British financial planners are doubtful about the benefits of wraps, with only 37 per cent planning to be early adopters of the products according to a survey.

CoreData Research, a UK subsidiary of Sydney firm brandmanagement, have so far surveyed over 350 British independent financial advisers in an ongoing study, and found the avowed early adopters were outnumbered by those who did not understand how wraps would benefit their business and/or clients (38 per cent), and those who would use wraps only when “forced to” by increased popularity (22 per cent). This might sound like bad news for DST, Bravura, Infocomp and the other Australian software firms currently trying to capitalise on a supposedly burgeoning British wrap market, however brandmanagement head of market intelligence, Craig Phillips, said UK planners had not really seen ‘true’ wraps as yet. “Most of what they’re calling wraps are really just the big institutions putting all of their internal products on one platform to aggregate the administration,” he said, adding that a few ‘true’ wraps had begun to appear. The administration benefits of wraps were already resonating with the surveyed planners – 63 per cent said their businesses needed more efficient administration systems, and the same proportion thought that wraps helped provide this, although 32 per cent were still uncertain.

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