Quilter to acquire NuWealth to enhance digital capabilities

By Gloria Methri

Quilter, the FTSE-250 wealth manager, is acquiring FinTech NuWealth to enhance its digital capabilities and better support customers and advisers.

With this acquisition, Quilter aims to evolve NuWealth to work with advisers to help them support clients at the start of their investing journey. It will be particularly beneficial for beginner investors who are looking for additional help and guidance, with the option to work with a financial adviser later in the investing journey.

This acquisition will accelerate Quilter’s capabilities, as emerging proposals from the HMT/FCA Advice Guidance Boundary Review encourage providers to offer more support capabilities to help close the advice gap.

This acquisition will also support Quilter’s delivery of workplace advice provided by Quilter Financial Advisers, its national advice business, serving affinity advice partners.

Steven Levin, CEO of Quilter, commented on the acquisition, “We are excited to welcome NuWealth into Quilter. This acquisition aligns with our strategy to enhance our digital capabilities, ensuring we can support advisers in meeting the diverse needs of their clients.”

“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 their investment journeys or are 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, CEO 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 serve customers better and create solutions for financial advisers. Together, we can drive innovation and provide more comprehensive digital solutions to meet the evolving needs of investors.”