A platform asset migration tool for financial advisers with a built-in compliance function has been launched by Thistle Initiatives.
The compliance specialist partnered with WealthTech Pros to create what it said is an ‘industry-first asset migration tool’ to automate switches.
Alongside the tool, Thistle provides project management and expertise to ensure compliant client communications though to the end of the process.
It operates ‘in between the extremes’ of single client-by-client transfers and bulk migration, by putting similar clients into batches.
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Thistle said the tool will accelerate asset migration across platforms, while maintaining data accuracy and minimising client disruption.
Large scale multi-platform asset transfers can be completed in under six months, versus industry standards ranging between 18-36 months, the firm said. Smaller single platform projects can be done in eight weeks versus a 14-16 weeks industry average.
Tom Dudley, investments partner at Thistle Initiatives said: “Significant generational shifts in client demographics and expectations, consolidation in the adviser sector, and the entrance of disruptors eroding margins, as well as a taxing regulatory and compliance framework, are pushing advisers to review their propositions and accelerate automation in their practices”,
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“We expect a continued trend in migration between platform providers in 2025, however financial advisers are still put off by the effort and client disruption involved in switching providers, despite such moves helping deliver better outcomes for clients and in some instances helping avoid a foreseeable harm – significant considerations in a new consumer duty world”.
