8th November 2007

TheRightWrap

As there continues to be much discussion and press coverage on the benefits of adopting a wrap, there is the need for a source of independent information to help advisers decide which is right for their business. This is now available to Panacea members via The RightWrap service from Rayner Spencer Mills.

Adoption of a wrap or fund platform can play a part in helping firms to re-position their business model by improving their service proposition, streamlining the provision of data across a number of differing products and developing more efficient administrative processes. However, it is not the sole answer and there are a number of questions to be addressed along the way.

Given the continuing move towards an advice-led model particularly amongst the wealth centric firms, a wrap does offer the means by which a firm can change its business model and ease the transition to a recurring income model whilst also ‘transforming’ the back-office processes. This creates the foundations to build value in the IFA firm, encourages the development of ongoing reviews and helps achieve longer-term financial sustainability.

These dynamics may take on even greater importance should some of the proposals from the RDR come into effect, particularly if the ‘full advice’ concept is accepted. Indeed, delivering this ‘full advice’ model typically to more affluent customers with more complex needs is probably impossible without some form of wrap solution. The outcomes from the RDR and the continued development of wraps appear to us to be inextricably linked.

Need more help?

As a first step download the attached document which provides some high-level ideas on where you should start and also register your interest on our dedicated website www.therightwrap.co.uk

Alternatively, contact us at enquiries@rsmgroup.co.uk or telephone Geoff Mills on 01535 656555.