Elevate, AXA Wealth’s wrap platform, this week announced its partnership with the UK’s largest IFA distributor Sesame Bankhall Group (‘SBG’), in a move that accelerates its new distribution strategy.
Following the Resolution deal in September this year, where non-core life businesses were sold, AXA Wealth announced its strategic aim to double sales and assets under management by 2013, triple by 2015 and build a market-leading proposition, including an expansion of the award-winning* wrap platform, Elevate.
Being the preferred wrap partner for Sesame Bankhall Group is a significant step for the new AXA Wealth business, which set out on a journey to put the focus on investment and platform solutions at the core of its proposition.
This is aligned to ‘next generation’ advisers who are adapting to the principles and disciplines of the Retail Distribution Review.
AXA Elevate will be integral to powering Sesame Bankhall Group’s new platform support service, benefitting 1,500 appointed representative firms through Sesame One and 1,500 directly authorised firms through Bankhall One.
David Thompson, managing director, AXA Wealth UK Distributors, said: “This partnership is a significant and symbolic development in the evolution of the AXA Wealth business. The fact that Elevate has been chosen by the largest distributor in the UK as their preferred platform for the future shows strong support for AXA Wealth’s new model approach.
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“By working together, Elevate and Sesame Bankhall Group can develop services to assist advisers in maximising the benefits of platforms – a major component of the AXA Wealth strategy.”
Keith Gilmour, business development director, Sesame Bankhall Group, said: “Our partnership with AXA Elevate follows an extensive due diligence process. In addition to the range of tax wrappers and funds available, AXA Elevate’s excellent credentials include financial strength and sustainability; the ability to hold valuations for holdings not on the platform; and support for platform-to-platform re-registration.
“Having agreed very competitive client terms, with no platform entry charge, we’re looking forward to working closely with AXA Elevate to help Sesame members and Bankhall customers capitalise on this excellent opportunity.”
Elevate is one of the fastest growing wrap platforms, enhancing funds under management by over 160% in the first five months of 2010 alone, providing a low cost, high service proposition for both banks and IFAs across both individual and corporate savings markets.