NationalWealth Managementhas confirmed industry speculation that it would strike a deal withIWLto incorporate the latter’s financial planning software package, VisiPlan, into its advice platform for financial advisers.
The deal follows National issuing a Request For Proposal back in September and drawing a short list of three in December, believed to have included incumbent provider IDT, IWL andXplan Technologies.
“It’s probably the most rigorous process we have been through. We were looking for a good technical fit, as well as a good functional fit,” says National Wealth Management Distribution chief executive officer Steve Tucker.
“It was about how the software would fit into the overall (Amazon) platform and our future strategy for the business.”
The strategy Tucker is referring to is National Wealth Management’s Strategic Holistic Advice Platform Enabler (SHAPE), through which it plans to offer a more extensive adviser service to customers and clients.
“Advice is more about offering information on investments. It also incorporates debt management, cash flow, estate planning, tax, investment and insurance advice,” he says.
Tucker says vendor support and cost were also a factor in opting for IWL’s Visiplan.
“It’s important to understand that VisiPlan is part of our future strategy for the business. We plan to have a first release out by December with further releases planned after that.”
IWL chief executive officer Otto Buttula says the deal, which covers software and maintenance support for the next five and a half years, will see National Wealth Management become its biggest client once the roll out period takes place.
Some of IWL’s other clients includeING,AXAandAMP.
