Standard Life confirms Elevate to continue as distinct platform proposition

Standard Life will continue to operate Elevate, which it acquired from Axa this year, as a separate platform from its existing Wrap offering.

The move follows the completion of adviser research which prioritised a streamlined and automated process for the Elevate platform, the Edinburgh-based firm said.

The Elevate acquisition deal completed this month and creates the largest adviser platform by assets, with combined assets under administration of £38.4bn as at the end of March.

Standard Life’s 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.

Standard Life said 86 per cent 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 per cent of respondents rating it as the best, or above average, when compared with competitors, and 77 per cent 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.