Aberdeen Adviser pilots Woven Advice for platform switching and bulk book transfers

Aberdeen Adviser is piloting with Woven Advice to simplify platform switching and bulk book transfers.

Using platform, crm and back-office data, Woven allows advisers to draw fee comparisons, segment clients by type, create suitability reports, and communicate with clients using an intuitive dashboard.

Advisers can also use Woven to set up new client accounts on Aberdeen Wrap through Aberdeen’s Bulk migration tool, which means the entire migration journey can be handled within a single, cohesive environment.

Historically, moving clients between platforms at scale has been a slow and labour-intensive undertaking. Woven addresses this head-on, replacing cumbersome manual workflows with smart, automated processes that significantly cut the time and effort involved.

Through the pilot Aberdeen have proved the process by setting up 300 clients onto Wrap, with another six advice firms /networks now signed up to use the Aberdeen Wrap partnership with Woven. The service will go live for all Wrap clients in Q3.

This partnership forms part of Aberdeen Adviser’s wider strategy to work with leading fintechs and invest in data integration focused on solving real problems for advisers.

Last year, Aberdeen Adviser began working with Intelliflo to improve data accuracy across advisers’ systems, join up previously disconnected workflows and put more capacity back into advisers’ businesses.

These integrations have already helped to speed up the account set-up process. Onboarding to Wrap now takes just three days, and by the end of this year it will take just a single day.

Derek Smith, Chief Product & Technology Officer at Aberdeen Adviser, said: “Partnering with Woven helps to advance our mission to become one of the most integrated advised platforms on the market. We know advisers don’t want to spend hours inputting data and drawing the analytics they need to complete a transfer themselves. By integrating with leading fintechs like Woven, and building the bulk transfer tool within Aberdeen, we can free up more time for advisers, which they can then go and spend growing their businesses and building stronger relationships with clients.”

Nicky Sevel, CEO of Woven Advice, said: “The challenges around platform transfers are well-documented, with data quality issues causing at least half of all attempts to fall at the first hurdle. These challenges have gone unresolved for far too long, but Woven exists to change that by working with forward-thinking partners like Aberdeen Adviser. We help advisers to strengthen data integrity from the ground up, offering an end-to-end service which covers everything from the analysis to the advice and the transfer itself. This means everything is handled with full clarity and minimal friction, whether it’s for a single client transfer or for an entire book.”