View more on these topics

Software firms hit back at monolithic accusation

Capita and Vertex have defended their sales practices after support service provider Threesixty accused them of a monolithic approach to technology that restricts IFAs’ options.

Threesixty says the integration strategies of big software houses could lead to an unwelcome restriction on IFAs’ choice of software. It says Vertex and Capita have recently bought firms and warns there is a danger for IFAs that decisions will be based “more on politics than on the best interests of the IFAs they service”.

Threesixty partner Phil Young says: “There is certainly value in technology firms providing an integrated service to IFAs but it is vital that they do not take a monolithic attitude to technology.”

He says some of the software packages have provided value for IFAs as stand-alone products for years but some advisers feel they are being railroaded into using firms that they would not choose so they can access a complete, integrated service.

But Capita Enabler development director Stuart Erskine says: “By buying a number of small software suppliers, Capita has provided independence, financial strength and vast development resource that will ultimately lead to an improved service proposition, expanded product coverage to IFAs, opening up new income streams to advisers.”

Capita recently announced a multi-provider, multi-product wrap being developed initially with Bankhall,.

Vertex life pensions and distribution managing director David Child says: “Threesixty members are strong supporters of The Exchange’s technology. We have an integration with 1st and it does link with our portal but it links with other portals exactly the same. We work with the IFAs and respond to their needs, giving them what they ask for.”

Recommended

Won’t get fooled again

Investors asking ‘Who are you?’ when considering hedge funds should be cautious.

UnumProvident rebrands as Unum

UnumProvident is to shorten its name to Unum and introduce a new corporate identity from today.The move follows the decision of its US parent UnumProvident Corporation to change its corporate identity to Unum Group.The roll out of the new corporate identity will be complete by the end of the year.

US firm seeks second distribution partner

US manager of managers specialist SEI Investments says it is making progress in its search for a second UK distribution partner as it looks to target high-net-worth clients.

Fidelity appoints new director of UK real estate

Fidelity has appointed Alison Puhar to join its real estate senior management team as director of UK real estate.Puhar has over 15 years of property and fund management experience and joins from Cordea Savills where she was head of UK institutional pooled funds.In her new role, Puhar will lead the UK side of Fidelity’s real […]

taxes

Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment