Half-year progress: Developing our UK savings and wealth offering

Ahead of our Half year results for 2023, we’ve been looking back at the progress we’ve been making against our strategic priorities - Asia, Sustainability, Alternatives and UK savings and wealth. With UK savings and wealth a critical part of our client-led plans, here we highlight some of the key developments delivered so far this year.

adviserOS – say hello to simplicity.

Earlier this year, our Adviser business proudly announced adviserOS, a cutting-edge approach designed to empower advisers with greater efficiency, enhanced client services, and significant business growth opportunities.

adviserOS will simplify processes, prioritise service and deliver end-to-end technology enhancements around advisers’ needs. This ‘less is more’ approach will enable abrdn to better serve firms, so advisers can focus on what really matters: building relationships with clients, delivering great financial advice, and growing their business. It will also enable abrdn to adapt its offering faster to unlock efficiencies and meet the needs of advisers and their clients.

Jonny Black, Chief Commercial and Strategy Officer, abrdn Adviser, said:  

“There are many macro factors causing strain across the industry and it’s difficult for firms to grow when they face into ever-changing regulation, economic shifts, a complex landscape of suppliers, poor service, and the rising costs to provide advice. 

We have spent a lot of time talking to advisers about the solutions they want from us that will not just help them with immediate efficiencies and enhancements, but what we can do with the technology we provide to ensure it is future fit and can support the changing needs of their clients. 

adviserOS will help advisers operate more efficiently, by helping them do less so they can focus on building relationships with their clients, giving great financial advice and growing their business.”

Investor Essentials “changes everything”

We acquired interactive investor (ii) in May last year. ii is the heart and soul of our Personal direct investing business.

In February, ii introduced Investor Essentials, an innovative entry-level addition to its subscription service, broadening access to its award-winning, value-driven price plans for a wider audience, without compromising on choice. Investor essentials delivers a simple, straight forward solution that provides compelling value for a fixed fee – ultimately opening doors for a more diverse range of budgets and requirements.

Richard Wilson, Chief Executive, interactive investor, says:

“Investor Essentials is a pivotal moment. No longer do you need to reach for the calculator to work out at which point in time fixed fees become an obvious cost-saving choice for your investments. ii now takes care of that with a simple, transparent service to meet a range of needs and budgets – and the added benefit of free regular investing.

Investor Essentials, with its low monthly cost, changes everything and provides greater value and choice to a much broader audience.”

Most recently, ii announced an amended pricing plan which extends access to Investor Essentials to those investing up to £50,000. This latest move secures ii’s position as unambiguously the best value provider amongst major platforms, for those investing over £15,000.

In 2023, we’ve continued to progress and develop our UK savings and wealth offering. The launch of adviserOS empowers advisers with efficiency, exceptional service, and growth opportunities. Investor Essentials broadens access to award-winning plans, providing cost-effective solutions for more people. Through our Personal and Adviser businesses, abrdn is well-placed to support consumers across the full UK market, whether they have the confidence or knowledge to do it themselves or would benefit from financial advice. 

Despite current challenges, the UK market continues to be attractive for establishing a leading wealth provider. Being the sixth-largest economy worldwide, the UK market's impressive size reaches approximately £4.6tn, with the direct-to-consumer segment accounting for nearly £300bn.

As a key player in this market, we find ourselves in a strong position for further growth. Adding to the appeal, the regulatory environment in the UK is particularly favourable, further propelling the expansion of our addressable market over time.

 

The value of your investments can go down as well as up and you may get back less than you paid in.

Standard Life Savings Limited, provider of Wrap platform, is registered in Scotland (SC180203) at1 George Street, Edinburgh EH2 2LL and authorised and regulated by the Financial Conduct Authority.  Standard Life Savings Limited is part of the abrdn Group, which comprises abrdn plc and its subsidiaries. 

Interactive Investor Services Limited, incorporated in England and Wales with company number 2101863. Registered office: 201 Deansgate, Manchester, M3 3NW. Authorised and regulated by the Financial Conduct Authority.