View more on these topics

Advisers stand by Old Mutual amid replatforming U-turn

Nearly 90 per cent of advisers say they won’t shift platform despite provider backtracking on replatforming deal

Feeney-Paul-2013-700x450.jpg
Old Mutual Wealth chief executive Paul Feeney

Advisers have said they are likely to stick with Old Mutual after the provider cut ties with its replatforming provider IFDS.

Last week, Old Mutual announced it had cancelled the estimated £450m deal to update its current technology through IFDS.

£330m had already been handed over in a project that sources say goes back to before the RDR in 2013.

The provider said by picking rival platform technology provider FNZ for the rest of the project, it was set to spend another £120m to £160m – falling roughly in line with estimates if they had stuck with IFDS – but would receive “additional functionality” when the FNZ-backed platform was operational for new business by late 2018 or early 2019.

Money Marketing asked readers in a website poll if they will look to change platforms now Old Mutual has cancelled the replatforming deal with IFDS.

Of the 315 respondents, nearly 90 per cent said they would not. 8 per cent said they would look to switch, while 4 per cent were so far undecided.

FNZ is also understood to be currently working on projects with Vanguard, Standard Life Elevate and Santander, among others.

Old Mutual Wealth UK Platform chief executive Steven Levin says: “We know there are many reasons advisers choose to work with us including the quality of our people, the usability of our online portals and the strength of our balance sheet.

He adds: “Those elements of our proposition will not change and we will continue listening to advisers to ensure we develop the platform to suit the way they and their teams would like to use it.”

Recommended

Feeney-Paul-2013-700x450.jpg
5

Old Mutual cancels replatforming contract with IFDS

OMW says new agreement with FNZ “considerably de-risks” its replatforming programme Old Mutual Wealth has terminated its contract with IFDS for its replatforming project and is now partnering with FNZ instead. In a statement, OMW says the move “considerably de-risks” its platform transformation programme. At the end of April, the replatforming project had cost OMW […]

Tablet-Technology-Computer-Business-700x450.jpg

One third of advisers are worried about replatforming

One third of advisers are concerned about the impact of replatforming projects and their associated costs on the platforms they use, according to Money Marketing research. Based on a survey of 228 advisers, 34 per cent said they had concerns over replatforming. St James’s Place, Old Mutual Wealth and Fidelity FundsNetwork are among a number […]

Through the roof: What is driving soaring replatforming costs?

A search for competitive advantage is driving up the price tag of replatforming for firms as experts warn costs could rise above estimates. A recent Finalytiq report estimates the total cost of  replatforming for Ascentric, Alliance Trust Savings, Aviva, Funds Network, Old Mutual Wealth, and Cofunds is £828.2m. But what exactly are the costs that […]

India rate cut – more to come?

Kunal Desai, Head of Indian Equities at Neptune Investment Management India’s stockmarket rallied this week following news that the central bank was cutting interest rates more aggressively than expected. Commenting on the rate cuts and what this means for India’s economic growth, Kunal Desai notes that there were two important details in the announcement that have […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. I’d be impressed by the stats if there were actual numbers applied. How big was the research group? 10,20, 100? As always there are lies,damned lies and statistics!

Leave a comment