Standard Life has completed the full integration of the Elevate platform into its business, with all Transitional Service Agreements (TSAs) with Axa UK plc now ended.
While Standard Life’s Elevate and Wrap platforms will continue to operate separately, centres of excellence have been established to support both platforms offering expertise and resources to the adviser firms they work with.
Enhancements to the Elevate platform since Standard Life acquired the platform have included a simplified new business process with improved functionality, access to Standard Life International Bond, the addition of over 440 discounted funds and an additional option that enables clients to opt out of receiving paper contract notes.
Barry O’Dwyer (pictured), CEO, Standard Life, says: “When we acquired Elevate in November 2016, we set out to transition a business that was making substantial ongoing losses. Our aim was to have it operating sustainably within a three year period and the progress we are making is well ahead of our timeline. This is testament to the strength of the teams we acquired with Elevate. It also reflects our ambition and commitment to the adviser platform market and to helping advisers build their advice businesses. We now have three centres of excellence for platforms working in close collaboration across Bristol, Basingstoke and Edinburgh.”
David Tiller, Head of Adviser and Wealth Manager Propositions, says: “I know advisers have had high expectations of Elevate from the day Standard Life completed the acquisition and today’s announcement allows us to roll up our sleeves and really accelerate our plans to deliver a greatly enhanced platform. Elevate’s foundations are solid and a great platform from which to build an even greater platform.
“We intend to respond to adviser demand for access to a wide range of discretionary managers, to raise the bar around supporting retirement drawdown and to achieve this through more efficient easier processes with enhanced value adding client reporting.”