When servicing their high net worth clients, UK independent financial advisors rate Skandia and Standard Life as best providers, according t...

When servicing their high net worth clients, UK independent financial advisors rate Skandia and Standard Life as best providers, according to a new Datamonitor survey.

The popularity and attraction of Skandia and Standard Life lies in the straightforwardness and simplicity of their offerings, according to the report.

Datamonitor asked IFAs in the high net worth market to rank providers in terms of time management, quality of communication and efficiency of processing claims and queries.

Skandia received 37 per cent of first place rankings for all providers, while Standard Life received 26 per cent of first place rankings in terms of quality of communication and efficiency of processing claims and queries.

Skandia and Standard Life also received 27 per cent of first place rankings each in terms of efficiency of commission payments.

IFAs praised Skandia’s strong product ranges, as well as the company's online presence. Skandia's online pension facilities were also praised, with the ability to fully interrogate client data, carry out historical evaluations and purchase online all seen as major benefits by HNW advisors, especially given the more complex and time-consuming nature of dealing with pensions for the wealthy.

Standard Life was the second most popular provider among HNW IFAs, with this group having a much more favorable view of the company than mass market IFAs.

HNW IFAs were particularly impressed with the company's investment asset allocation tools, which allowed the full diversification of their clients' larger investments. They were also impressed with the company's broker consultant network and the service available through local offices, both of which were seen as excellent and providing value adding services to Standard Life's products.