Financial data company FE Fundinfo has bought AdviserAsset, which provides financial planning sofware, for an undisclosed sum.
Ian McKenna, founder of the Financial Technology Research Centre, described the deal as a "real win" for FE Fundinfo.
He said this will connect UK advisers with tools that streamline client engagement and onboarding, financial research and planning, investment product selection and reporting - ensuring more confident decision-making and best client outcomes, all in one place.
Liam Healy, chief executive of FE Fundinfo, said the company wanted to be the "go-to partner" for the investment management community.
He said: "Through our recent growth and strategic acquisitions like AdviserAsset, we are building a suite of solutions that support each critical function of the profession, from onboarding and engagement to research and planning.
"Professionals fundamentally want easy to use integrated tools that deliver clear recommendations, helping clients make informed decisions about their investment goals. We’ve already made several acquisitions to support advisers on this journey, and we will be continuously looking for new opportunities to deliver them greater access to investment insights.”bb
FE Fundinfo said that since the introduction of the consumer duty, advisers were facing deeper regulatory obligations.
AdviserAsset gives advisers the tools to carry out product and platform switch analysis and use its platform database to assess charges and benefits of switching platforms.
Colin Turton, founder and chief executive of AdviserAsset, said: "There are clear FCA regulations under consumer duty that mean change needs to be clearly justified and communicated to a client to help them make an informed decision.
"AdviserAsset has led the way in investment switching, costs and charges comparisons and platform due diligence, challenging the market to go further in delivering rigorous analysis to help advisers and their clients understand the implications of making a switch with their money. As part of FE Fundinfo’s offering, it will help set a new benchmark for financial advice tools and services in the market today."
Mckenna told FT Adviser: "This is a real win for FEfundinfo and great news for the users FE Analytics, FE Cashcalc and AdviserAsset.
"These products compliment themselves really well and together this technology could have a huge impact on the platform market.
"FE’s Cashcalc product has long been known as having outstanding remote client servicing capabilities and Analytics has long been the blue riband solution for fund and portfolio analysis. Adding the platform comparison capability from Adviser Asset opens the door to FE becoming a powerhouse in platform reviews and switching."
tara.o'connor@ft.com
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