Is a wrap platform right for my business?[

We’ve looked at the key challenges that you may be facing. Let’s now consider what a wrap platform is and the potential benefits of adopting one into your business.

Essentially, a wrap platform is a portfolio management tool, offering a suite of investment options along with tools packaged together and managed through an online portal.

Platforms aim to improve administration efficiencies, support cost savings, and strengthen control within your business. 

A number of platforms exist in the market, they may offer:

• financial planning tools;
• a consolidated view of a client’s total assets;
• access to a range of investments; and,
  
• consolidation of new and legacy business.

So, can a platform help you manage the challenges you could be facing?

This depends on your business, your goals and resources. You will need to conduct a careful review of your business model and client requirements and consider if a platform is appropriate.  They will not be appropriate for every business but, with our knowledge and experience, we can highlight the potential benefits a platform could provide. 

Time management – on administration and client servicing
Some platforms can support straight-through-processing and integrate with other systems to reduce administrative time and work load. The potential reduction in time spent on administration could result in creating more opportunities for you to focus on client needs.

Regulation and compliance
With regards to Treating Customers Fairly, a platform may facilitate a more efficient distribution process. Profiling, planning and construction tools could facilitate a more comprehensive and consistent advisory service to your clients. This, in turn, could result in measurable benefit for your clients – by way of quality advice and transparently priced products and services.

Client portfolio management
A platform could also facilitate enhanced client service by way of quick access to a broad range of investment options; management tools, tracking facilities and data storage all on one system.

Staff training and development
A platform won’t replace qualifications and experience but the available tools could support staff in becoming more efficient and productive.

Revenue and business value
The reduction of administrative costs, and tools to support productivity, could increase the profitability of an advisory business. Platforms provide a clear view of recurring income to a business – thereby supporting the assessment of the business value.

It must be noted that whilst platforms could provide opportunities to improve operational efficiency there are some challenges around making the transition. Simply deploying a platform into an undefined or unsuitable business model may not work for you.  

If you feel that adopting a platform could be beneficial to your business you’ll need to consider what type of platform would be right for you.

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The challenges
Is a wrap platform right for my business?
Which wrap platform to choose
Why Elevate?