Adviser-owned wrap service
Edinburgh-based wrap platform specialist Nucleus Financial was founded in 2006 but now has more than £14.3bn in assets under management (as of 30 June 2018).
Nucleus allows financial advisers to give their clients access to all their financial investments, from ISAs to pensions, in one online account. To date, about 800 advice firms are using its technology.
Nucleus was created by a group of seven adviser firms, and the company remains 52%-owned by financial advisers.
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Nucleus has boosted assets under administration by 25% year-on-year in the third quarter after a strong summer for gross inflows.
Wrap Nucleus saw £725m of inflows in the six months to 30 June, with profits jumping 85% as the platform grew its market share.
Platform Nucleus saw its assets under administration jump 37% in 2013 to £6.2bn, with gross inflows up 26% to £1.7bn, driving a sharp climb in profitability.
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Advisers are being urged by Nucleus to adopt a phased approach to platform due diligence ahead of the introduction of new rules on 6 April, with pricing ranked as the least important consideration.
Nucleus is considering launching a direct-to-consumer (D2C) platform in an effort to better serve the 6,000 orphaned clients it currently redirects to Hargreaves Lansdown each year.
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Nucleus has placed the ownership structure of the wrap under review in light of adviser charging rules concerning potential conflicts of interest.
Nucleus has announced plans to overhaul its pricing structure, cutting fees by 50% for clients with assets over £1m as it moves to entice more high net worth clients.
Nucleus Financial CEO David Ferguson has said he believes the wrap has hit "sustained profitability" after it posted record first-half profits.
The Financial Conduct Authority (FCA) is to ban cash rebates paid to consumers from platforms from April next year.
Nucleus is launching a white label, execution-only platform in Q3 which will help advisers build and market a direct wrap proposition for clients.
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