How do you do the calculations?

Calculations are done on a monthly basis so growth and charges are taken off each month. WrapCompare is dynamic –  as the portfolio value changes (and potentially moves up a provider’s tiers) the charge that is applied also changes accordingly so it mirrors a real life situation. This is much more accurate than working out the charge is year 1 and applying a fixed percentage charge for the whole term.

It is also worth noting that some providers have a min charge. WrapComapre fully supports this. If a provider has a minimum charge, the minimum charge will apply until the fund value exceeds the threshold and then the tiered charge applies – it’s a very sophisticated maths engine behind the system.

 

How does WrapCompare compare costs?

WrapCompare calculates a projected values at the end of the term for each provider, taking into account the specific platform charges. It also shows the deductions each year and over the whole term.

 

How do you check the tool?

We check providers’ charges on a monthly basis, double check our inputs into the system, and run tests for added peace of mind. The system has a change log so you can keep track of any changes or  modifications we make to the site.

Is there a minimum sign up?

No. Signing up is on a monthly rolling basis.

 

Do you offer a free trial?

Yes, we offer a free 2 day trial so you can have a look at the system and see if it’s for you.

 

Can I set an account up for my firm?

Yes, you can sign up as an individual adviser or sign up as a firm.

 

Does the tool work with a fund feed?

No, you simply input any fund costs into the tool (this is optional). We wanted WrapCompare to be as simple as possible, so users can do a search quickly and easily. We felt that a fund feed would complicate things because there can often be lots of versions/share classes of a fund. WrapCompare allows compare you to do a comparison looking at platform costs alone, or you can add in a total fund costs. Not having a fund feed takes away the need to spend ages search for funds or add in lots of funds. It also keeps the cost of the software down.

 

I get a special deal from a Wrap, how do I factor this into your tool?

 We have loaded in all of the wrap providers at their published rates. If you get a special deal, you can either input the charges into our bespoke provider tool (which is fully comprehensive and covers a wide range of charging types) or clone the provider and amend their charges. Alternatively, you can use our discount feature which simply takes a percentage off the standard charges for your chosen provider.

 

I’ve got a client on a legacy charging structure with one of the platform providers, can you accommodate this?

Yes. WrapCompare has a bespoke provider option where you can input a bespoke provider and their charging. You can run a search and the bespoke provider pulls through, along with the other wraps on the market. This is a great feature if you are thinking of changing your client from an older platform and want to compare costs.

 

Can I filter providers and only compare certain ones?

Yes! We have a handy filter tool. If you only want to search a selection of wraps (if, for example, only 3 providers support your CIP), This is easy, just click on the providers you want and the system only crunches the numbers on those providers.

 

I get a portfolio cheaper with one of the platforms, how do I factor this in?

You simple add the fund costs (in full) into the input screen (this is then applied to all platforms). You then hop onto the discount feature and add in a discount for the provider who offers the fund cheaper. For example if a fund is 1% but with provider A it is 0.8%, you would add 1% to the main input screen, and then in the discount screen add in a discount of 0.2% (1%-0.2%=0.80%).

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