Renowned wealth management firm Quilter has acquired fintech company NuWealth to improve its advisory service for novice investors.
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NuWealth, formerly known as Wombat Invest, is a digital investing app that offers a range of ISAs, general investment and savings accounts, and learning resources.
Quilter wants to evolve NuWealth to work with advisors to help clients start their investing journey. It is initially aimed at clients with modest investment potential who need additional help and advice, with the option to work with a financial advisor later.
Given new proposals from the HMT/FCA Advice Guidance Boundary Review, which encourage providers to offer more comprehensive support options to close the advice gap, the acquisition will accelerate Quilter’s capabilities in delivering digital advice.
Additionally, Quilter will support the delivery of workplace advice through Quilter Financial Advisers, its national advisory firm serving affinity advisory partners.
Steven Levin, CEO of Quilter, said: “This acquisition is consistent with our strategy to enhance our digital capabilities and ensure we can help advisors meet the diverse needs of their clients.”
“As client expectations for digital engagement continue to evolve, we recognize that robust technology solutions are key to narrowing the advice gap and enabling advisers to reach and support a broader group of clients.” Advisers have asked us to share with them an offer for their customers who are just starting their investment journey or are not yet ready for a comprehensive advisory offer. We will continue to develop NuWealth to help advisors serve these clients, promote the value of financial advice, and prepare for future regulatory changes in advice and guidance.”
Terms of the transaction were not disclosed.
