The Embark Platform is to rebrand because the Scottish Widows Platform in a significant revamp for the Embark Group.
As a part of the shake-up the Advance by Embark platform, the previous Zurich platform acquired by Embark in 2020, will shut later this yr with accounts transferring to the Scottish Widows Platform.
Embark will define its future plans for the rebranded platform within the subsequent few months and can write to advisers with particulars.
Embark Group was acquired by Lloyds Banking Group, guardian firm of Scottish Widows, in February 2022.
Embark says the rebrand is a “change of buying and selling identify and branding solely”, with the present Embark platform supplier Embark Funding Providers Restricted (EISL) remaining as it’s.
Account names will change to Scottish Widows however there might be no modifications to adviser phrases of enterprise or shopper phrases and situations. Consumer IDs and passwords will keep the identical, says Embark.
Embark says that Scottish Widows has “vital funding plans” in place for the Scottish Widows Platform.
New providers deliberate embody enhancements to fee performance, charging functionality and new funding options. New shopper administration and recommendation instruments can even be launched.
Jackie Leiper, Embark chief government, mentioned: “The mix of our fashionable platform and merchandise with Scottish Widows’ energy, assist and expertise will enable us to ship a greater vary of services for advisers and their purchasers. We’re dedicated to persevering with to put money into our enterprise, our expertise and in our middleman relationships.”
Embark Group has £35.6bn in Property underneath Administration for 385,000 particular person purchasers and has eight UK workplaces together with London and Bolton. The corporate grew to become a part of the Lloyds Banking Group in January 2022.
Monetary Planning Immediately Snap Evaluation: The closure of the Advance by Embark Platform might be no shock to business watchers and might be seen by many because the tidying up of a moderately messy portfolio of companies owned by quick rising Embark, now in fact a part of the a lot bigger Lloyds Banking Group. The relaunch of the Embark Platform underneath the Scottish Widows Platform identify could also be extra of a shock. Different platforms won’t welcome the numerous advertising muscle of Scottish Widows coming into the platform fray. The deal might mark a brand new period of competitors within the platform market however it’s early days but and particulars of the Scottish Widows Platform plans might be eagerly awaited to evaluate the potential for upheaval.
