InvestmentsJun 4 2019

Quilter replatforming 'on track'

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Quilter replatforming 'on track'
ByDavid Thorpe

Quilter expects to start migrating clients to its revamped platform this autumn.

The cost of the work is at the "upper end" of expectations, the company confirmed.

Since February the new Quilter platform has been in the soft launch phase, which involves testing the platform’s effectiveness, with a view to beginning the integration of clients in the autumn.

The replatforming at Quilter, formerly known as Old Mutual, has been rumbling along for several years, with the company replacing the technology provider IFDS and replacing it with FNZ midway.

Old Mutual Wealth at the time stated there were concerns it would take too long to upgrade the platform if they stuck with their original technology supplier.

Also, in terms of cost, while the upgrade with IFDS was expected to amount to costs of £450m, the upgrade with FNZ was estimated to cost between £120m and £160m.

FTAdviser understands other platforms have seen increased interest from Quilter advisers worried about the replatforming.  

But Quilter denies this.

A representative of the company said they have seen no evidence to date that advisers have been leaving the platform due to concerns about the impact of the replatforming.

A representative of the company said: "Adviser confidence in Old Mutual Wealth remains high, evidenced by the most recently available Fundscape data which showed our market share of new business increased quarter on quarter.

"As part of general market movements there will of course be occasions where advisers select another platform.

"Advisers that use our platform understand and appreciate the phased approach we are taking for our platform migration along with the steps we are taking to prepare our advisers ahead of the migration."

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