Tuesday, November 15, 2011
IRESS is pleased to announce the launch of its Wealth Management division in the United Kingdom on the back of its selection as strategic supplier of wealth management advice technology by Sesame Bankhall Group (SBG), the largest distributor of retail financial advice in the UK.
SBG has been assessing future-ready technology solutions in order to differentiate itself from its competitors, and to address regulatory change and heightened requirements for its advice network. SBG strategically views the UK’s Retail Distribution Reform (RDR) as a strategic opportunity for financial advisory firms to evolve their businesses, but has recognised that to achieve this in a cost effective and efficient manner, investment in technology is essential.
Over a similar timeframe, IRESS has been encouraged by the opportunity for its integrated product range to meet forward-looking demands of UK advice networks, based on feedback and workshops, to assess functional capability, flexibility, and the direct applicability of XPLAN in the UK. On this basis, identification of a seed client in support of an organic entry has been a key objective.
Following a review of global solutions, incorporating a formal tender process, SBG has selected IRESS’ wealth management platform, XPLAN, as the best suited to meet its short and longer term strategic objectives for the 12,000 direct and indirect advisers it services across the UK.
IRESS and SBG have entered a long-term strategic supply agreement where XPLAN will be deployed as SBG’s next generation advice platform. SBG provides IRESS with first-hand experience and knowledge of local requirements that will focus the delivery of XPLAN in the UK. In addition, the partnered commitment to implement XPLAN (commencing later in 2012) will establish IRESS’ capability and relevance in the region.
Commenting on the significant agreement between SBG and IRESS, George Higginson, CEO of SBG stated “SBG strives to add value to our members, and the provision of XPLAN is an excellent example of this. XPLAN will be SBG’s advice delivery platform to provide tools in support of the transition to a service and fee-based world with streamlined business processes to help our firms maintain first class service to their clients.”
IRESS Managing Director, Andrew Walsh, said “IRESS is delighted to be selected and endorsed as a partner by SBG against strong global and UK based competition. The UK represents a strategic growth opportunity for IRESS and the opportunity to work with SBG to deliver a premier localised offering is unique and significant for both parties.”
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