The company, part of Old Mutual Wealth, said advisers and clients now have greater choice over who holds the underlying assets within the offshore bond, known as the ‘custodian’.
Rather than just allowing one custodian, Skandia said it will now be possible to select multiple therefore creating a mix of external and in-house custodians.
Skandia said the change is “key” as many DFMs will only advise on assets held under their custodianship, meaning advisers will now be able to appoint multiple custodians to manage elements within one bond wrapper.
Phil Oxenham, head of proposition marketing, said: “Offering multi-custodian business can help customers more effectively manage their wealth by providing greater choice and flexibility.
“The ability to leave assets with an existing custodian and select multiple DFMs is an attractive option, and we are experiencing growing demand for this type of business. We are listening to what advisers want, and the continual improvements we are making to our offshore bonds will ensure our online proposition, supported by Wealth Interactive, become powerful tools for advisers going forward.”
