UK-based life and pension investments provider Friends Provident has revealed that it intends to enter the 'wrapped' wealth management market within the next 12 months.

The new service is being designed as a wealth management platform for affluent investors. It will be a comprehensive wrap – including a flexible onshore bond, an offshore bond, SIPPs, ISAs and a cash account.

Friends Provident took the decision to enter the market following feedback from IFAs that wraps are going to be the way many will want to manage their business in the future.

The company is positioning its wrap as an end-to-end online system that will make business easier for IFAs. Benefits for the adviser will come in the form of major savings in administration, compliance and monitoring time. This will free up IFAs to build stronger advice-based relationships with their clients, Friends Provident suggests.

James Ward, marketing director at Friends Provident, said: We have a well-earned reputation for excellence in e-commerce, product design and service. We believe that these strengths – together with the investment administration experience we have developed in our international business – put us in a very good position to make a real impact in the wraps market.