The new platform will be a suite of enhanced investment solutions which the company hopes will bridge the gap between advisor and private client platforms, the firm said in a statement yesterday.

Standard Life Wrap will offer the introduction of new tailored portfolio functions that enable automatic execution of personalised client mandates, taking account of equirements such as asset exclusions, ethical and capital gains tax-related management strategies.

It has an ability to segregate investment management and financial planning through new interface and technology, as well as, the improved extended support for retirement planning and intra-generational wealth transfers.

There will also be improved reports including brand new income and withdrawal reports, Standard Life said.

“The new model wealth platform must deliver individual solutions in an efficient manner through combining highly scalable process automation with the ability to tailor investment portfolios and tax strategies at a client level,” said David Tiller, head of adviser and wealth manager propositions.

This publication had announced the firm's positive 2016 financial report in February 2017, as its assets under management swelled 16 per cent in 2016 to £357.1 billion ($446.9 billion).