The value of investments can go down as well as up, and the investors could get back less than was paid in.

Platform due diligence

The Financial Conduct Authority (FCA) instructs advisers to clearly document their thought process and rationale for their platform selection. Furthermore, advisers must demonstrate that the platform meets suitability requirements for each client segment.

To support advisers, we produced the following guide. It outlines five key steps in this due diligence process.

Spotlight on: Approaching due diligence

The following documents highlight main areas to consider and why they are important.

Spotlight on: Financial strength and scale

Spotlight on: Functionality

Spotlight on: Operational capacity

More detail is available upon request. For access to our full due diligence response, please contact your Account Manager. If you are new to Wrap, call us at 0345 272 6622, Monday - Friday, 9am - 5pm. Call charges will vary.

AKG report

Financial strength is a key consideration when choosing a platform provider.

We earned and retained an A rating (Superior) from AKG for the financial strength of our Wrap platform. Standard Life's Wrap and Elevate platforms are the first UK adviser platforms to achieve this prestigious rating.

AKG Wrap report

Defaqto rating

Our track record and reputation for strong customer service was recognised by Defaqto. It awarded Wrap with a Gold Platform Service Rating.

In this video, Graham Jack from Defaqto explains the 2020 platform rating process and score criteria.

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Drawdown due diligence

There is an increased focus on supporting clients in retirement and making their income last.

That’s why it's important to choose a provider with the knowledge and capacity to deliver long-term retirement solutions that suit your clients.

In addition to providing fully tailored drawdown options, our Drawdown Price Lock can help advisers support clients in retirement. Now the SIPP platform charge clients pay on their pension savings can be locked at its lowest level. This feature is a departure from traditional platform fee structures where rates rise as a client’s pension pot reduces.

Learn about drawdown

Asset migration

Wrap’s Platform Switch Service can support advisers when transferring clients and their assets to Wrap. Firms can benefit from a dedicate Transfer Manager to coordinate the switch and a bespoke transfer tracker plan. This service is eligible for any advisory firms that would like to transfer either 50 clients or £20m of assets.

More information about Wrap

We know that each client is different, which is why flexibility matters. See more information about our Wrap products and services.

More resources for advisers

 

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  • Call us: 0345 279 1001

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