Thursday, 08 August 2013 09:43
Smooth RDR transition boosts profit of Standard Life
Standard Life has seen operating profit increase by 28 per cent to £161m thanks to a smooth RDR transition.
The firm said it had made a smooth transition to the RDR and 77 per cent of its wrap partners were using adviser charging.
There was a 10 per cent increase in adviser firms using the Standard Life wrap and a 41 per cent increase in those placing more than £20m in assets.
Standard Life was also dealing with 342 advisers it had not dealt with for several years who had returned to the firm post-RDR.
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Platform assets under administration increased by 33 per cent to £16.8bn while wrap assets under administration increased by 40 per cent to £14.2bn. Assets on Standard Life Wealth increased by 50 per cent to £2.1bn.
Sipp customers were up 15 per cent and assets under administration were up 10 per cent to £21.5bn from £18bn a year ago.
Paul Matthews, chief executive of UK & Europe Standard Life, said: "We were well prepared for the regulatory changes introduced over the last year in the UK and we're starting to see the results we anticipated. Our strategy and high-quality propositions continue to address the needs of our customers, advisers and employers, with increasing momentum in both our retail and corporate businesses.
"The RDR has played to the strengths of the advisers we do business with and we have also been able to open our doors to a broader range of advisers."
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The firm said it had made a smooth transition to the RDR and 77 per cent of its wrap partners were using adviser charging.
There was a 10 per cent increase in adviser firms using the Standard Life wrap and a 41 per cent increase in those placing more than £20m in assets.
Standard Life was also dealing with 342 advisers it had not dealt with for several years who had returned to the firm post-RDR.
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Platform assets under administration increased by 33 per cent to £16.8bn while wrap assets under administration increased by 40 per cent to £14.2bn. Assets on Standard Life Wealth increased by 50 per cent to £2.1bn.
Sipp customers were up 15 per cent and assets under administration were up 10 per cent to £21.5bn from £18bn a year ago.
Paul Matthews, chief executive of UK & Europe Standard Life, said: "We were well prepared for the regulatory changes introduced over the last year in the UK and we're starting to see the results we anticipated. Our strategy and high-quality propositions continue to address the needs of our customers, advisers and employers, with increasing momentum in both our retail and corporate businesses.
"The RDR has played to the strengths of the advisers we do business with and we have also been able to open our doors to a broader range of advisers."
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
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