Wealth management firm Quilter has agreed to acquire NuWealth, a fintech business.
Quilter stated that the acquisition supported its objective to enhance its digital capabilities to better support customers and advisers.
Through the acquisition, Quilter is seeking to evolve NuWealth to work with advisers to help them support clients at the start of their investment journey.
It said that this would be particularly beneficial for people starting to invest who were looking for additional help and guidance, with the option to work with a financial adviser later in the investment journey.
Furthermore, amid emerging proposals from the Advice/Guidance Boundary Review that encourage providers to offer wider support capabilities to help close the advice gap, Quilter said the acquisition would accelerate its capabilities to deliver digital guidance.
The acquisition will also support Quilter’s delivery of workplace advice provided by Quilter Financial Advisers, its national advice business, serving affinity advice partners.
Commenting on the announcement, Quilter CEO, Steven Levin, said: “We are excited to welcome NuWealth into Quilter. This acquisition aligns with our strategy to enhance our digital capabilities, ensuring we can support advisers to meet the diverse needs of their clients.
“As client expectations for digital engagement evolve, we recognise that robust technology solutions are key to reducing the advice gap and enabling advisers to reach and support a wider set of clients.
“Advisers have been asking us to support them with a proposition for their clients who are just starting out their investment journeys or not yet ready for a full advice offering.
“We will evolve NuWealth to help advisers serve these clients, promote the benefit of financial advice and prepare for future regulatory changes in advice and guidance.”
NuWealth CEO, Kane Harrison, added: “We are thrilled to join forces with Quilter. This partnership will allow us to leverage Quilter’s extensive resources and expertise to better serve customers and create solutions for financial advisers.
“Together, we can drive innovation and provide more comprehensive digital solutions to meet the evolving needs of investors.”
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