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
Shadforth CEO Terry Dillon has told Money Management the time is right to pursue inorganic growth as it seeks to double in size by 2030 and acquires a Melbourne advice firm.
Entireti has announced the rebranding of PFS Investment Management, bringing together the group’s investment capabilities to support its licensee network.
Licensees have been urged by ASIC to ensure their advisers’ FAR records are updated, as ASIC’s latest estimates find more than 3,000 advisers could be unable to provide advice next year.
Major licensee Count has enacted its latest M&A deal, acquiring the accounting and audit client base of a Sydney accounting firm.
