FirstCape has confirmed the US-based InvestCloud as its adviser front-end system provider with a phase one ‘digital transformation’ roll-out across Jarden Wealth.
Under the arrangement, the almost 90 Jarden advisers now have access to the InvestCloud Portfolio Management and Order Capture products used, respectively, to build and implement client investments.
The system would likely be installed across the FirstCape advisory network to JBWere over time given the rationale for scale benefits.
Earlier this year, FirstCape chief, Malcolm Jackson, said: “We see opportunities to deliver efficiencies for the FirstCape group businesses by integrating the procurement of services provided by third parties. This includes in the areas of platforms, custody and research.”
JBWere chief, Craig Patrick, was also named head of Jarden Wealth in August after incumbent, Chris Wilson, move to co-leader of FirstCape subsidiary, Harbour Asset Management.
FirstCape intends to add on other InvestCloud features including client ‘lifecycle management’ and onboarding tools.
In a statement, Christine Mar Ciriani, InvestCloud digital wealth international president, said: “We are thrilled to see the tangible success of our partnership with FirstCape as they embark on this modular digital transformation.”
Collectively, the FirstCape empire has about $50 billion in funds under management or advice and more than 120 advisers operating under its financial advice provider licences.
Also last week the Investment Services Group (ISG) subsidiary, Select Wealth, cracked through the $1 billion mark.
The ISG-owned discretionary investment management services (DIMS) platform has grown from about $600 million when the-then JMIS consulting firm took over the business from the former ASB life shop, Sovereign, in 2015.
JMIS was later sold (and renamed as JMI Wealth) to ISG, the financial services collective that includes Devon Funds, Clarity Funds and Tahito. ISG embarked on a review earlier this year with a sale one of the potential outcomes.
Debbie Tuddenham, Select head, said the DIMS platform had maintained its “strong service offering to advisers and their clients” during a period of rapid growth.
“We’re very focused on making sure that this strong emphasis on service continues as we grow further with advisers from here,” Tuddenham said.
Select offers a range of model portfolios as well as the ability for advisers to construct bespoke client investments from a wide menu of funds and direct securities.
Booster is in the running for two fintech gongs in a global banking award competition.
The Wellington-based financial services firm is up against US giants including JP Morgan, Morgan Stanley, Wells Fargo, and Merrill Wealth Management in the Fintech Futures 2024 Banking Tech Awards due to be presented in December.
In a release, the Wellington-based financial services firm said its ‘Savvy’ debit card product is a finalist in the ‘Best User/Customer Experience Initiative for Consumers’ and ‘Best Use of Tech in Private Banking/Wealth Management’.
Launched last year, Savvy offers a daily transaction service backed by a cash-like interest-bearing (currently 4.75 per cent) investment fund.
Diana Papadopoulos, Booster chief customer officer, said in the statement: “Savvy being named a finalist in these two awards, coincides with a lot of focus in New Zealand right now on how much more competition is needed in the financial services sector.
Booster is the sole Australasian finalist in a broad-sweeping bank-tech awards process covering 61 categories.
As an aside, the recently installed FirstCape adviser technology provider, InvestCloud, is a finalist in one category.