Investment outsourcing and technology company Pershing has been investing a “significant” sum to upgrade the digital services it offers advisers to use with their clients.
Pershing aims to launch a fully white-labelled end investor portal where the adviser can provide access to his or her clients, by 2018.
It would enable an adviser to collate investors’ details and see what their portfolios are worth. The client could also access this to see how their investments are doing.
A DIY tool is also being considered, to enable the adviser to focus on the client relationship while clients manage their personal data or carry out some trades real-time.
For example, Pershing’s technology currently powers the DIY element of a joint venture by Saga Investment Services (SIS) and Tilney Bestinvest.
Maarten Heukshorst, head of wealth and adviser solutions, EMEA for Pershing, a BNY Mellon company, said: “We are investing substantially and continuously to ensure what we are offering is always more relevant and useful to advisers and their end clients.
“We are strategically committed to this market and the advice industry. We want to show we are open for business.
“The RDR created a challenge to traditional advice and remuneration models, while the digitalisation of the financial services industry has moved on at a pace.”
Mr Heukshorst did not commit to a figure - saying only the investment was “substantial”.
But he said good technology could help advisers deliver quality face-to-face advice digitally, which is why the company has been investing in upgrading its services.
In March 2016, it was announced Pershing’s tech had been chosen to provide UK wrap administration to SIS, and will see Pershing provide its own execution-only Sipp and investment account and Isa wrappers.
All executions done will be carried out through Pershing’s Trading Services, while Pershing’s tech will allow the client to amend their personal data, make trades and conduct transactions using a debit card.
Across Europe, including the UK, Pershing’s system is used by 70 advisory firms and networks.
“Money advice is not a short-term game”, Mr Heukshorst said.
“Providers need a strategic vision and long-term thinking and, given the direction in which the industry is going in terms of digitalisation, we believe the value we can offer is to sit behind the scenes as a trusted, outsourced provider, making sure the adviser is happy and therefore the end user is happy.”