The latest technology news in the wealth management sector from around the world.
SS&C Technologies, intelliflo
Advisory technology firm intelliflo has launched “wealthlink,” which it claims is a ground-breaking UK integration between practice management software and an investment platform.
The offering enables advisors and financial planners to activate their clients’ investment and pension plans – all from within intelliflo. The solution was born out of a collaboration between intelliflo and SS&C Technologies.
“The industry has taken huge strides forward, but we can all agree that advisory firms are still having to re-key data too many times, learn too many systems and spend too much valuable time jumping from one system to another,” Nick Eatock, CEO of intelliflo, said at wealthlink's launch at a London conference this week.
“With wealthlink, everything, from instructing transfers and building portfolios to allocating capital across tax wrappers, can be done without leaving the intelliflo environment,” he said. “Advisory businesses will only need to learn one system. The admin time per client will reduce massively, and the re-keying errors – a foreseeable harm the Consumer Duty legislation has highlighted – will be a thing of the past.”
(The Consumer Duty framework, which starts from July, is designed to set higher and clearer standards of consumer protection across UK financial services. It requires firms to put their customers’ needs first.)
Ian McKenna, founder and CEO of AdviserSoftware.com said: “One of the hottest industry debates in recent years has been about advisors’ “own platforms.” In my experience, this is substantially driven by a desire to get away from the obsolete, time-consuming ways traditional platforms work.”
“Running your own platform business does involves significant costs and regulatory responsibilities. This solution gives firms the best of both worlds: vastly better ways of working with seamless integration but without the additional regulatory burden and costs that come with having their own platform,” he added.
Integral, C Hoare & Co
Integral, a currency technology provider to the financial markets, has announced that C Hoare & Co the UK’s oldest privately owned bank, has adopted its cloud-based SaaS FX technology to enable its customers to access market liquidity and competitive FX rates from their business and personal accounts.
Private banks and wealth managers are partnering with providers to capture technology's potential without necessarily building offerings in-house.
Integral’s FX technology solution offers liquidity aggregation, a configurable pricing engine and API integration. The solution also enables the bank to offer an improved service to its existing customer base and address new market segments.
“Integral’s sophisticated SaaS technology provides us with the capabilities to service our customers with the reassurance of Integral’s expertise and high-quality technology,” Phil Tither, treasury relationship manager at C Hoare & Co, said.
“We are delighted to work with one of the oldest financial institutions in the world, bringing our unrivalled experience and market leading technology,” added Harpal Sandhu, CEO, Integral. “C Hoare & Co and their customers will benefit from our cloud-based SaaS offering, delivering fully automated and highly configurable FX workflow.”