Wrap accounts are designed to aggregate of all your investments into one account. Various different investments can be held in the same administrative account, rather than as separate holdings. Different tax wrappers should be available from an account, including Individual Savings Accounts (ISAs), Self-Invested Personal Pensions (SIPPs), child trust funds, pensions and investment bonds.
You may choose to use an online wrap account, as this will enable you to view all your investments online, you can obtain instant valuations and sell and buy funds online. The ability to obtain valuation statements at any time from the Internet makes it easier to compile all the relevant data for your tax returns.
Look-through investment reporting can ignore the wrappers when appropriate, but tax reporting can take account of the wrapper. Some wraps have cash management accounts. These can provide a short-term holding place for capital that has yet to be invested. The wrap account consolidates the valuations of these financial holdings and thus should lead to a reduction in paperwork.
Wrap accounts are popular with wealth managers, as such accounts enable them to view all of your finances in one place. They can, therefore, promote the holistic financial planning we discussed in chapters one and three. Wealth managers have access to management information systems and business reporting resources that are not available to you.
Wrap accounts also offer online planning tools that help with portfolio construction and analysis. These may assist with risk profiling, goal setting, asset and liability modelling, portfolio asset allocation and fund analysis and selection.
The PAM Directory is a comprehensive guide on comparative data focusing on asset managers, investment managers, private banks, stockbrokers, wealth managers and multi-family offices, who provide discretionary and/or advisory portfolio management services for private clients.Order Now
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