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24 November 2016
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
All figures are at 30 June 2016 unless stated otherwise
About Standard Life Wrap
All figures are at 30 September 2016 unless stated otherwise
About Elevate
All figures are at 30 September 2016 unless stated otherwise