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New platform automates advisers’ recommendation and review processes

9 December 2020

Fintech group Digital Wealth Systems has launched a platform product for advisers designed to help provide “advice for all.”

The new product, DIGI, is built upon Seccl – the Octopus-owned platform technology provider – to automate advisers’ recommendation and review processes.

The new product is paperless, can be branded and offers a client portal within which firms can share valuations, messages and documents with their clients. It is also open-by-design, which means the platform will launch with integrations to several software tools including Intelligent Office, IRESS, Blue as well as others.

Initially, soft launching through a handful of firms, a wider launch is expected in January 2021.

The cost for the service is 0.35%, dropping to 0.1% per annum, which includes the cost of the platform, discretionary investment management, tax wrappers and technology.

Digital Wealth Systems said its pricing structure was part of the company’s mission to ensure financial advice is affordable to the client and adviser alike.

The business is a joint venture between investment and platform group P1 Investment Management headed by James Priday and IT company Nebular Holding Limited led by ex-Paradigm partner Paul Hughes.

Hughes said: “The launch of DIGI marks a significant change in the world of advice fulfilment. Utilising Seccl’s APIs, we were able to launch a platform designed exactly to our requirements in a fraction of the time and cost usually associated with such a build.

“We are also pleased to have been instructed by several other firms to help them build their own bespoke platforms, something that is now feasible for any wealth management firm that has the ambition to do so. The only limitation going forward will be the imagination of the people designing their investment platform products. It is a truly exciting time and we love being a part of this changing landscape.”

Priday added: “P1 is committed to progressively priced digitally enabled solutions, which is why we have backed the Digital Wealth Systems business and agreed to launch the DIGI product. DIGI facilitates efficient and compliant advice, sitting nicely without our stable of offerings. We too find it very exciting to be enabling firms to launch their own platform products, an activity we think will increase in the marketplace going forward.”

Professional Paraplanner