Standard Life Teams Up With Legacy Asset Systems To Support Asset Migration To Standard Life Wrap

Released on: December 12, 2011, 11:14 am
Author: Standard Life
Industry: Financial

Standard Life, a market leading platform provider, has teamed up with Legacy Asset Systems to support advisers migrating assets to the Standard Life Wrap. With the agreement, preferential terms will be offered to Standard Life Wrap firms signing up to the services offered by Legacy Asset Systems. Legacy Asset Systems offer two services: the Discovery Report, a 'smart search' of existing client data, and the Asset Migration Service, a combination of systems and services to successfully complete an asset migration project.

The benefits of the Legacy Asset Systems offering are:
- A cost effective approach and opportunity for adviser firms to create an additional profit centre
- Develops a fully compliant and automated end to end audit trail
- Reduces capacity constraints and frees resource to focus on added value services
- Delivers a robust and scalable process, systems and controls
- Supports a consolidation approach by enabling review of whole portfolio and individual products
- Develops an income stream on assets which have been generating little or no income

Chris Divito, Head of Platform Distribution at Standard Life, said: "Advisers have been telling us that analysing and migrating clients legacy assets is a real challenge, particularly from a compliance and capacity point of view. So we have teamed up with Legacy Asset Systems to provide a solution. They have provided a cost effective solution which not only 'makes it happen', but also reduces costs and generates income for the business."

Kevin Jow, Director at Russell Ulyatt has recently used Legacy Asset Systems to help migrate client business to the Standard Life Wrap. He said: "We were keen to start tackling the next segment of our client bank and we're focused on completing the collation and analysis of client information as cost effectively as possible. Legacy Asset Systems provided the ideal solution in that they took on all of the manual effort of contacting providers, provided accurate cost comparisons and a complete audit trail. In addition to that, the Discovery Report enabled us to take a very detailed view of our client bank and identified some great opportunities. We’ve been able to significantly increase our speed of client transfer and subsequent income streams.

"Using Legacy Asset Systems has freed up so much of our time, speeded up the whole process and just let me get on with the day job - spending more time with my clients."

Ends

Notes to Editors
The Standard Life wrap launched in May 2006. As at 30 September 2011 it had 961 IFA firms on the platform, with assets under administration of £10.6bn.

About Standard Life:
Established in 1825, Standard Life is a leading provider of long term savings and investments to around 6 million customers worldwide. Headquartered in Edinburgh, Standard Life has around 9,000 employees across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China.

The Standard Life group includes savings and investments businesses, which operate across its UK, Canadian and European markets; corporate pensions and benefits businesses in the UK and Canada; Standard Life Investments, a global investment manager, which manages assets of almost £150bn globally; and its Chinese and Indian Joint Venture businesses. At the end of September 2011 the Group had total assets under administration of over £191bn.

Standard Life plc is listed on the London Stock Exchange and has approximately 1.5 million individual shareholders in over 50 countries around the world.

For further information, please contact:
Patricia Corrigan
Standard Life
Ground Floor
Caledonian Exchange
19a Canning Street
Edinburgh
EH3 8EG
0131 245 5916
www.standardlife.co.uk

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