Key Factors to Consider
If you are thinking about a wrap for your business, it is important to undertake thorough due diligence to make sure it is right for you and your clients.
You may want to consider the list below as part of this process:
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The provider – what is their reputation and financial standing?
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Terms & Conditions – do they fit with your business and client proposition?
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Charges – how much does the service cost and is it cost effective for your clients? How are charges applied and are they clear and transparent?
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Range of funds and tax wrappers – does the platform provide you with the full range of funds and tax wrappers to offer best advice? For instance, does it offer an offshore bond?
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Range of asset classes – does it give you a wide enough range of asset classes to meet your clients’ needs? Does it offer ETFs and shares for example?
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Functionality – what can the platform do? Can you in-specie transfer assets away from the platform? Can the platform show off platform assets?
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Accessibility – is the platform available 24 hours a day, 7 days a week? Can you access it online? Can your clients access the platform?
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Additional tools – does the platform offer tools like risk profiling and financial planning? Are they totally independent?
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Training and support – what support will you get to make sure your clients get the most from the service?
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Efficient and adaptable technology – does the platform provider own their own technology? Can it develop as quickly as the marketplace changes? Does the platform improve your business?
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Compliance requirements – do you have the information you need? Is there an easily accessible audit trail of each transaction? What reports are available?
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Customer service – how well are your day-to-day needs taken care of? What resources are available to you? What service standards are in place? How do existing users rate the service?
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Business risk – how does the platform ensure you and your clients are not exposed to additional risk? Is it financially stable? How is it audited?
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Client risk – is a platform right for you and your client segments? Could you meet their needs in other ways? Do you really need to add complexity and cost?
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Conflict of interest – is the wrapper choice or fund selection unrestricted? Do providers have to pay for their funds and wrappers to be available on the platform? Are fund rebates clearly disclosed?
For more information please contact us on:
0845 600 5360