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Old Mutual contacts advisers for replatforming advice

Old Mutual Wealth has contacted advisers who use the Aviva platform to learn how it might prevent similar issues experienced by that provider happening in its own replatforming exercise.

Aviva moved client assets onto its new platform in January.

The platform went through a five-day blackout period and advisers complained of issues with client payments, accessing valuations and getting the platform to accept new applications.

Adviser payments were also delayed.

Both Aviva and Old Mutual are replatforming onto FNZ software. Old Mutual Wealth made the decision to switch to FNZ from rival technology firm IFDS last year as project costs were estimated to escalate to £450m.

OMW platform proposition head Jeremy Mugridge says the OMW platform will likely undergo a similar blackout period as part of its own project but it is too soon to predict its extent.

OMW is currently setting up a wider panel of advisers to test the new system. Mugridge says a small group of advisers was also formed in the early stages of the project to give guidance.

He adds: “We want a cross-section of adviser needs and we are recruiting them at the moment.”

Mugridge says the replatforming is on track to complete as expected in late 2018/early 2019, with migration to follow afterwards.

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

  1. Timothy Waters 6th March 2018 at 7:50 pm

    Currently to do a top up for an Aviva ISA we have to do a new business illustration (as top up ones do not work), we then do the same quote on OMW (to get the Mifid2 compliant costs information as Aviva do not produce this currently), we then have to key all info in again at application stage. This is an example of the situation and I very much hope OMW do not leave us in this predicament in the future, as they have a platform that works…

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