Adviser numbers double as Aviva platform hits GBP3bn funds under management
Aviva’s platform has exceeded GBP3bn in funds under management (FUM) and doubled adviser numbers.
Designed to support efficiencies in advisers’ business models and offer simple, low cost investment products for clients, the Aviva platform has seen more than 200 per cent growth in FUM since 2012.
It has achieved this by offering mainstream wrappers and simple investment choices.
Aviva’s intermediary director, Andy Beswick, says: “Our decision to focus on mid-market clients has continued to attract an increasing number of advisers to the Aviva Platform who are looking to offer great value, straightforward products and wide range of investment solutions.
“Advisers appreciate our platform’s simplicity and effectiveness in helping them to reduce costs in their business. We made a number of improvements to the platform during 2013 which demonstrates just how serious we are about delivering a platform with features and tools that are important to them.”
The platform integrated with the Aviva for Advisers website in April 2013, which saw Aviva offering advisers a one-stop shop to manage and write business for platform or packaged products.
A full suite of clean share class funds was added in preparation for the bulk fund conversions planned for 2014 and Aviva introduced a new pricing tier on the platform for clients with portfolios of more than GBP400,000.
The Aviva Platform has more than 2,300 clean share class funds available for advisers. Throughout 2014, Aviva will bulk convert clients in funds where there is no detrimental difference in fund charging, and will remove rebate paying funds that have been converted. This will make investment products easier for clients to understand.
Phil Ralli, head of platform proposition at Aviva says: “We’re keen to be ‘clean’ as soon as possible and are eagerly awaiting the final guidance from the FCA on their expectations as to how the fund conversions should be completed. Jumping the gun on fund conversions could result in significant re-work for some platforms.
“We’re fortunate to have the resources to complete all this development work on top of all the platform regulatory change required. Advisers seem to like our track record of meeting regulatory changes without disrupting their business, and this is certainly our aim with our clean share class fund approach too.”
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