Adviser platforms Novia Financial and Wealthtime have signed up to FINIO integration hub, a data centre that connects platforms with software providers.
Novia and Wealthtime are the third and fourth platforms to sign up to the hub since its launched over a year ago.
The partnership with Novia and Wealthtime is an important boost for the FINIO hub as it strengthens its grip on the platform data tech market.
Novia is an adviser platform with £12bn of assets under management and a strong client base of IFA firms.
While platform technology firm Wealthtime manages over £2bn of assets under administration.
FINIO is owned by Sprint Enterprise Technology, a tech firm known for its Fastrack software.
Sprint said it has taken the aggregated data it has acquired from Fastrack to create the FINIO hub.
It offers advisers and wealth managers integrated applications that enable them to manage, review and report on client investments in a more cost effective way.
The hub manages investment data from platforms and advisers’ back office systems so advisers can see information via a single point of access.
Sprint Enterprise CEO Robin Bevan said: “We are delighted to be partnering with Novia Financial and Wealthtime who recognise the importance of good quality data. Adviser firms need valuation and transaction data from investment platforms in the software solutions they use – be they CRMs or financial planning tools.”
“However, building and maintaining multiple connections has become hugely resource intensive, as the volume and complexity of this data increases day by day. FINIO simplifies this process, so instead of having to manage a huge number of point-to-point connections, platforms now need to manage just one integration to the hub leaving FINIO to do the ‘heavy lifting’ of delivering data to adviser solutions providers.”
Bevan continued: “For a platform, the key advantage is enabling the flow of data more efficiently to the numerous software solutions used by advisers. For financial advisers, it’s getting improved data in the software systems they use more quickly, with less effort and with no risk of having to rekey information – and all at no extra cost to themselves.”
“Two years ago, people liked this idea but weren’t ready to take the plunge, but now we are in advanced conversations with several key players and aim to sign up as many as 10 platforms in the next two years. It seems the penny has finally dropped re the inescapable need for better and easier integration.”
Novia Financial chief commercial officer Barry Neilson added: “In today’s digitally focused world, we believe the provision of good quality data in an efficient and integrated way is fundamental to how advisers and financial planners are wanting and need to do business.”
“Our offer is constantly evolving so we are very excited to announce that we have partnered with Sprint and adopted their FINIO hub to help us further enhance the digital experience of those who use the Novia and Wealthtime Platforms.”
Novia and Wealthtime are owned by private-equity firm Anacap. Last April, the platforms were unified under a single group brand Wealthtime.
The rebrand marked a new era for the platforms under the management of chief executive Patrick Mill who believed that the UK platform market is on the “cusp of a new digital era for platforms”.
According to Mill, the winners in this space will be those that “are flexible enough to adapt and connect to new digital interfaces as adviser technology ecosystems expand to accommodate ever-evolving adviser and customer needs”.
Source: Money Marketing