IRESS has launched its wealth management division in the UK on the back of its selection as strategic supplier of wealth management advice technology by UK retail financial advise distributor Sesame Bankhall Group.
The launch is part of the companys aim to start a comprehensive advice platform for the UK advice market.
The UK division has been initiated with a local management team comprising the directors of financial services consultancy, AT8 Group. This team will be responsible for the delivery to SBG, and management and growth of the IRESS business in this strategically important market. This opportunity will leverage complementary capabilities, including: IRESS technology; IRESS executive team experience, relationships, and knowledge of the UK marketplace through local management; and SBGs adviser distribution network and knowledge of local requirements.
The UK wealth management software market is at least twice that of Australia, serviced by a range of niche technology vendors. Advisory networks tend to use a combination of suppliers to meet the range of advice and technology requirements, across which there are varying degrees of integration.
The UK government’s Retail Distribution Review (RDR) will require many advisory firms to change their businesses to operate under fee-based service models. These impacts will require a new generation of software to support fundamental changes in practice management.
IRESS and SBG have entered a long-term strategic supply agreement where XPLAN will be deployed as SBGs next generation advice platform. SBG provides IRESS with first-hand experience and knowledge of local requirements that will focus the delivery of XPLAN in the UK. In addition, the partnered commitment to implement XPLAN (commencing later in 2012) will establish IRESS capability and relevance in the region.
Commenting on the agreement between SBG and IRESS, George Higginson, CEO of SBG said: SBG strives to add value to our members, and the provision of XPLAN is an excellent example of this. XPLAN will be SBGs advice delivery platform to provide tools in support of the transition to a service and fee-based world with streamlined business processes to help our firms maintain first class service to their clients.
(JDC)