changes we need to make

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We’ll make sure you can rely on our services

  • We’ve maintained our levels of service as our scale has increased
  • Over 500,000 calls answered by our Adviser Support Teams*
  • Over 23m trades were placed and 99.77% were automated trades**

*Figures correct as at December 2017

**Figures correct as at December 2018

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We’ll go the extra mile to help you achieve more for your clients and your business

  • We use pre-funding to ensure your clients’ money is invested without delay. We pre-fund switches, tax relief on SIPP contributions and we don’t wait for cheques to clear before placing deals
  • We offer multi-layered adviser technical expertise - online content, telephone support and face-to-face seminars
  • Senior operations colleagues can be available to join calls or face to face visits when more complex challenges arise
  • We support you to manage regulatory change in your business through insights, training and platform solutions

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We’ll prioritise service continuity through change:

  • We continue to deliver the service you expect when we implement upgrades to our platform technology or operating model
  • Our approach is to achieve the right balance of keeping our promises, while delivering improvements and innovations
  • We ensure we maintain service for you and your clients through large scale change e.g. implementing MiFID II regulations, or integrating Elevate

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Award winning service

              

               

   Wrap and Elevate

Watch the video to learn more about Defaqto ratings

Graham Jack from Defaqto explains the 2019 platform rating process and score criteria.

01:03:17:13

What's the process for determining the rating a platform achieves?

We recently published the star ratings in February. The process we follow is consistent across all wealth products and we believe it's also stringent and transparent. There's three steps to this process define, score, then rate. To define a product we must understand not only the total universe but also what we deem to be the included population. For platforms we follow the definition used by the FCA for retail platforms. Therefore we do not include providers who only promote their own funds.

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Talks us through what the core criteria are.

Core criteria is criteria that we feel all high quality platform products must include. For Defaqto we include core criteria for four stars and five stars, therefore a product can achieve a sufficiently high score to achieve 5 stars, but if it does not include all the criteria for 4 stars and 5 stars then it will only achieve a 3 star rating. An example of this would be where a particular platform does not include a personal pension or SIPP as a tax wrapper. If it does not include a personal pension then it can only achieve a 3 star maximum.

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How do you score criteria?

We score criteria by using a methodology called Data Numerical Analysis, or DNA. There's two ways in which we conduct the DNA analysis. The first method is whether or not a feature is available on a yes or no basis. If a feature is available, you score 5 DNA. If it's not available, 1 DNA. A typical example would be the availability of an ISA wrapper. If it is available, 5 DNA, if it's not, 1 DNA. The other approach is coverage. So we could for examples measure the range of investments available on a platform. The more types of investment s that are available, the higher the score you would obtain and of course, that would still be within the one and five range. It's just that we should deploy a range of scores form one through to five, as opposed to either or.

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How do you rate each product?

We rate each product by aggregating the scores. We then analyse the range of scores and apply boundaries for each rating from one all the way through to five stars.

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You've recently published the latest platform service ratings. Can you talk us through the analysis behind these?

The analysis for the service rating has three components. We ask financial advisers to place an order of priority on eleven elements of service. Examples of the elements could include new business administration, existing business administration or financial strength. Once they've placed an order of priority, we then ask each adviser to score that particular aspect of service. Finally we capture further elements of information about that particular adviser's business. It could be the nature of their advice status, the number of platform they use and indeed the proportion of their business that they place onto platforms.

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What stood out for you from the results of your recent service survey.

The most important trend that we observed in the recent survey was the increasing number of advisers that change their preferred platform. In 2018 this has risen to 25%. This was previously 16% in 2017 and 10% in 2016. So this is significant upswing.

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What do the star and service ratings signify?

To understand what the star and service ratings signify, it's important to consider them within the overall context of Defaqto's mission. Defaqto's mission is to help individuals and financial institutions make better informed financial decisions. Both ratings help achieve this by simplifying the methodology for buying a financial product. A star rating is an expert assessment of the features and benefits of a financial product. Five stars represent the most comprehensive and on star the lease comprehensive. The service tagins are representative of the feedback we receive from financial advisers about the service they receive from product providers. A gold award is the highest level of service and a bronze award the lowest level of service.

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Why are Defaqto ratings important to advisers?

The ratings are important for advisers for two reasons. Firstly, the ratings help advisers segment the platform market when they're undertaking the exercise of creating their centralised investment proposition. The second aspect is it helps them make a quick assessment about the appropriateness of the advice they're given when making a personalised recommendation.

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Why do your platform ratings mean for adviser's clients?

The ratings give the end client reassurance that the rating is the conclusion of an expert assessment of a particular financial product. It's also very important to note that Defaqto has a consumer awareness of 70% within the market place and of those consumers who are aware of our brand, 93% think the star rating is useful when making a decision about purchasing a financial product.

What our platforms can offer you and your clients

  • An extensive range of investment options, innovative capabilities and scalable, well-governed processes to support your CIP
  • Through our platforms, you can manage in-house model portfolios - including through Professional Portfolio Manager, our new portfolio management capability, which enables advisory firms to deliver a robust CIP at scale
  • You also have access to:
    • Risk-based fund solutions
    • Discounted shareclasses
    • Managed portfolio services
    • Bespoke Discretionary Managers
  • A wide range of tools and tax wrappers to optimise your clients’ tax and financial planning
  • A comprehensive drawdown suite and functionality to help build and manage your CRP
  • Fully flexible income options to meet your clients’ needs
  • Two-way integration with leading back-office systems - minimising the need and risk to rekey data
  • Flexible adviser charging with initial, ongoing and ad-hoc options - with the ability to be set at platform or product level. Family terms are also available

We are fully committed to helping you support your clients and grow your business - through our continuous enhancements and ongoing commitment to invest in our capabilities e.g. Professional Portfolio Manger, compliance with MiFID II, cash flow modelling tool.

The value of investments can go down as well as up, and could be worth less than originally invested.

Get in touch with Standard Life

Call us

For more information on how we can help support you and your business you can call us on
0345 272 6622 (option 2)

Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

Email us

If you have an existing Standard Life Account Manager you can contact them or you can email
sales_support@standardlife.com

There is no guarantee that any e-mail you send will be received or will not have been tampered with. You should not send personal details by email.

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