We are Skandia International, part of the wealth management business of Old Mutual plc, the international group of companies which provide the offshore and cross-border investment solutions for the Old Mutual Group.
We pride ourselves on the service we provide to our customers and their financial advisers. In everything we do, we aim to make it easy for you and your clients to do business with us.
We are one of the few financial service providers to truly operate in multiple markets around the world, providing exceptional service to over 130,000 customers entrusted to us by financial advisers. We’re highly experienced at operating in a number of different time zones and languages, and with consideration to local culture and regulations.
With life companies based in Isle of Man, Guernsey and Ireland and fully equipped support offices in major markets such as Ireland, the Isle of Man, the UK, Hong Kong, Dubai and Singapore – including local language speakers – we can fast-track administration and respond quickly and effectively to enquiries.
Our technology
We use on-line technology to make it easy for you to manage your clients’ investment portfolios. We can provide you with on-line access and reporting which enables you to keep your clients up to date on their investments and make changes quickly and efficiently when needed.
Through us you can access:
fund specific information
portfolio building and analysis tools
quotations
valuation reports
application tracking
on line switching for Royal Skandia and Skandia Life Ireland Limited unit linked regular and single premium plans
our adviser extranet facility also provides direct access to policy-specific and generic investment information.
Working with us
Skandia International is the provider of the product or service. We do not give financial advice; our role is to create flexible financial solutions to meet your clients’ long-term needs. We believe the role of providing financial advice is best undertaken by a professional financial adviser who is expert in their field. That’s why we don’t offer our products directly to customers, but only on the recommendation of you, the financial adviser.
We also provide access to a range of investment funds from external fund managers which underpin all our products and services. This allows your clients, with your help, to choose the types of funds that best suit their financial goals and attitude to risk exposure. We are, however, not responsible for fund performance, since this is the responsibility of the fund managers involved.
It is our job to process applications and maintain records, ensuring your clients’ privacy. Although their relationship is first and foremost with you, we are there to provide additional help and information once they have become a Skandia International customer.
Charges
Your clients need to know what they’re paying for and how much they will pay. Both you and us are obliged to make this clear.
Initial charges and ongoing charges may be taken directly as a deduction from your clients’ payments (or ‘premiums’) – or indirectly, as a deduction from the investment growth of the funds they have chosen to invest in. The charges are used to pay:
us, Skandia International
the fund managers who manage the funds their contract is invested in; and
you for your advice.
All three parties need to cover their overheads and make a profit. Every Skandia International product or contract has a slightly different charging structure depending on its make-up, and you need to explain these thoroughly. There may be initial charges (those taken up front) and ongoing charges.
Charges are detailed in the Illustration that you can give your clients before they apply for a product or service.
Initial charges
Many of our products/services have initial charges, and the amount will vary from product to product, and according to the payment structure your clients have agreed with you. They may agree with you to provide services in return for a cash payment, or you may take payment for those services by accepting commission payments from us.
Charges within the our product/service help to cover the cost of these commission payments. Any commission payments from the product may have to be disclosed by you, to your clients. These charges also contribute towards our costs of setting up the product, our overheads and profit.
Ongoing charges
Ongoing charges include any annual charges made by us to manage the product(s) your clients have bought from us and to cover the costs of paying any agreed commission to you. Unless they have made an agreement with you to pay directly for the advice you give, that commission is paid by us, out of the charges we make to their product.
Fund managers’ charge for their costs within the pricing of the funds invested in, either directly or indirectly via an investment linked life policy. These charges and costs vary depending on the nature of the fund and the assets in which are invested. Some funds have relatively low charges; others have higher charges, for example, because they rely on particular investment expertise and extensive research.
You should indicate any other actual or potential costs when considering particular investments. There may be additional costs for cashing the investment in early, for switching funds, and so on. The ongoing costs of maintaining their long-term savings can be a significant factor in the return they get. Between us – you, your client and us – there will be a suitable solution for your clients’ long-term financial needs. The process for achieving this need not be complex and long. Your expert guidance will help your clients through the process – a process that should help them meet their goals.