Data compiled by Fundscape, a platform consultancy, indicates that Standard Life’s platforms combined had gross inflows of £6.3bn in 2020, but on a net basis inflows were not among the top five largest in the advised platform market.
Ben Hammond, platforms director at consultancy Altus, says: “The Wrap and Elevate platforms are very similar in many respects, including the FNZ technology they run on, but do differ in their offerings.
"Since Axa exited the platform market, the Elevate brand has remained, but has been somewhat overshadowed by developments to the Wrap, Standard Life’s original platform.
"Their innovative pension drawdown freeze proposition, announced at the same time as a price reduction just over a year ago, is a good example of this."
Chief executive Stephen Bird told analysts in March that SLA wants to "become completely indispensable for both the adviser and the end client by making the [platform] experience best in class."
The company had already announced it would "integrate Wrap and Elevate" this summer. That includes merging the two websites, though the extent of the behind-the-scenes changes remain to be seen. With more than half of UK adviser firms already using either Wrap or Elevate, according to the company, the stakes are high.
Other changes may also be on the way. Hammond adds: "There has been a fair amount of movement in how the Standard Life Aberdeen business is organised of late, with the 1825 advice brand, Aberdeen Standard Investments and even Focus Solutions (wholly owned since 2011) seen as integral parts of the group.
"Although this combination means the group is typically viewed as vertically integrated. This is not always obvious or even promoted, perhaps deliberately so, but is perhaps something the new brand aims to remedy.”
There are hints that the new brand is a precursor to more integration. Bird told analysts that the company was moving away from distinct business units, and will "offer the full range of support for our clients, whether they want to deal directly, receive advice, or indeed receive bespoke client management. We'll also make it easy to move between the various support levels, recognising that client needs change all the time throughout the life cycle."
The Abrdn name was met with derision when announced last month, but it is an apparent attempt to avoid confusion between the various parts of the company. They include Aberdeen Standard Investments for the asset management arm, Aberdeen Standard Capital for the DFM business, and Standard Life Aberdeen for the plc. There is also Standard Life on the pension side, which has since been sold to Phoenix.
However, fund names are still under review and are not guaranteed to change.
