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Deals Of The Day: The Latest In Wealth Management M&A – Quilter, NuWealth
The latest mergers, acquisitions and other corporate actions in the wealth management sector.
Quilter, NuWealth
UK wealth manager Quilter has acquired NuWealth, a fintech business,
to enhance its digital capabilities and support customers and
advisors more effectively.
With this acquisition, Quilter said it aims to evolve NuWealth to work with advisors to help them support clients who are starting to invest, especially those who are looking for additional help and guidance. They will also have the option to work with a financial advisor later in the investing journey, the firm added.
With emerging proposals from the Healthcare Management Trust (HMT) and Financial Conduct Authority (FCA) Advice Guidance Boundary Review encouraging providers to offer wider support to help close the advice gap, the firm believes that this acquisition will accelerate its ability to provide digital guidance.
The acquisition will also support Quilter’s delivery of workplace advice provided by Quilter Financial Advisers, its national advice business which serves affinity advice partners.
“This acquisition aligns with our strategy to enhance our digital capabilities, ensuring we can support advisors to meet the diverse needs of their clients,” Steven Levin, CEO of Quilter, said. “As client expectations for digital engagement evolve, we recognise that robust technology solutions are key to reducing the advice gap and enabling advisers to reach and support a wider set of clients.”
“Advisors have been asking us to support them with a proposition for their clients who are just starting out their investment journeys or not yet ready for a full advice offering. We will evolve NuWealth to help advisors serve these clients, promote the benefit of financial advice and prepare for future regulatory changes in advice and guidance,” Levin continued.
Quilter, which oversees £113.8 billion ($150 billion) in customer investments, has an advisor and customer offering spanning financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.
