Quilter has expanded its WealthSelect managed portfolio service and is introducing innovations to meet regulatory challenges and client preferences. Quilter’s David Tiller talks about the changes to Harriet O’Brien.
It’s all innovation at UK wealth manager Quilter as it expanded its WealthSelect managed portfolio service and, in addition, this week launched two new tools designed to help transform the client profiling process for advisers.
With an adviser and customer offering spanning financial advice, investment platforms, multi-asset investment solution and discretionary fund management, Quilter plc oversees GBP111.8 billion in customer investments ‒ as at 31 December 2021. Its recent innovations include 40 new portfolios; among them are responsible and sustainable choices along with options for active, blend or passive investment management styles. Meantime Quilter’s two new tools, developed in collaboration with Dynamic Planner, comprise Client Profiler, giving advisers a fast way to assess client needs across risk, investment goals, investment management style and ESG preference; and Quilter Solution Explorer aimed at the selection of the most appropriate portfolio.
“With the world changing around us, we saw the need to innovate in a way that put the client and the adviser at the forefront, embracing a new era of adviser-led solution design,” says David Tiller, commercial and propositions director at Quilter’s platform and Quilter Investors. “It was adviser requirements that necessitated the launch of the new WealthSelect portfolios, and we continued this into the development of the tools. ESG in particular is attracting a lot of scrutiny from the regulator and as such we wanted to speak to advisers and work out how we can help them overcome these challenges.”
ESG continues to be an especially important consideration, presenting both opportunity and risk for advisers. There is, explains David Tiller, an “opportunity to appeal to a new cohort of investors, often younger ones, that care a lot about ESG. Having the capability to service these potential clients effectively will help advisers future-proof their businesses and unlock the next generation of wealth for them.”
But, he adds, “the rise of ESG is creating regulatory challenges, which advisers do not always have the time or expertise to deal with effectively. Advice processes are going to have to be up to scratch and advisers need to get their suitability reviews right or risk being accused of mis-selling by a client. It is an incredibly complex area and as such advisers have a need and desire for resources that help remove this risk and allow them to assess ESG criteria properly. There are really four dimensions that need consideration, of which attitude to risk is just one. There are also investment objective, for example investing for growth or income; investment style or cost via active, passive or a blend of the two; and finally ESG intensity – how much does a client want their investments to take into account ESG risks or leave some sort of impact?”
Quilter’s changes and innovations, he says, “have been made possible by our recent platform transformation programme and we are really beginning to see the benefits that an enhanced and feature-rich platform can bring to advisers and their clients. The new platform technology has allowed us to be adaptable and nimble, meaning we can introduce new enhancements that solve the problems advisers and clients face today.”