American Express Financial Services Europe is primed to enter a strategic partnership with multi-distribution platform Thinc in a move marking the second stage of Amex's wrap account rollout.
The companies have signed a letter of intent for an agreement that will initially see Thinc integrate its business with the wrap, which launched in March this year with five high-end IFAs cherrypicked by American Express.
The deal will eventually extend to Amex and Thinc developing additional services aimed at enhancing the platform's relationship with its affluent clients. Two further partnership agreements, both with large wealth management firms with HNW clients, are expected in the near future.
The Thinc deal marks the second phase of American Express' strategy for advisory businesses with wealthy clients. Its first agreements, including companies such as M2 Financial and Genesis, were struck on the understanding that they would leverage American Express's brand but the next deals will involve firms with strong brands of their own. But it remains keen to seal further tie-ups with companies similar to the initial five wealth managers.
Chief executive Ivan Schouker says: “We want to work with firms which adopt a forward-thinking, progressive business approach to wealth management. Thinc has the right type of distribution model to complement our objectives.”
Thinc chief operating officer Simon Chamberlain says: “The platform will enable our clients to achieve an enhanced level of service and greater value for money.”