Quilter has agreed to acquire investing app NuWealth.
Buying the app supports Quilter’s objective of enhancing its digital capabilities to better support customers and advisers, it said.
The company added that it plans to ‘evolve’ NuWealth to help advisers working with clients at the start of their investing journey.
Quilter pointed to proposals from the Advice Guidance Boundary Review encouraging providers to offer wider support capabilities as part of the rationale for the acquisition.
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Steven Levin, Quilter chief executive (pictured), said: “As 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.”
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.”
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