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Trio set up direct wrap for public

The former founders of Webline, Park Row and Quay Software are teaming up to launch a direct-to-consumer wrap platform.

Webline founder Paul Holland, Quay Software co-founder Mitchell Philpott and Park Row founder JP Wilkins will launch next month.

Holland says the platform will be the first of its kind, with full details regarding product access and platform functionality to be unveiled next month.

A page on the firm’s website describes the offering as “a new and unique web-based personal finance service, enabling individuals to access, maintain and analyse all of their financial information in one place”.

Holland says: “I do not think there is anybody in our space. We saw there was a gap in the market and felt there was some very empowering things we could do for the consumers.

“We are bringing a number of toolsets together which are going to give us quite an interesting competitive edge and it will potentially be very complementary with other services that are out there at the moment.”

Financial Technology Research Centre director Ian McKenna says the move is inevitable and he believes it will complement rather than threaten the work of advisers.

He says: “There have always been some financial consumers who want to buy their product direct and there always will be. Advisers need to be able to clearly articulate the benefits of advice over self-service, direct to consumer propositions. Overall, if direct-to-consumer platforms help inform more consumers about their financial affairs, then there is a good chance that a significant number of these will be a good thing for advisers.”

Holland took on the role of non-executive chairman at Capita Financial Software earlier this week. He founded Webline in 1995 and sold the portal to Capita in 2006. Philpott was a co-founder of Quay Software which was sold to CFS in November 2005. He quit CFS earlier this week.

Holland has assembled a team of 12 others to work on the platform, including former director and shareholder of Webline Ian Price and former Friends Provident sales man- ager Peter Bayliss.


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