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Wrap Fact File: The Standard Life Wrap

In this week’s Wrap Fact File, we look at the Standard Life platform

BUSINESS INFORMATION
Advice firms using the platform:

Over 3000 advisers using our platforms (Standard Life Wrap and Elevate)

Clients registered on the platform:

Over 360,000 clients are registered on the Standard Life Wrap and Elevate platforms

Assets under administration:

AUA on Standard Life platforms was over £44 billion as at 31st December 2016.

Financial backers:

Standard Life Wrap is financially backed by Standard Life plc

Net inflows for 2016

Total net flows on Standard Life platforms in 2016 were £4.8billion

Pre-tax profits:

Not available - the platform delivers revenue and profit in multiple business entities

CHARGES
Core charging structure:
Elevate Portfolio Charge (p.a.):
Platform Eligibile Assets ISA,PP, Wrap Cash Core SIPP and IB Terms
On the first £0 - £99,999.99 0.45% 0.45%
On the next £150,000 - £249,999.99 0.35% 0.40%
On the next £250,000 - £499,999.99 0.30% 0.35%
On the next £250,000 - £749,999.99 0.25% 0.30%
On the next £250,000 - £999,999.99 0.15% 0.20%
On the balance above £1,000,000 0.10% 0.15%
Extra charges:

No extra charges for assets held in funds in the platform's custody

Trading charges from £10 per trade for transactions in listed securities

Menu of fixed charges covering SIPP assets held off platform in 3rd party custody, e.g. commercial property and 3rd party deposit accounts

Does the platform offer discounted share classes?

Yes, standard life had over 415 discounted funds from 14 fund managers. The platform is 100% rebate-free

Does the platform offer unit rebates?

This is not applicable - Standard Life has completely unbundled shareclasses.

INVESTMENTS
How many funds are available?

Total mutual funds (tradable) = c.3000 from over 130 fund managers

What are the top 10 selling funds on the platform in the past quarter?
  • Vanguard LifeStrategy 60% Equity
  • Invesco Perp Global Targeted Returns
  • Jupiter Absolute Return
  • Vanguard LifeStrategy 40% Equity
  • Vanguard US Equity Index
  • CF Woodford Equity Income
  • Vanguard LifeStrategy 80% Equity
  • SLI GARS
  • Dimensional Global Short Dated Bond
  • Old Mutual North American Equity
Which discretionary fund managers (DFMs) are available through the platform?

60+ DFMs available on the platform, including:

  • Arbuthnot Group
  • Bestinvest
  • Brewin Dolphin Securities
  • BRI Wealth Management
  • Brooks Macdonald
  • Brown Shipley
  • Canaccord Genuity Wealth Management
  • Castlebay Investment Partners
  • Cazenove Capital Management
  • Charles Stanley
  • City Asset Management
  • Close Brothers Asset Management
  • Cornelian Asset Managers Limited
  • Davy
  • Deutsche Bank Asset Management (UK) Ltd
  • European Wealth Management
  • Hawksmoor Investment Management
  • Ingenious Asset Management
  • Investec Wealth & Investment
  • James Hambro
  • JM Finn & Co Ltd
  • Kleinwort Benson
  • Parmenion Capital Partners
  • Psigma Investment Management
  • Quilter Cheviot
  • Rathbones
  • Raymond James
  • Rowan Dartington
  • Sanlam Private Investments (UK) Limited
  • Seven Investment Management
  • Smith & Williamson Investment Management
  • Standard Life Wealth
  • Tilney Investment Management
  • UBS
  • Vestra Wealth
  • WH Ireland
  • Whitefoord LLP
Can DFMs access the platform to run client money?

Yes - DFMs can use the Investment Hub to create and edit model portfolios through a specialist interface specifically designed for portfolio management.

Does the platform allow access to exchangetraded funds?

Yes, the platform allows access to ETFs

WRAPPERS
Which wrappers are available?
  • SIPP
  • Stocks and Shares ISA
  • Cash ISA
  • Personal Portfolio/GIA
  • Onshore bond
  • International bond
What are the wrapper charges?

No extra wraper charges beyond the core structure for assets held within the platform's custody. Menu of fixed charges for SIPP assets held outside the platform's custody, such as commercial property and third party deposit accounts

Who are the wrapper providers?

Wrap SIPP is provided by Standard Life Assurance Company ISA is provided by Standard Life Savings Limited Onshore Bond is provided by Standard Life Assurance Company. Offshore Bond (Wrap International Portfolio Bond) is provided by Standard Life International

ADDITIONAL INFORMATION
Access
Can clients access the platform online (i.e. separate from their adviser)?

Yes, the adviser can give their clients access to the platform.

Can clients execute their own investments?

No, clients cannot execute their own investments

Does the platform offer an app?

No, however the platform is available via web browsers on mobile/ tablet devices.

Tools
Which tools are available on the platform?

The following tools are available on the Wrap Platform;

  • Risk Profiler
  • Income Withdrawal Optimiser
  • Portfolio Analyer
  • Charting Tool
  • Salary Exchange Calculator
  • International Bond Segment and Withdrawal Calculator
  • CGTScenario Planning Tool
  • Bulk Rebalancing
  • Bulk Switching
Re-registration
From which wrappers can assets be re-registered in specie?

ISA, Personal Portfolio, SIPP.

What is the average time taken for in specie re-registration?

Electronic can be completed in 2-4 of days if is the counterparties own funds, most will be about 7-9 working days, paper based can be 2-3 weeks

Does the platform make any charges for in specie re-registration at platform or wrapper level?

No charge

Cash
Does the platform offer a cash account?

Yes, we have a standalone cash account on our Wrap Platform

Does the platform take interest on client cash?

Yes

What is the platform’s policy when the cash account is empty?

The platform automatically disinvests to pay charges.

Technology tie-ups
Who provides the technology for the platform?

FNZ. We have no plans to change our technology provider.

Which other tech providers does the platform work with? (e.g. cashflow tools)
  • Risk Questionnaire - ORRA
  • Portfolio Analyser - Financial Express (FE)
  • Fund Filter - FE data feed and internal data feed
Which back-office providers does the platform integrate with?

Current functionality allows users of IRESS (Adviser Office), Intelliflo, Plum, Quay (Capita), True Potential, Focus Solutions, and Best Practice to receive valuations (including funds, unit holdings etc.) and adviser remuneration data (commission, fees and adviser charge). 2 way data population and re-population with IRESS and Intelliflo in pilot

Does the platform offer a white-labelling service?

The platform can be white labelled so that your client reports and platform screens appear with your firm's corporate colours and logo. In addition you can adapt the platform to meet your own requirements. You can, for example, add enter/check stages for cetain processes, set access levels within your girm, add pre-set adviser charging options and adviser specific model portfolios.

What charges apply to the platform’s whitelabelling service?

There are no charges for the platform's whitelabelling service.

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