The enhanced modelling enables advisers to create cashflow, tax, and overall wealth projections and compare different scenarios.

The outputs are integrated directly into the ‘advice wizard’, to support advice recommendations and document creation.

GBST said the new functionality underscores the firm’s commitment to delivering 'cutting-edge' solutions for financial advisers.

David Simpson, head of EMEA at GBST, said the upgrades to WealthConnect could help advisers deliver the good client outcomes demanded by the FCA’s new Consumer Duty,

He said: “We are well known in the UK market for streamlining wealth management product administration and with this upgrade to WealthConnect, we are extending our proven fintech expertise to advice solutions.

“The FCA’s Advice Guidance Boundary Review sets out proposals to address the UK’s significant advice gap, but we believe access to advice can be expanded through technology, using advice tools that deliver greater efficiencies, deeper insights, and better overall client experiences.”

WealthConnect is an investment platform based solely on Salesforce, integrating the customer-fist principles of the CRM platform with modern technology.

The platform provides client lifecycle management, including initial prospecting and onboarding. It also offers portfolio administration, and ongoing client service and compliance management.

The platform’s front-end digital solution speeds up and simplifies fact finds, document sharing, and approval processes fostering connectivity between clients and advisers.

GBST acquired WealthConnect in May 2023 as part of its strategy to expand its cloud-based software as a service product portfolio.

GBST was sold by rival FNZ at the end of 2021 to a private equity firm after the Competition and Markets Authority (CMA) blocked FNZ’s acquisition of GBST. The CMA ordered FNZ to sell off GBST's platform arm after concluding that the £150m merger of FNZ and GBST risked reducing competition in the UK platform market.

Although FNZ sold GBST’s platform division it was allowed to reacquire GBST’s capital markets division. GBST, based in Sydney and London, describes itself now as a global ‘wealth tech’ company.