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What is a Wrap Account?
 A "Wrap Account"
is a new internet based investment account and
financial services product which enables investors
to view all their financial assets on one platform.
Within a wrap-account (also known as 'a wrap',
'wraps' or 'wrapper account') the whole portfolio
can be analysed and quantified according to money
value, tax treatment, product type and asset allocation
- the genuine wealth management facility. With
a click of your mouse, you are able to deal online,
consolidate all your investments and check your
portfolio 24 hours a day from one central source.
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 What types of investments are
included in a Wrap Account?
A wrap account brings together all
your investments - including shares, bonds, cash,
investment trusts, unit trusts and pensions - under
one roof. They can also bring together the various
tax wrappers such as ISAs, PEPs and self-invested
personal pensions (Sipps), making completing your
tax return a much easier task.
Wraps (wrap accounts) also allow investors to buy
the funds of investment managers across the whole
market. This means that, provided you choose a wrap
that offers a personal pension, you can mix and
match anything you like within that personal pension
(subject to pension investment rules) rather than
being limited to traditional pension products. |
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Are Wrap Accounts totally new?
The Wrap-Account has been popular for some time
in the United States of America and Australia but
is only just starting to break into the mainstream
financial market in the UK. In Australia, about
65 per cent of new funds are going into wraps. It
is estimated that more than 50 per cent of funds
will be held in wrap accounts by 2007. In the USA,
wrap accounts have experienced a 40 per cent growth
rate in assets year on year since 1996. Wrap accounts
products are now receiving much attention in the
rest of the English-speaking world.
A Wrap Account is sometimes referred to as a "Investment
Universe", "master trust", "asset
aggregation" and "hypermarket" and
they are about to change the way we view our pensions
and other investments in the future. |
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Who are the providers supplying Wrap Accounts?
Some companies and providers have already launched
Wrap Accounts in the UK and quite a few more are
planning to launch wrap accounts in the UK over
the next 12 to 18 months. While a number of these
will be leading banks and insurers, it is expected
that IFAs will play a leading role. An adviser can
give investors access to their accounts, so that
they can view an online asset valuation.
Wrap Accounts are either current being offered (or
will soon be available) from the following companies;
Abbey National
Skandia
Hargreaves Lansdown
TransAct
Seven Investment Management (7IM)
Egg
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American Express
Barclays Stockbrokers
Zurich Life Businesses
Fidelity
FundsDirect
AXA Group
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Links to existing provider 'wrap account' pages, where applicable,
are show here .. > |
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What are the Benefits of a Wrap Account?
There are many benefits to a Wrap Account - these
are shown on the Wrap Account
Benefits page .. >
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What are the Charges for a Wrap Account?
For one fee, wrap accounts combine the costs of
investment advice and counselling, portfolio management,
and brokerage commissions as well as all the individual
administration charges normally levied by stockbrokers.
The actual charge you pay depends on the provider
chosen. It is therefore likely that these accounts
are set to become a major force in the UK investment
market.
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Latest News
Wrap-Accounts.com has recently been approached with regards to the
future ownership and direction of the site. Read
more .... |
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