IRESS launches UK division
Wealth management software provider IRESS has launched a wealth management division in the UK following its appointment as technology provider by Sesame Bankhall Group (SBG) - the UK's largest financial advice group with more than 3000 advisers.
The UK division has been set up with a local management team including directors from financial services consultancy group AT8 Group, who will be responsible for delivery to SBG and building a broader local team, IRESS stated. The team will wind down their current operations and be retained as executives of IRESS.
The UK market is undergoing wide-ranging reforms similar to Australia's Future of Financial Advice reforms, including a shift to fee-for-service. This will require many advisory firms to change their business models and will also require a new generation of software, IRESS stated.
Iress and SBG have entered a long-term strategic agreement where Sesame Bankhall will deploy XPLAN to its adviser network.
IRESS managing director Andrew Walsh said the UK represented a strategic growth opportunity for IRESS and the deal was significant for both parties.
AUTHOR
Chris Kennedy
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
