The Standard Life Wrap platform celebrates its 10th anniversary this year. To mark this milestone, Phil Newton, Director of IFA firm Prolific Financial Services Ltd, explains what a difference it has made to his business.
In the beginning...
It's hard to believe that it's been 10 years since Wrap was first introduced and our company, Prolific Financial Services, were involved from the very start.
Back in 2006 we were one of just a handful of IFA firms who were asked to help Standard Life in the early development of the platform. Being part of this feedback process gave us an insight into how Wrap worked and we very much liked what we saw.
We were a small team at Prolific at the time, but we considered ourselves forward-thinking and we felt that Wrap was truly cutting edge. It was like nothing we'd seen before, yet it came with a proven history, having already experienced success in Australia.
Like nothing we'd seen before."
Making life easier
Our Industry was very reliant on paperwork, but using the Standard Life platform helped us to streamline our processes, much to the relief of our administration staff. We also had a new range of tools to help us, such as capital gains tax scheduling and consolidated tax reports. This increased functionality meant we could improve our service offering to our clients at little or no extra cost. Many of our Clients saw the benefits straight away, so it was a win-win.
Clients saw the benefits straight away."
Keeping ahead of the times today
Over the last 10 years, we've appreciated Standard Life's commitment to the development of their platform and whilst many other platforms have emerged since, few have been able to demonstrate the same level of commitment, which is one of the reasons why Standard Life continue to be our preferred supplier.
With Standard Life we know that they're constantly innovating, so the functionality of the platform is always improving, which is something that's really important to us.
As a small firm, Wrap has helped us to punch above our weight, setting us apart from our competitors on some very important occasions and thanks to the technological edge it gives us, we're able to offer our clients a continually improving service.
Wrap has helped us to punch above our weight."
What does the future hold?
When it comes to financial advice, we think that speaking to a real person is always going to be important. There are those who believe that our industry will end up offering 'robo-advice', but whilst this may be appropriate for some, it can't be the only answer. Why? Because every client is different and people still appreciate dealing with real people.
The answer is real face-to-face advice backed up by flexible, cutting-edge technology. That means continued development, with technology that evolves to meet client needs. Judging by the changes we have seen in the last 10 years, this is exactly what we expect from the Standard Life Wrap platform in the future.
Here's to another 10 successful years.
Speaking to a real person is always going to be important."