The UK Story Keynote Address Trevor Matthews 23 February 2015 My Platform Rules Conference Gold Coast Queensland Outline Background The market UK mid 2000s The company Standard Life ID: 341237
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Slide1
My Platform RulesThe UK StoryKeynote Address
Trevor Matthews
23 February 2015
My Platform Rules Conference
Gold Coast QueenslandSlide2
OutlineBackground The market - UK mid 2000’sThe company – Standard Life
The vision
The implementation
The market - todayThe futureSlide3
BackgroundSlide4
The market – UK mid 2000’sHistory – the “Man from the Pru”
Anthony Sampson – “Anatomy of Britain”Slide5
The market – UK mid 2000’sSelling scandalsHigh rates of initial commission
Providers mesmerised by distribution
Sir
Callum McCarthy’s famous Gleneagles speech launched the Retail Distribution ReviewTJM – “win, win, win”Sir
Callum
– “lose, lose, nil score draw”!Slide6
The company – Standard Life
Strong proud Scottish mutual
Fought successfully against
Woollard’s demutualisation attack in 2000Downturn of 2002 prompted FSA to force demutualisationCompany had to cut costs, re shape portfolio, could not afford to pay high rates of initial commission
Slide7
The visionConvert Standard Life from a traditional insurer to a modern strong asset managerFrom selling to relationships
Building value in distribution partners’ portfolios
Superior client experiences and outcomes
Individual and corporate wrap platformsSlide8
The implementationSent four staff on fact finding trip down-under
Developed business plan
Obtained permission to proceed
Scanned the marketInternal IT wanted to build the systemSlide9
The implementationFought hard for agreement to go outsideFought hard for agreement to contract with
small provider
from NZ! (FNZ
) – unknown at the timeFought hard to complete
development
Fought hard to
sustain
interest of intermediaries – Standard Life Business Club
Results in time far exceeded original business plan! Slide10
The implementation IIUK offers pensions, ISAs, offshore bonds, onshore bonds and private portfoliosCorporate platforms make sense
At Friends Provident (Friends Life) introduced corporate platform Slide11
The market – today (The Platforum UK Adviser Guide Issue 20 November 2014) Slide12
The
future
(Future of wealth platforms EY October 2014)
Information
Open community
Privacy limitations
Socially connected
Sales
Institutional
direct
Professional
sellers
Customer co-creators
Advice
Holistic
F2F
No/general advice
Digital targeted
advice
Choice
Proprietary
funds
Open architecture
Guided research
Control
Trustee
Adviser
Client
Technology
Mainframe
Client-server
Cloud
Retirement
Defined benefitDefined contributionAnnuities, protectionInvestmentIndividual equitiesManaged fundsDirect, ETFTradingFull service brokingOnline brokingSocial investing
f
rom
toSlide13
The future
Improve client engagement
Innovate with product and service
Leverage advances in technology