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24 November 2016

Standard Life commits to Elevate's future

Following adviser feedback, Standard Life confirms Elevate will continue as a distinct platform proposition.

 

 

This follows the completion of adviser research which prioritised a streamlined and automated process for the Elevate platform. The adviser consultation programme included a large number of direct conversations with advisers as well as over 500 responses to a comprehensive survey into the key priorities and requirements of Elevate advisers. Findings demonstrated a very high degree of consensus in what they are looking for from their chosen platform.


Survey headlines

Key proposition requirements*Key provider requirements*
Ease of use/automation (97%) Commitment to platform development (95%)
Competitive Price (97%) Technical support (95%)
Whole of market fund range (84%) Financial strength (90%)
Client reporting suite (83%) Governance, oversight and controls (86%)
Governance, oversight and controls (86%) Relationship management (82%)

*% of respondents indicating extremely or very important

86% of survey respondents selected usability enhancements and process automation as the top development priority; other priorities included the share class conversion, tax and client reporting and a reduction in paper outputs. The survey confirmed that Elevate is highly regarded among its users with 75% of respondents rating it as the best, or above average, when compared with competitors, and 77% expect to place the same, or higher, levels of business in the next six months.

David Tiller, Standard Life's Head of Adviser and Wealth Manager Propositions, said: “There has been speculation around bringing the Elevate and Wrap propositions together, but research with advisers has confirmed that the award winning Elevate platform should remain as a distinct proposition.

“This means both Elevate and Wrap can move forward with clear purpose and their own development agendas while, at the same time, benefiting from a shared infrastructure that enables the easy sharing of capabilities where this is appropriate. Advisers working with Standard Life will be able to select the most appropriate platform proposition based on their clients' individual needs.”

Steve Owen, Elevate's Head of Proposition said: “I am delighted that we now have clear direction for Elevate based on what advisers want. The strong commitment from Standard Life to respond to advisers' needs and make the investment required for a sustainable future for Elevate.”

Work is progressing to finalise development plans for both platforms with development roadmaps for both expected to be available in the New Year.

Ends

Media enquiries


For further information, contact:

Patricia Corrigan
Direct: 0131 245 5916
Mobile: 0771 092 4558
Email: patricia_corrigan@standardlife.com

Nicola Pugh
Direct: 01256 852041
Mobile: 0779 504 4915
Email: nicola.pugh@axawealth.co.uk

Notes to Editors

The adviser Consultation Programme ran from 24 October to 7 November 2016.

About Standard Life

  • Standard Life was established in Edinburgh in 1825. Today it is a global investment company helping people to invest and manage their money.
  • Around 4.5 million customers and clients across 46 countries trust Standard Life with their financial future and Standard Life is responsible for the administration of £328 billion of their assets. Standard Life also supports over 25 million customers through Indian and Chinese associate and joint venture businesses.
  • Standard Life Investments actively manages £269 billion worldwide, offering global asset management expertise with strong investment capabilities and performance.
  • Standard Life employs around 6,500 people internationally - through businesses in the UK, Europe, North America, Asia and Australia.
  • Standard Life plc is listed on the London Stock Exchange with around 1.2 million individual shareholders.
  • Wherever Standard Life operates in the world, it is motivated by a sense of responsibility. That is what has helped it be a sustainable business over the long term. Standard Life is proud to be listed as a leader for corporate sustainability in its industry in the Dow Jones Sustainability Indices (DJSI World and DJSI Europe).
  • You can follow Standard Life on www.twitter.com/StandardLifeplc

All figures are at 30 June 2016 unless stated otherwise

About Standard Life Wrap

  • Since launching in 2006, Standard Life Wrap has helped advisers transform their service to clients and adapt to the changing regulatory landscape. Standard Life Wrap has been adopted by over 1,500 financial advice and wealth management firms and serves over 200,000 customers.
  • Total Standard Life Wrap platform assets under administration are £30.3 billion including net inflows of £3.0 billion in the first nine months of 2016.
  • For the third year in a row, Standard Life Wrap was voted “Best Platform Provider (AUM over £12.5 billion in 2014 and 2015, and AUM over £15 billion in 2016)” by the adviser community at the prestigious UK Platform Awards 2016.
  • Adviserzone is Standard Life's dedicated extranet site for UK financial advisers. Visit www.adviserzone.com for more details.

All figures are at 30 September 2016 unless stated otherwise

About Elevate

  • Elevate supports over 2,000 financial advice and wealth management firms in managing SIPPs, ISAs and other investments. It serves 160,000 customers, providing access to over 5,000 funds from over 130 fund managers. Elevate has £11.0 billion of assets under administration and has consistently delivered gross inflows in excess of £2 billion p.a. since 2010. Net inflows in the first nine months of 2016 were £0.6 billion.
  • Elevate offers the 'superclean' share classes for Architas funds, which will also be added to the Standard Life platform to ensure this preferential pricing for Architas funds is consistent for advisers.
  • The platform was voted “Best Platform Provider (AUM up to £15 billion)” by advisers at the UK Platform Awards 2016 for the second year in a row and the “Best Platform for Adviser Service”.
  • For more information about Elevate visit www.elevateplatform.co.uk

All figures are at 30 September 2016 unless stated otherwise