Old Mutual Wealth assures advisers on platform's progress

Old Mutual Wealth assures advisers on platform's progress

Old Mutual Wealth has said it is pleased with the progress being made on its replatforming as it moves into 2018.

The process is expected to be completed by the end of next year or in early 2019 after the company ditched its previous technology provider and switched to FNZ.

Scott Goodsir, managing director of UK distribution at Old Mutual Wealth, said: "Re-platforming, of course, will remain a major industry theme in 2018.

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"Old Mutual Wealth's journey through this challenge has been well documented. In 2017 we made strides in putting our re-platforming on track.

"Throughout next year we will continue to adopt the FNZ system to enhance our functionality, integrate our systems, and provide us with the capability to provide more.

"We are very pleased with the early progress we have made. The programme remains on track and we expect to deliver in late 2018 or early 2019 for new business with migration to follow swiftly thereafter."

The upgrade with previous technology provider IFDS was expected to cost Old Mutual around £450m, whereas the move to FNZ is estimated to cost between £120m and £160m.

Mr Goodsir also flagged the upcoming listing of OId Mutual Wealth - and its associated change of name to Quilter - as a big development for the coming year.

He added that the introduction of Mifid II and Priips would mean advisers will be facing a new regulatory regime in 2018.

Mr Goodsir said: "However, advisers need not panic. There will be a 'bedding in' period so they can receive training and be fully comfortable with the new ways of working.

"Throughout the end of 2017 Old Mutual Wealth has been running training sessions and issuing how to guides for advisers so they feel as prepared as possible for the new regime.

"At the same time advisers will be tackling the continued demand for advice around pension transfers. In 2017 Old Mutual Wealth teamed up with the Chartered Insurance Institute to offer a new defined benefit to defined contribution transfer training programme.

"Over 1,000 advisers registered across 49 events to receive training that would help them manage the risks within their DB transfer advice processes.

"We will continue with the second installation of these training programs in 2018 to ensure advisers are as armed as possible to give the best advice they can on pension transfers."