Quilter says it is learning from replatforming mistakes made by competitors as it prepares to launch its new platform towards the end of the year.
The Old Mutual Wealth platform, which will rebrand as Quilter Wealth Solutions, is moving to FNZ technology, the same software Aviva switched to earlier this year.
Quilter made the decision to switch to FNZ from rival technology firm IFDS last year as project costs were estimated to escalate to £450m.
Speaking to Money Marketing after the listing of Quilter yesterday as a standalone company on the London Stock Exchange, chief executive Paul Feeney says the replatforming project is on time and on budget.
The new platform is expected to soft launch either late this year or early next year with assets shifting over after that.
Feeney says the migration of assets will not be a “big bang” and admits going through a replatforming process is difficult.
Quilter has witnessed issues with competitors Aviva and Aegon’s platform changes this year, with the former beset with trading and payment issues impacting advisers and investors, and the latter having to enlist an extra 200 people to help with customer queries.
Feeney says: “I won’t go into some of our competitors’ woes on this but clearly we have watched it like hawks and we have pulled it apart and we have learned from that. One of the things we won’t be doing is a big bang launch. Big bang launches are fine so long as there is no big bang.”
He adds: “We will be doing phased migrations and soft launches first. We will be leaving time between them to do this properly. We are not going to try and migrate our entire book over at one time.”
Yesterday’s listing signaled Quilter’s formal separation from former parent Old Mutual, which Feeney calls a “historical milestone” for the company.
He says: “Old Mutual was a good parent but we no longer have to compete for resources across the other businesses, most of which are in South Africa. Our share price is dependent on our performance, not others’ performance. We have our own board and our own strategy and we can get on with it.”
All Quilter employees were given £2,000-worth of shares at current prices in the float.
Feeney says: “I want to create an inclusive company where people feel like they are sharing in the prosperity they create for our shareholders and our customers. It is difficult to do that if you keep all the shares at the top of the house, so we have spread them around the company.”
Old Mutual’s subsidiaries will be re-branded to Quilter over a two-year period after the separation.
In the meantime it will continue to use the names Old Mutual Wealth (covering UK platform and life assurance), Old Mutual International, Intrinsic, Old Mutual Wealth Multi-Asset, Old Mutual Wealth Private Client Advisers and Old Mutual Wealth Financial Adviser School for the brands within Quilter.