Axa Wealth lifts lid on execution-only wrap

Axa Wealth is launching its direct platform proposition – Axa Self Investor – this summer, which will be backed by a UK-based telephone support team.

The wrap, set for launch at the start of H2 this year, will allow advisers to white label the product so clients can use it directly.

Axa said it might be suitable for consumers who have had previous contact with their adviser but who are not being serviced face-to-face or regularly.

Axa Self Investor will initially launch with a range of ISA and mutual funds which will be quality-checked by the Architas investment process. The 130 funds will cover all market sectors and include a range of low cost risk-rated multi-asset passives.

A telephone support team based in the UK will also be put in place for investors requiring help using the platform.

It will be free to buy, sell or switch funds at any time. A range of tools will also be available, including a 'Watch List' enabling investors to track fund performance.

Phase two, set for rollout before the end of the year, will see the execution-only model offer a stocks and shares trading platform and possibly structured products.

The wrap will offer a transparent, unbundled charging structure in line with Elevate's structure.

"The idea is to take this to IFAs who can joint brand or white label the platform and send it out to consumers who they have contact with but perhaps are not servicing on a face-to-face basis," said Axa Wealth CEO Mike Kellard (pictured).

He added a large number of firms the company has spoken to say face to face service represents only around 10% of their proposition, leaving 90% of their client bank not serviced on an ongoing basis.

Meanwhile, Kellard said although Axa Wealth has no concrete plans for a corporate wrap, he said a new user interface set to be introduced to Elevate in Q4 - as part of a renewed new contract with FNZ - will make it easier to develop a corporate wrap interface.

"We have kept a presence in the corporate market and did nearly a £1bn in deals last year," he said. "The corporate market is interesting and is a place we want to be but there is no project team working on it."

But he added the company will consider launching a corporate wrap which could come to market by 2013.

Details of Axa Wealth's execution-only platform come in the wake of Nucleus and Ascentric also unveiling plans to launch direct offerings.