Article date: 17 September 2012
Aviva’s Wrap platform has exceeded £1 billion assets under management (AUM) as it continues to build momentum with its mid-market offering.
Aviva’s platform has experienced growth of 53% in AUM since the beginning of 2012, despite the challenging economic environment. It has achieved this by offering mainstream wrappers and investment choices to clients who are looking for cost-effective and straightforward solutions.
Aviva’s intermediary director Andy Beswick said: “Our decision to focus on mid-market customers has come at exactly the right time, as we’re finding an increasing demand for mainstream platform solutions such as pensions, ISAs and general investment accounts (GIAs).
“We took a conscious decision to focus on this mid-market after listening to IFAs’ concerns about how they can continue to offer affordable but profitable advice in a post RDR world. In doing so we’ve been very clear about the types of clients our Aviva Wrap is suitable for, and those it is not, and that’s good for the customer and the adviser.
“We know that advisers are looking for sustainable platform solutions that will help them keep their costs down as they manage the transition from commission to adviser charging. The inherent functionality in a platform helps with this by offering bulk and individual switching, rebalancing and model portfolios.
“We’re delighted with the response we’ve had, particularly at a time when there is such a strong regulatory focus on advisers’ platform selection and use, and how they meet the needs of each client.”
Managing director of The Platforum, Holly Mackay, said: “I think that the Aviva platform is refreshingly clear about what customer segment it wants to support and it is undeniably competitively priced for a particular type of customer. It certainly won’t suit everyone but I expect adoption to grow and growth rates to accelerate next year.”
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