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.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
