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There is no immediate change for clients. Over the next few months, advisers and their clients will benefit from a significantly enhanced platform that delivers the latest automated processes and seamless functionality, including automated family linking, fully online drawdown and multi-models, alongside existing bespoke capabilities to support the entire advice journey and deliver better long-term customer outcomes.

Partnering with GBST and Wipro puts our operational service and technology in expert hands, positioning us for growth by allowing us to focus on our strengths while ensuring that we continue to meet the evolving needs of advisers and their clients over the long term.

This deal will fundamentally transform our platform and service offering for advisers and their clients over the medium and long term. Our existing relationship with GBST will allow us to fast-track our proposition development through an accelerated platform update, delivering market-leading technology that underpins our future strategy. While Wipro’s proven operational expertise across multiple sectors, including financial services, will bring new insights to the platform space, helping us create a best-in-class experience for our customers.

The agreement allows Wealthtime to scale our business more quickly to realise our growth ambitions.

In line with our long-term strategy, we continue to explore opportunities that allow us to build scale and enhance our organic growth. This includes acquisitions that will benefit our customers as well as support our business ambitions.

There will be no immediate changes.

The group’s Operations and Technology functions will transfer to Wipro through a Transfer of Undertakings (Protection of Employment) (TUPE) process and we will shortly be starting a consultation with colleagues in roles likely to transfer.

Wipro currently has a dedicated Operations Centre in the Southwest and is committed to expanding this to create a UK centre of excellence built around the current Wealthtime team to enhance their UK wealth management servicing capability.

Our customer contact service, key account and relatrionship manager roles will stay with Wealthtime to ensure we retain control over the adviser and client experience. We anticipate expanding these areas in time to ensure we provide the very best support for our users.

Wipro is a world-leading provider of next-generation technology and business process services. It employs 5,000 people in the UK.

It already has a dedicated Operations Centre in the Southwest and is committed to expanding this area as a strategic base to enhance its UK wealth management capability, creating a UK centre of excellence built around the current Wealthtime team.

Globally, Wipro has over 230,000 employees in 65 countries working across a wide spectrum of industries including banking, financial services & insurance; consumer; health; energy, natural resources & utilities; technology; manufacturing; and communications sectors. It generated over $11bn in revenues last year. Wipro’s proven operational expertise across multiple sectors will bring new insights to the platform space, helping us create a best-in-class experience for our customers.

We explored several different options, and this partnership offers the best solution for our customers, our staff and our business. It allows us to fast-track delivery of a significant platform update on GBST’s market-leading technology, while Wipro will create a centre of excellence around the current Wealthtime team. The agreement allows us to focus on our strengths while delivering enhanced platform technology and excellent customer service support with minimal change for advisers and their clients.

Wipro and GBST have an existing global partnership and joint co-delivery model for end-to-end platform services that is already in operation with other clients. This allows us to benefit from each company’s proven expertise while leveraging their established relationship and continuing to work closely with our existing contacts at GBST.

The model of financial advice is evolving and we must make the right strategic decisions to position our business for growth while ensuring that we continue to meet the needs of advisers and their clients now and in the future.

We explored several options and are confident that this partnership offers the best solution for our customers, our staff and our business. We can now fast-track delivery of a significant platform update on GBST’s market-leading technology.

GBST has recently completed a multi-million-pound transformation of its operating system, Composer, to create a secure, scalable market-leading wealth administration platform. The Wealthtime platform enhancement will enable the delivery of significant new functionality.