PIMFA WealthTech, a digital marketplace and industry network created to drive innovation and enhance collaboration between WealthTechs and wealth management firms, is pleased to announce the number of firms comprising its Advisory Council has grown to 20 firms.
Launched by PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, last year PIMFA WealthTech was created to specifically address digital business transformation through the development and adoption of market-leading technology.
Co-chaired by Evelyn Partners and by Rathbones, the Advisory Council now covers the spectrum of industry segments. Among those firms that have joined the Advisory Council since launch are Abrdn, Fidelity International, Killik & Co, Quilter Cheviot, Raymond James, Ruffer and Sesame Bankhall amongst others. In addition to leading wealth management and advisory firms and along with the PIMFA WealthTech strategic partner, Morningstar, organisations from across related financial and professional service sectors – representing the wider industry ecosystem – have also joined the Advisory Council including EY, Shoosmiths, SEI and Expand Research, a BCG company.
The most recent firms to have connected with the initiative being Tech Mahindra, the $5bn (£4bn) Indian IT and Consulting company and Ecospend, the Trustly acquired leader in Open Finance.
PIMFA WealthTech will act as a primary source for market intelligence and insights on the latest technologies and trends impacting the industry, providing fast-track insight, expert forums and Tech Sprints. Through structured Tech Sprints PIMFA WealthTech will examine industry pressure points to deliver tech-based solutions to wealth management and advice firms keen to digitise many of their back-office operations or enhance front-office services for their clients.
The Advisory Council is already helping shape the future direction of PIMFA WealthTech, advising on the tech key priorities of the wealth management and advice industry with a focus on the key issues impacting the sector from how tech is being applied across the industry and the value chain.
Liz Field, Chief Executive of PIMFA, commented: “I’m delighted so many leading firms from within the wealth management industry have joined the PIMFA WealthTech Advisory Council. Enabling digital business transformation through the development and adoption of market-leading technology is a key priority for PIMFA and the fact that so many firms have expressed an interest in being part of the growth of PIMFA WealthTech shows just how important it is to the industry as a whole too.
“PIMFA WealthTech exists to advance the best in class technology solutions that will help the wealth management industry improve the overall client experience and become more efficient and profitable in the process. With the help of the Advisory Council, PIMFA WealthTech will be able to focus on the key concerns and priorities of the industry and help in the delivery of solutions that will benefit firms of all sizes and the clients they serve.”