Pimfa has joined forces with Morningstar to launch a wealthtech platform for wealth management and financial advisory firms.
It will serve as a “next generation marketplace and industry network” to drive collaboration between technology firms and wealth and advice businesses, the association said.
Pimfa WealthTech was developed in response to changes in the sector driven by technology but also regulation, covid, shifting demographics and changes to the market.
As the industry is quickly shifting to a more digitalised model, Pimfa believes there is a real opportunity for firms to collaborate with weathtech businesses.
‘Enhance existing capabilities’
Liz Field, chief executive of Pimfa, said: “The way in which wealth management and advice firms engage with their customers, the amount of data required to serve those customers, and the challenges of operating in an increasingly digitised environment mean that all firms recognise the need to enhance their proposition through better technology. Digital transformation and technology was reconfirmed as a key strategic priority with our board and advisory council at its February meeting.
“Enhancing existing technology is a challenge as well as identifying the right solutions to enhance existing capabilities and some firms find starting the process daunting, being unsure of what technology they need or which providers to speak to.”
Anastasia Georgiou, head of adviser solutions, Emea at Morningstar, added: “As a fintech company, Morningstar is excited to support the Pimfa WealthTech platform. Digital transformation and innovation put the customer centre stage.
“In a world where we have a proliferation of data, changing consumer preferences, the growth of sustainable investing, and increased regulation, wealth firms need support – the Pimfa WealthTech Platform is a hugely important initiative doing just that.”
