The deal adds PortfolioMetrix’s Wealth Explorer investment planning tools and investment portfolios to Praemium’s administration, reporting, online applications and custody and execution services.
PortfolioMetrix says that despite the deal bringing the two closer together advisers will retain the primary relationship with their clients and the platform will carry the adviser’s own branding, with PortfolioMetrix and Praemium working behind the scenes.
Dave Chessell, PortfolioMetrix UK distribution director, said: “Being able to run the whole investment process through a fast, efficient and streamlined service is essential for advisers building profitable and growing businesses.
“Our partnership with Praemium not only gives advisers access to our extensive investment planning tools and solutions via a world-class web-based platform, it keeps advisers central to the process by enabling all elements to run in a system that carries each adviser’s own brand.”
Rebecca Murphy, Praemium’s director of sales and marketing, said: “This partnership offers a truly innovative approach, providing all the tools that an adviser needs to engage clients and construct tailored investment portfolios.”
Andrew Pople of MAP Financial Wealth Management has just started using the service. He said: “Being able to run our own branded platform with access to the comprehensive tools and investment expertise provided by PortfolioMetrix is really exciting. Not only will our clients benefit from the cost-effective nature of the service, it keeps us right at the heart of the process, which is exactly where we want our business to be.”
PortfolioMetrix was founded in 2010 and began managing investments for UK clients in early 2013. PortfolioMetrix provides independent financial advisers with an alternative way to access discretionary investment management.
Praemium administers more than 300,000 investor accounts covering approximately £64bn in funds globally, and currently provides services to approximately 900 financial institutions and intermediaries.