Old Mutual Wealth  

Quilter plans 'phased' platform migration to avoid tech woes

Quilter plans 'phased' platform migration to avoid tech woes

Quilter is currently testing its new platform and is planning for a soft launch of the system to avoid the technology problems which have hampered other companies.

The company is planning a phased migration from the old platform to the new one, to make sure advisers and customers are "well supported" through the transition.

It said: "This will be on a limited basis and will be used to verify system functionality in a live environment. This will be followed by a phased controlled migration of our existing book.

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"Maintaining high quality delivery is of utmost importance to us and we are preparing detailed migration plans to ensure customers and advisers remain well supported throughout the transition period."

Quilter had previously stated it hopes to have the platform ready to receive new client money by the end of 2018 or the start of 2019 and has said the project is on time and on budget.

This comes after Aegon and Aviva faced technology problems when they moved their clients from one platform to another.

In the case of Aegon, it moved clients from Cofunds to its new platform over the course of a Bank Holiday weekend but then advisers were unable to get valuations and the company missed income payments.

In its half year results to the end of June, Quilter reiterated its view that the replatforming programme it is undertaking will improve productivity in the business.

In April 2017 the company terminated the contract of IFDS to carry out this work, and switched to FNZ in a bid to cut the cost of the replatforming process.

The company’s Old Mutual Wealth Platform will rebrand as Quilter Wealth Solutions in due course, as the whole business gradually rebrands.

Quilter said it will continue to focus on growing its advice business through acquisition and recruitment as it announced profits of £110m for the six month to the end of June.

The company reported assets under management and administration of £116.5bn, an increase of 2 per cent on the period to the end of December 2017.

Paul Feeney, chief executive of Quilter, said: "We are focused on delivering what our customers want, an integrated wealth management offering that delivers good outcomes through the cycle.

"Our market offers significant growth opportunities and, while we have built a leading wealth management business, we are someway from demonstrating its full potential.

"Our priority now is to optimise the way we work to maximise the value of our integrated business for all our stakeholders over the coming years."

Quilter also revealed it had set aside £69m for redress following the Financial Conduct Authority's investigation into the closed book life sector.

Of the flows onto the company's platform, 29 per cent - or £600m - came from Intrinsic, which also accounted for 78 per cent, or £1.4bn, of inflows into Quilter Investors, the new name for the company's multi-asset fund management business.