Wealthtime has signed a 10-year deal with global technology group Wipro to deliver the “next generation” platform.
The investment platform first stated its intention to partner with Wipro in October last year, and said the agreement ushers in the next phase “in the evolution of the platform market.”
Under the agreement, Wealthtime will leverage Wipro’s global business process outsourcing expertise to modernise and automate the operations side of the business and use its technology and AI capability to help develop the platform user experience.
GBST will continue to provide the core technology, upgrading the platform to the latest version of Composer, with new features on the way as part of a wide range of proposition enhancements.
The initial upgrade will be followed by annual updates so the Wealthtime platform is constantly updated and underpinned by the latest technology, the firm said.
Patrick Mill, CEO of the Wealthtime Group, said: “Signing this ten-year agreement marks an important milestone in our partnership with Wipro. We’re now excited to take the next steps in delivering a major leap forward for the platform market, giving advisers what they need to stay ahead in a rapidly changing financial landscape.”
Mill said the firm will continue to oversee the customer and adviser experience, with its relationship management and customer service teams remaining within Wealthtime.
He said: “Our service will benefit from advanced automation and operational efficiencies introduced by Wipro and advisers and clients will enjoy a significantly enhanced platform, with major updates planned as part of the agreement. Our 10-year commitment to the partnership allows for scalable and continual improvements, with the flexibility to adapt to changing customer and adviser needs and regulatory requirements.”
Mill added that the deal will “fundamentally transform” its platform, delivering benefits for advisers and clients over the short, medium and long term.
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