Platforms & Wraps
If you have invested recently you will have no doubt heard the term 'wrap' or 'platform'. Because of their simplicity, most financial advisers are now encouraging the majority of their clients to transfer or re-register their investments over to a platform or wrap. The wrap, as I will henceforth refer to it, is a holding device for multiple investment types. For a small administrative charge, the wrap provider will administer your ISAs, OEICs, PEPs, SIPPs, cash accounts and even your share portfolio. You will have one point of reference and a simplified reporting process.
The costs of the wrap are dependent on what it offers. The less functionality, the less it costs. As a company, Heritage Financial Services undertook a wholesale review of all the wrap providers in the last quarter of 2007. We came to the conclusion that different wraps suit different clients - nobody has yet produced a universal solution- so we continue to recommend a panel based on our clients' personal circumstances.
If the idea of a wrap account appeals to you, give us a ring a we will see which provider will best suit you.
