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Tiller Group, a UK wealthtech business established last year, has launched WealthXcel as part of its efforts to penetrate the private banking and wealth market more fully.

WealthXcel, a digital platform, “enables wealth firms to vastly improve their internal efficiencies and client experience alongside their current systems”, according to a statement from Tiller.

Tiller’s team has spent the past two years developing WealthXcel and if offers biometric onboarding technology, portfolio construction and management tools, and on-demand client reporting.

The firm’s founders, Ian Cadby and Jonathan Wauton, are investment professionals who have each spent over 30 years in the capital markets industry. Most recently, they worked together at investment manager, Ermitage, where they built investment systems to manage institutional portfolios including California government pension scheme CalPERS.

“When we founded Tiller, it struck us that the industry was crying out for state-of-the-art digital solutions, from customer onboarding to sophisticated investment management and online client reporting capabilities, all of which can be very expensive to build inhouse. Crucially, we built WealthXcel from the view of the end-client, allowing for a premium solution,” Cadby, who is CEO of Tiller, said. “Firms are feeling the pressure of regulations such as MiFID II and GDPR which are impacting companies’ bottom lines. The cost of meeting the regulatory requirements has meant the number of unprofitable clients has increased significantly. Wealth managers and private banks need systems to keep costs down and improve compliance by eradicating errors, and to meet their obligatory reporting requirements.”