Structured product provider Meteor Asset Management has joined forces with financial adviser and structured product specialists Lowes Financial Management to launch SPwrap.com, a Retail Distribution Review-ready (RDR) structured product investment platform for financial advisers.
SPwrap.com will use the 'SP-Perspective' software developed by Lowes to provide advisers with a comprehensive overview of their clients' structured product portfolios as well as the ability to invest in new products, accommodating a wide range of adviser fee models and 'factory gate' pricing.
"The use of structured products amongst IFAs is increasing and I believe that this market will continue to evolve with structured products becoming a mainstream investment sector," said Ian Lowes (pictured), MD of Lowes Financial Management and founder of structuredproductreview.com. "However, while online portfolio evaluation has become commonplace among other investments, this has not been the case for structured products."
"Key to launching a new service in the market is confidence in the breadth and quality of service," said Graham Devile, MD of Meteor Asset Management. "We feel that creating an RDR-ready, unbiased structured product investment platform is a natural fit with our company ethos and, as such, we're very pleased to be able to play our part in bringing to the market what we believe will be an essential tool in every adviser's proposition going forward."
The portfolio management tools offered by SPwrap.com include information on barrier and current index levels to help advisers see where products are in relation to achieving potential gains, timelines of key events in the portfolio's lifecycle as well as a breakdown of which plans could, or will mature in which tax years.
In addition, the platform includes a tool that displays information about the structured product portfolio's exposure to each counterparty provider. It also provides the facility to detail other investment products, allowing a clear analysis of exposure to counterparties by reference to the total portfolio and to account for relevant Financial Services Compensation Scheme (FSCS) cover and limits.
The platform is currently in its final stages of development and is being tested by some key structured products users before going live for the intermediary market. SPwrap.com will be showcased at the PIMS event on board the 'Aurora' between 16 and 19 May.