In order to expand its wealth management capabilities, Irwin Mitchell has extended its six-year partnership with investment platform Third Financial (Third).

IM Asset Management (IMAML) has been a client of Third since 2016, with the initial phase of the partnership focusing on integrating various systems onto Third’s all-in-one solution.

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Third has enabled Irwin Mitchell to focus on development.

IMAML, which was previously known for its personal injury claim work, now has approximately £1b in assets under management (AUM) and has made a strategic choice to broaden its wealth management offering to a broader client base, as evidenced by its most recent announcement of a deal to acquire Leeds-based wealth manager Andrews Gwynne and the 2022 acquisition of Cheshire-based TWP Wealth.

“We have plans to significantly grow our business over the next few years,’’ explained David Sollitt, chief operating officer (COO) of IMAML.

‘’It’s really important to us that our clients receive an excellent service throughout. Overhauling our systems in partnership with Third Financial has been key in helping us simplify our operating model, preparing us to scale up while continuing to focus on our clients.”

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IMAML manages and invests client funds using Tercero, a front-to-back software platform from Third. As a result, operational teams that settle trades and transactions use the same system as portfolio managers who handle investment strategies.

Third’s commercial director Ricky Ali, added, “You need strong foundations to build on, and wealth management and advisory firms looking to grow need to make sure their underlying systems are in good shape before they expand. Our work with Irwin Mitchell has been a huge success to date, and we’re pleased to be providing the innovative market-leading platform that helps them deliver outstanding client outcomes and stay ahead in a competitive wealth sector as they scale up.”