Anacap-owned platforms Novia and Wealthtime are to be unified under a single group brand Wealthtime. The decision to rebrand is the final stage of a strategic review that was instigated following the purchase of the business by AnaCap in May of last year.
The rebrand, which will come into effect in the second half of the year, marks a new era for both platforms under CEO, Patrick Mill, and his new executive team.
Mill explains the rationale for the move: “Since the acquisition of the Amber, Wealthtime and Novia platforms by AnaCap, our business has undergone a transformation, building on the strong foundations that were already in place across the Group. We have been preparing the ground to position the Group for what we believe is a third era for platforms, differentiating on true digitisation and deeper connectivity. These next-generation platforms will bring superior, adviser-centred technology and customisation to the market. The change the business has undergone recognises this shifting landscape and the rebrand signals our intent to be in the vanguard by enabling firms to construct their technology stack as they see fit, not as platforms dictate.”
Transformative actions undertaken to-date:
- Strengthened the leadership team, bringing significant experience into the
- Invested heavily in technology through the development of microservices which
will bring both efficiencies for adviser businesses and exciting new propositional
features later this year.
- Migrated the assets of the Amber Financial platform onto Novia, bringing the
combined Group assets to £11.8bn.
- Improved day-to-day service, acknowledged by Defaqto with a Gold Platform
Service award and by FT Adviser with a 5 Star Service award
Mill and his executive team believe the UK platform market, as it enters its third decade, is on the cusp of a period of further change. The first was dominated by fund supermarkets and the birth of independent wrap platforms. The retail distribution review saw platforms win out over legacy life companies in the last decade and the market is now on the cusp of a new digital era for platforms. The winners in this space, Mill says, will be those that “are flexible enough to adapt and connect to new digital interfaces as adviser technology ecosystems expand to accommodate ever-evolving adviser and customer needs”.
And adds: “As a group, we’re in great shape. We’re fully committed to the advised platform market and to continuing to invest in our people, our service, and our technology. We’re bringing together the two services under one group name and believe that a unified brand will allow us to have a greater impact in what is an ever-evolving market and help ensure we provide advisers and their clients with the very best proposition and outcomes for years to come.”