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09/03

Skandia International unveils plans for new wealth management service

Skandia International, the offshore business of Old Mutual Wealth Management, today announces that it is to transform its offshore investment proposition by introducing a new, end-to-end wealth management service during the course of 2012. Skandia International will have invested over £21 million in order to re-engineer the way it works with financial advisers and customers.

9 March 2012

Skandia International, the offshore business of Old Mutual Wealth Management, today announces that it is to transform its offshore investment proposition by introducing a new, end-to-end wealth management service during the course of 2012. Skandia International will have invested over £21 million in order to re-engineer the way it works with financial advisers and customers.

Called 'Wealth Interactive', it is being built in response to a number of converging factors, including demands from advisors and investors for more seamless interaction with product providers and changes in regulatory environments around the world. Wealth Interactive represents a significant transformation for Skandia International, to ensure that as a business, it can respond quickly to investor needs across multiple territories. Specifically it will power Skandia International's offshore proposition into the UK by facilitating solutions that are compliant with the new Retail Distribution Review requirements that come into effect on 1st January 2013.

Wealth Interactive will facilitate on-going and flexible product and proposition innovation from Skandia International. Not only will it be used to tailor new products to the needs of advisers and customers, the service will also power the existing Skandia International offshore portfolio bond products in due course.

Financial adviser benefits

The design of Wealth Interactive takes into account views of advisers from around the world. It will improve Skandia's speed and quality of responsiveness as it will automate many key processes thus buying financial advisers precious time. The service will enable financial advisers to manage their Skandia clients' investments online throughout the entire customer journey, supported by enhanced levels of servicing available locally in the region in which they operate.

The new services will enable advisers to transact online on behalf of their clients and will provide information on many levels – from illustrations and a snapshot of applications waiting in pipeline to their clients' latest investment values, details of correspondence, switching activity and full transaction history. They will have a fully customisable dashboard of all their Skandia International portfolio bond business together with new risk profiling and portfolio building services.

Customer benefits

Research with customers around the world has shown that there is an increasing need to provide a simple, clear and transparent way to keep track of their wealth. Wealth Interactive will enable that by providing them with instant online access to information about their investments which will include details of all transactions carried out as well as performance and valuations.

Customers will also benefit from the additional support and services Wealth Interactive will provide to their financial adviser to help them manage their investments.

Wealth Interactive will launch via a phased programme on a region by region basis starting in Q2 2012. Over time, all of Skandia International's existing portfolio bond business will become integrated with the new proposition and benefit from the services and online functionality that comes with it.

Steven LevinSteven Levin, chief executive at Skandia International, comments:

"Historically customers have had a rather fragmented view of their offshore wealth and the international nature of our industry has inhibited the development of really efficient business models. We believe this needs to change in order to cater for evolving adviser and customer requirements. 'Wealth Interactive' is a significant investment for Skandia International, and one that I believe will raise standards across the markets in which we operate. It will certainly transform the way we are able to work with advisers and customers, significantly improving quality, reducing turn-around times and providing a flexible and scalable business platform for the future."

This press release is for journalists only and should not be relied upon by financial advisers or customers.

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