Aviva fully re-opens wrap and sipp for new business

Article date: 27 January 2010

  • Platforms will help advisers meet challenges of RDR

Aviva – the UK’s largest insurer – is announcing today that it has fully reopened its wrap and sipp platforms for new business. 

Re-engineered on a proven technology platform and including a series of significant improvements, the Aviva Wrap and Sipp platforms have been reopened following extensive testing with financial advisers.

The Aviva Wrap has been designed to enable financial advisers to meet the challenges, and capitalise on the opportunities, posed by the introduction of the Retail Distribution Review (RDR). It underlines Aviva’s commitment to independent financial advisers and follows the successful launch of Aviva’s Adviser Academy, Future Adviser programme and Aviva for Advisers portal.

The transition to RDR will be an exciting challenge and opportunity for advisers and the financial services industry. The Aviva Wrap supports advisers switching to a fee-based business model and - with training and support provided by Aviva - will enable them to demonstrate their professionalism and the value of independent advice.

Aviva’s Sipp has an important part to play in providing financial solutions, particularly to higher net worth customers who will benefit from a wide range of investment options and an ability to easily switch their holdings and rebalance portfolios.

Angela Seymour-Jackson, intermediary and partnerships director at Aviva, said:
“Aviva’s plan is to become a leading player in the wrap and Sipp market. The Retail Distribution Review will mean profound changes to the way advisers do business, and we are committed to helping advisers maximise the potential of their business in what we believe will remain a thriving IFA market.

"Alongside our existing efforts to support IFAs during this transition - including the Aviva for Advisers portal, Adviser Academy and Adviser Transition Programme - Aviva has worked hard to redevelop its wrap to make sure it meets advisers’ needs today and in the future.

“We believe it will enable advisers to capitalise on the opportunities brought about by RDR, and the Aviva Sipp is a key component of the solutions needed for wealthier clients. By 2012 we anticipate that two-thirds of advisers will be using a wrap platform and my aim is to make Aviva Wrap the most recommended wrap and sipp platform in the market.”

The Aviva Wrap has been extensively tested with existing users and new advisers who have said*:

  • It is simple to use
  • It meets the long-term needs of their business
  • Enables them to simplify their business and manage clients in one place.

The Aviva Wrap offers:

  • A new IT platform using proven technology**
  • A choice of investment, ISA and pension portfolios
  • More than 1,500 collective investment funds from 80 fund managers. Equities quoted on FTSE All-share and AIM indices
  • Online portfolio and client management with online illustrations, applications and trading.

-ends-

For further information, please contact:
David Gwyer
Telephone: 01904 452659            
Mobile: 07800 693187

Notes to editors:

About wraps
* Aviva is happy to provide names of advisers who were involved with testing the wrap.
** Technology is provided by Scottish Friendly and Bravura.

A wrap is an internet-based tool that allows financial advisers to take a single view of their clients’ savings, investments and pensions in one easily-administered portfolio. It makes it easier for adviser to buy, sell and switch a client’s investment portfolio.

About Aviva
Aviva, the international savings, investments and insurance group, is the world’s fifth largest insurance group, serving 50 million customers across Europe, North America and Asia Pacific.

In the UK, Aviva is a leading provider of life, pensions, investment, general insurance and health products to more than 20 million customers. Aviva also provides roadside assistance through RAC. Products are distributed through a number of channels including IFAs, brokers, corporate partners and direct to customers via the internet.

Aviva's UK Insurance business has a market share of around 15%, making it the largest general insurer in the UK. The business is focused on insurance for individuals and small businesses.

Aviva's life and pensions business in the UK has a total market share of 12% and a top three position in its key markets of savings, protection, and annuities.

Aviva’s news releases and a selection of images are available from the internet press centre at www.aviva.com/media.

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