Digital Wealth Systems has just launched its first product, DIGI – a product that combines Discretionary Fund Management, Investment Platform
and Technology to enable Financial Advisers to provide ‘Advice for All’.
DIGI is built upon Seccl, the Octopus Group-owned custodian and platform technology provider, and
has the simple aim of automating as far as possible an adviser’s recommendation and review
processes.
The cost for the service is 0.35%, dropping to 0.1% per annum, which includes the cost of the
Platform, Discretionary Investment Management, Tax Wrappers and Technology. This pricing
strategy is part of the companies’ mission to ensure financial advice is affordable to the client and
adviser alike.
“Our products are designed to enable Financial Advisers to support more clients, which we believe is
the key to enabling ‘Advice for All’”, said Clare Beswick, Head of Sales at Digital Wealth Systems.
The DIGI product promises to be paperless, can be completely branded and offers a client portal
within which firms can share valuations, messages and documents with their clients. Open by design,
the platform will launch with integrations to several software tools including Intelligent Office, IRESS,
Bluecoat as well as many others, further reducing the administrative burden on adviser teams.
The firm is also launching Microsoft Office plug-ins and other forms of technology that will help
advisers to more easily send reports that properly reflect their own brand and style.
The business is a joint venture between P1 Investment Management, the investment and platform
company headed by James Priday, and Nebular Holding Limited, an IT company headed by exParadigm Partner, Paul Hughes.
“The launch of DIGI marks a significant change in the world of Advice Fulfilment”, states Paul
Hughes. “Utilising Seccl’s APIs, we were able to launch a platform designed exactly to our
requirements in a fraction of the time and cost usually associated with such a build.
“We are also pleased to have been instructed by several other firms to help them build their own
bespoke platforms – something that is now feasible for any wealth management firm that has the
ambition to do so. The only limitation going forward will be the imagination of the people designing
their investment platform products. It is a truly exciting time, and we love being a part of this
changing landscape.”
James Priday adds, “P1 is committed to progressively priced digitally enabled solutions, which is why
we have backed the Digital Wealth Systems business and agreed to launch the DIGI product. DIGI
facilitates efficient and compliant advice, sitting nicely within our stable of offerings. We too find it
very exciting to be enabling firms to launch their own platform products – an activity we think will
increase in the marketplace going forward, and which we are well placed to support.
The DIGI product is soft launching through a handful of firms in the first instance, with a wider
market launch expected in January 2021.
In addition, several larger financial planning and investment management businesses have
instructed Digital Wealth Systems to build bespoke platforms for them – which are expected to
launch in due course.
