Principal Investment Management, the private client investment management specialist, today announces the launch of its new wrap solutions service, ‘WealthSpace.’
Working with IFAs, Principal has developed a range of model portfolios which can be accessed on a number of major platforms. The models have been aligned to industry standard risk profilers, matching clients’ investment objectives and attitudes to risk. Principal’s WealthSpace investment team will monitor the investments regularly to ensure the portfolios remain within the defined strategy.
Designing WealthSpace with wraps in mind enables private investors to invest in cost-efficient, tailored portfolios, actively managed by Principal’s investment professionals, with a straightforward single management fee charged by Principal.
This service will appeal to the growing number of IFAs looking to streamline their investment management offering to their clients, outsource investment management risk, and increase their assets under influence.
WealthSpace is designed to add value to IFA services by creating identifiable pools of assets managed consistently. WealthSpace is available on Skandia, Nucleus and Ascentric, with discussion underway with a number of other wrap providers.
Commenting on the launch of WealthSpace, Adrian Jewitt, Principal’s Sales and Marketing Director, said:
“This new and innovative service means private investors can enjoy the benefits of professional discretionary management, even if they do not have very large sums to invest. It creates a whole new market opportunity for IFAs to offer investment services to the affluent market, which have been previously inaccessible.”
The WealthSpace models are built to link the client to clearly defined, risk-graded profiles which are available to IFAs and their clients. So the IFA and client can be confident the portfolio matches the client’s attitude to risk, with an audit trail.
The investment team will rebalance clients’ portfolios every quarter (more frequently, when appropriate) to ensure they are in tune with the latest investment strategy. WealthSpace comes at a perfect time for IFAs preparing to meet RDR requirements. As well as being TCF compliant, IFAs get access to wrap reporting tools making their life easier.
“With conditions in the financial markets changing all the time, this is a great way to make sure clients’ investment portfolios are always structured appropriately,” said Jewitt. “If the market changes, we can remodel the portfolios. This can be done across one or more of the model portfolios and so can benefit all clients in those models at the same time.”
Adrian continues: “Client portfolios will comprise high quality diversified funds from well known investment houses selected using our comprehensive research and selection process. The wrap provides the custody and execution of the assets, and the IFA can use the wrap functionality report to the client on the portfolio in the context of the client’s overall wealth.”
By exploiting online technology Principal have been able both to remove duplication and to deliver cost efficiencies for the end client. Jewitt concludes: “Here at Principal we really do believe WealthSpace offers IFAs the perfect solution for many clients currently outside the scope of discretionary managers, which will add value to their practices.”
For more information about Principal’s new WealthSpace offering please contact Adrian Jewitt on 020 7367 9471 or email sales–support@pimltd.co.uk.
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