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.
