Quilter has bought fintech business NuWealth as it looks to enhance its digital capabilities for advisers and to deliver digital guidance.
NuWealth was launched in 2019 and allows users to invest in global companies from as little as £10 via its app.
According to Quilter, it plans to evolve NuWealth to allow it to work with advisers to help them support clients at the start of their investing journey.
The wealth manager said it will be particularly beneficial for people starting to invest who are looking for additional help and guidance, with the option to work with an adviser later down the line.
Steven Levin, chief executive of Quilter, said: “As client expectations for digital engagement evolve, we recognise that robust technology solutions are key to reducing the advice gap and enabling advisers to reach and support a wider set of clients.
“Advisers have been asking us to support them with a proposition for their clients who are just starting out their investment journeys or not yet ready for a full advice offering. We will evolve NuWealth to help advisers serve these clients, promote the benefit of financial advice and prepare for future regulatory changes in advice and guidance.”
Quilter also confirmed this deal would support its delivery of workplace advice provided by Quilter Financial Advisers, serving affinity advice partners as well as accelerate Quilter's capabilities to deliver digital guidance.
Kane Harrison, chief executive of NuWealth, added: “We are thrilled to join forces with Quilter. This partnership will allow us to leverage Quilter’s extensive resources and expertise to better serve customers and create solutions for financial advisers.
“Together, we can drive innovation and provide more comprehensive digital solutions to meet the evolving needs of investors.”
alina.khan@ft.com
