25 June 2012
Today, Skandia International, the offshore business of Old Mutual, announces that Singapore will be the first market where it will launch ‘Wealth Interactive’. This new, end-to-end wealth management proposition constitutes a significant enhancement to the service offered to advisers and customers alike and is being introduced in Singapore via a new investment bond* product. Over the coming weeks, Skandia International will begin showcasing 'Wealth Interactive' to financial advisers and will launch the new product according to demand from advisers and their customers.
The new product, which is known as the Flexible Investment Account, is an online investment bond that allows lump sums, regular premiums and ad hoc investments, subject to the initial investment totalling US$ 60,000 or equivalent. Investors will be able to make contributions into the account in a wide range of currencies and, with the help of their financial adviser, choose from hundreds of MAS**authorised or recognised assets to build portfolios that match their personal investment objectives. These could range from short or medium term goals such as saving for one-off events - for example a wedding or deposit on a property, to longer term financial planning needs such as providing for dependents’ education or investing for retirement. To support them with the investment process, advisers and their clients will be able to use tools and services offered through ‘Wealth Interactive’ to undertake goal planning, risk profiling, portfolio building, monitoring and review processes online.
A key benefit of the Flexible Investment Account includes the ability to make withdrawals at any stage, free of charge, either as lump sums or as regular payments at a choice of intervals to suit individual needs. There is no fixed investment term or maximum limits on contributions. And with the added ability to increase, reduce or stop regular premiums penalty-free, the product is designed to offer maximum flexibility to investors in Singapore.
The Flexible Investment Account is only available through financial advisers and will facilitate a choice of charging structures enabling clients to pay fees either up front or over a set term – depending on their individual needs and preferences. Customers will be able to keep track of their investments online via Wealth Interactive whilst continuing to entrust the day to day management of their portfolios to their financial adviser.
Built in response to investor and adviser demand, ‘Wealth Interactive’ is set to transform and re-engineer the way Skandia International interacts with investors and advisers by automating key processes and enabling greater control and interaction online. Customers and their advisers will also benefit from increased support locally with technical experts at hand ready to assist them with the adoption of the new online service.
Michelle Andrews, commercial director at Skandia International comments:
‘From the research conducted before we embarked on the build of ‘Wealth Interactive’, we have learnt that both customers and advisers expect savings and investment product providers to be easier to deal with. In response to this feedback, we are enhancing our proposition by introducing an innovative online product - the Flexible Investment Account, to complement our existing offering in Singapore. Powered by ‘Wealth Interactive’, it will provide the much sought control and flexibility online’
* The Flexible Investment Account is classed as a Portfolio Bond (an open ended unit-linked life assurance policy) issued by Royal Skandia Life Assurance Singapore Branch.
** Monetary Authority of Singapore.
This press release is for journalists only and should not be relied upon by financial advisers or customers.