Due diligence

Platform due diligence

The FCA has made clear that all advisers using a platform must clearly document their thought process in platform selection and rationale for their decision. A crucial element of this process is conducting thorough due diligence to ensure that the chosen platform meets suitability requirements for each client segment.

We’re committed to helping advisers conduct best practice due diligence. We’ve produced the following guide to support you through the process, outlining the 5 key steps in our opinion.

The following documents highlight some of the main areas to consider and why they are important:

We're happy to provide more detail on request. For access to our full due diligence response please contact your aligned Account Manager. If you are new to Wrap, please contact us using the details provided at the top of this page.

Our AKG report

Financial strength is a major consideration in choosing a platform provider. AKG assesses financial strength using a consistent methodology and objective measures, allowing cross platform comparison.

Our Wrap and Elevate platforms have been awarded AKG A Financial Strength Ratings for 2019. Standard Life's Wrap and Elevate platforms are the only UK adviser platforms to have achieved this prestigious rating.

Our track record and reputation for strong customer service was also recognised by AKG with a five star rating.

<!--[if !supportLists]-->1.       <!--[endif]-->Our Wrap and Elevate platforms have been awarded AKG A Financial Strength Ratings for 2019.  Standard Life's Wrap and Elevate platforms are the only UK adviser platforms to have achieved this prestigious rating.


AKG-Award video

Defaqto rating

Graham Jack from Defaqto explains the 2019 platform rating process and score criteria.

Defaqto-Award video

Transcript

Drawdown due diligence

The retirement landscape is changing. Since April 2015, pensions no longer end with the purchase of an annuity. Instead, they must now see a client through their entire retirement, meeting various needs from preserving capital for inheritance to providing a day-to-day income. 

This is a completely different challenge for pension providers. In fact, our calculations suggest it could lead to as much as a 5-fold increase in the demand for drawdown. Therefore, it's important you take steps to ensure you choose a provider with the knowledge and capacity to deliver the best possible retirement outcomes to your clients.

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Discretionary Managers

Advisers can access a range of managed portfolios from Discretionary Managers on Wrap.