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Zurich backs re-reg to catch rivals in the wrap race
by Jun Merrett on Dec 06, 2012 at 10:00
Despite being a late entrant to the wrap race, winning assets from existing players can make Zurich’s much-delayed platform a success, according to its UK chief executive Gary Shaughnessy.
Although wraps have typically targeted traditional life companies in their efforts to build business, Shaughnessy (pictured) is backing the advent of platform-to-platform re-registration to allow Zurich to gain assets from rivals.
It is a bold strategy, but Zurich has a lot of catching up to do in the platform market: while rival life companies Standard Life and AXA have well-established wraps and Aegon more recently launched its Novia-backed platform, Zurich’s FNZ-built proposition is yet to get off the ground.
The Zurich Intermediary Platform has suffered a series of delays. Having originally been scheduled to launch at the end of 2011 and then in March this year, it is now expected to come to market by the end of 2012.
However, Shaughnessy is confident any lost ground can be more than made up through re-registration.
‘Platform-to-platform re-registration makes it easier for advisers to move assets, and that is going to keep us all on our mettle. If platforms don’t deliver, the assets will move away rapidly,’ he said. ‘In our case, not having any assets and launching now is an advantage as we haven’t got assets that might move across.
‘The feedback we’re getting from advisers is there are a lot of assets on different platforms, which advisers are looking to move, and we’re getting positive feedback about the demand for our platform going forward.’
While Zurich may be behind the wrap curve, Shaughnessy should know a thing or two about the platform market, having been UK managing director of Fidelity, parent of FundsNetwork.
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