The launch follows the company’s selection as strategic supplier of wealth management advice technology by Sesame Bankhall Group (SBG), one of the largest distributors of retail financial advice in the UK.
The UK division has been initiated with a local management team comprising the directors of the respected financial services consultancy, AT8 Group, IRESS said in a statement.
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The local management team will be responsible for the delivery to SBG, and management and growth of the IRESS wealth management business in this strategically important market.
The UK wealth management software market is at least twice that of Australia, serviced by a range of niche technology vendors. Advisory networks tend to use a combination of suppliers to meet the range of advice and technology requirements, across which there are varying degrees of integration.
The UK financial advice market is facing a new regulatory regime from 2013 as part of the UK government’s Retail Distribution Review (RDR). RDR will require many advisory firms to change their businesses to operate under fee-based service models. These impacts will require a new generation of software to support these fundamental changes in practice management.
IRESS said it considers this environment an opportunity to leverage its scale, experience and integrated technology suite to differentiate from existing providers and provide a compelling option to distribution networks.
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