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True Potential drops platform partner in tech overhaul

True Potential has decided to end its relationship with SEI as it develops its own in-house platform technology, Money Marketing has learned.

The firm says it wants to take “full control” of its business and rebuild the technology for its pension and investment platform to service advisers and clients itself.

As a result, it will terminate its association with SEI. According to True Potential, its platform partner had  contributed to “some core functionality” but nothing which directly impacts on adviser or end client experience.

In an email seen by Money Marketing, True Potential says the move is part of a continued strategy of “benefiting clients through a deeper ownership of the value chain”.

True Potential senior partner Daniel Harrison says the decision to build the firm’s own technology will open up “powerful opportunities for the platform moving forward”.

The firm says a team of 35 people has already been working at the upgrade since the end of 2016.

Harrison says the new systems will also allow the management team to personally invest their own funds onto the platform.

He says: “[The new project] will allow us to use our award-winning technology expertise to meet the needs of today’s advisers and clients in the agile and forward-facing fashion we have become renowned for.

“It also allows us to harness new technologies to both future proof our platform and boost our efficiency and reconciliation engines, giving all involved an accurate and expedient investment experience.”

Technology providers for platforms have come under increased scrutiny in recent years. Old Mutual took the decision to remove IFDS in favour of FNZ for their £450m replatforming project, while others are coming in above budget for their upgrade projects.

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