Standard Life has teamed up with eight discretionary fund managers (DFMs) to launch a new service that aims to target retirement advisors.
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Dubbed as discretionary plus, the new service has been designed to support advisors dealing with the retirement market and also help advisors managing the client portfolios that need regular income withdrawals.
The eight DFMs include Brewin Dolphin, Brooks Macdonald, Charles Stanley, Financial Express, Investec, Quilter Cheviot, Standard Life Wealth and Vestra Wealth.
These firms currently represent 61% of open-market discretionary assets on the Standard Life Wrap platform, which now has 30 DFMs.
Under the partnership, Standard Life has also reached pricing deals with eight DFMs. The launch follows the pension reforms which will come into force in April this year.
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By GlobalDataStandard Life head of advisor platform propositions David Tiller said: "Central investment propositions are being reviewed with sustainability of income in mind rather than maximising growth. Advisors are considering the capacity issues that may arise from the massive increase in client demand arising from the Chancellor’s pension freedoms.
"We are also seeing more advisers wanting to access DFM expertise on their own platform to maximise control, fee transparency and flexibility by bypassing the need for separate custody arrangements and additional contractual arrangements," he added.
