Q. I have heard in various newspapers and magazines about Wrap Platforms. What exactly are these and what do they do?
A. These are relatively new in the UK and are a way to administer your investments and personal pensions. The administration of your portfolio is with one provider rather than with lots of different companies, bringing you ease of access to your portfolio and potentially huge time savings.
You can also obtain income and capital gains tax information for your tax returns very easily. They will also enable you to buy funds that you may not have been able to access outside a wrap, such as institutional funds where the costs can be lower than retail funds (enabling you to design your own risk assessed portfolio).
In the next few years we expect wraps to increase their already considerable presence, as they have done in the USA and Australia.
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