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Old Mutual Wealth rolls out service

Old Mutual Wealth is rolling out a ‘B2B2C top-up service’ for financial advisers following a successful trial run.

Old Mutual Wealth rolls out service


The online service allows advisers to offer clients the option of topping up their ISA or collective investment account online via the OMW website.

OMW said the service was developed with advisers. It will not be automatically added, instead individual advisers will be left to choose whether they opt in.

Once the adviser has opted in his or her clients can then top-up using a debit payment, internet bank transfer or add to their ISA using assets already invested in a CIA.

Any additional funds put in will be invested in line with clients’ already agreed portfolio allocation.

OMW said it has built the new service in response to demand from financial advisers and customers.

In particular, it is a response to research finding that 43% of consumers want to use ‘a combination of advice and self-service’ in their investment, up significantly from 28% in 2012. 

According to OMW, the key benefits from the advisers’ point of view are that it allows top-ups without face-to-face meetings being necessary, and it helps avoid client losses to execution only brokers in cases where they have decided they want to self-serve to some degree.

“Many advisers tell us they want to be able to give clients the option to self-serve for some simple transactions,” said Scott Goodsir UK MD of distribution.

“Following a successful trial, we are pleased to offer this option to advisers and their clients. We understand this will not be appropriate for all clients and that is why we are giving advisers complete control over whether they choose to offer this service.”

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