Wealth management consolidator Verso has developed a strategic partnership with Nucleus to launch a new platform.

Verso has made seven acquisitions since 2021 through its buy-and-build model, and decided to bring together the acquired firms under a single brand and new investment proposition, including the development of its own single platform.

Nucleus will provide the technology for the Verso platform, which is a tailored, enterprise-level solution that aims to improve the user experience for its adviser base and enable them to offer better outcomes for clients.

Verso and Nucleus have been working together over the past 12 months to develop and launch the new platform, with the transfer of existing client assets already "well underway".

Verso chief executive, Alan Mathewson, said the solution meant the firm was able to leverage Nucleus’ technology and platform expertise to create a scalable platform, with the goal of reaching £5bn in assets under management within the next two years.

“As a result of our buy-and-build consolidator model, we ended up with a proliferation of different platform providers,” Mathewson stated.

“Following this period of intense consolidation, we took the strategic decision to bring together the group’s acquired firms under a single brand, a streamlined operational structure, and a new investment proposition. This included developing our own single platform.

“Nucleus was already the platform provider to an advisory firm we had acquired, so speaking to them about developing our own enterprise-wide solution was a logical step given their scale, financial strength and experience as a leading platform and wealthtech group.”

Nucleus chief commercial officer, Mike Regan, commented: “We pay close attention to trends in the advice market, especially with the growing number of consolidators and large advisory firms who are looking to take more control of the platform experience under their own brand and proposition.

“We’re delighted that Alan and his team placed their trust in us as their enterprise technology partner. It’s a huge vote of confidence in our people, our technology, and our ability to build bespoke solutions for larger advisory firms who want to offer their own platform to meet their specific needs.

“Alongside our long-standing retail platform and retirement product propositions, the wealthtech software expertise of Third Financial and Dunstan Thomas means we’re now the only large-scale platform group that offers a comprehensive range of bespoke solutions for advice and wealth management firms of all shapes and sizes.”

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