Wraps are here to stay

Following their success in Australia, wrap accounts look set to be a hit in the UK too

Datamonitor predicts that within two years 50% of funds will be held in wraps and by 2008 there will be a £150bn in these accounts. Wrap accounts, which are basically internet-based investment accounts and financial services products that enable investors to see all their assets in one place, have been a resounding success in Australia, their birthplace. About 65% of all new funds are held in wraps in the country and the advice market in Australia is now thriving after going through similar experiences and pain to the UK intermediary market. There is a lot of hope and ambition resting ...