Wealthtime, the adviser-focused platform business, has agreed a partnership with Wipro (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, and its global technology partner GBST to deliver a market leading, digital-first platform and innovative customer-centric service offering. The move supports the group’s long-term growth ambitions and draws on Wipro’s extensive technology and operational expertise to ensure that it continues to meet the evolving needs of advisers and their clients. The deal will see the Wealthtime and Wealthtime Classic platforms brought together under one brand on a significantly enhanced platform, powered by GBST technology.
Under the agreement, Wipro and GBST will employ a joint co-delivery model to provide end-to-end platform services. Wipro brings a wealth of experience in operational excellence and digital transformation with major global brands across multiple sectors, including UK financial services, to fast-track Wealthtime’s service and technology transformation. The deal also extends the group’s 15-year technology partnership with GBST, with the platform undertaking an accelerated enhancement in 2025. Further continuous updates will be implemented to the platform to future-proof Wealthtime’s technology for their customers.
Under the deal, Wealthtime’s Operations and Technology & Change functions will transfer to Wipro’s newly established UK centre of excellence for business processing, based in the Southwest area. Transferring these functions will allow Wealthtime to leverage Wipro’s advanced technology and substantial IT and AI experience to continually improve service standards and front-end applications. Platform users will benefit from significant enhancements to the Adviser and Investor Zones, alongside a streamlined service provision. Through extensive automation, the platform will aim to reduce manual effort, enabling advisers to focus on higher value work, and generate more in-depth insights for their customers.
Patrick Mill, CEO at Wealthtime, said: “This deal with Wipro will fundamentally transform our platform and service offering and deliver extensive benefits 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 accelerated platform enhancements, to deliver 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 largely insular platform space to create a best-in-class experience for our customers.
“Wipro’s commitment to establishing a centre of excellence in the UK based around Wealthtime’s staff will ensure that advisers continue to work with their existing contacts, backed by greater automation and innovation. We know that advisers are best served by exceptional people supported by world-class technology. Today’s announcement allows us to focus on our strengths, delivering a wealth of service and technological efficiencies as we build scale to realise our long-term growth ambitions.”
Omkar Nisal, UKI Managing Director, Wipro Limited, said: “We’re pleased to partner with Wealthtime on their transformation journey and to significantly contribute to their growth by providing end-to-end business administrations and technology services. This project solidifies our continued investments in the UK Life and Pensions industry through our FCA regulated business entity. Backed by our unmatched industry and transformation experience, we will enable Wealthtime’s improved speed-to-market, enhanced customer engagement, and cognitive operations through our innovative and GenAI-powered technology services, along with GBST’s agile and digital Composer platform.”
Rob DeDominicis, Chief Executive Officer, GBST, said: “This agreement marks an exciting evolution in our long-standing relationship with Wealthtime and provides further proof that our strategic partnership with Wipro offers a compelling alternative for wealth management organisations reviewing their end-to-end administration needs. Over the coming months, we’ll work with the Wealthtime team to upgrade their platform to the latest version of Composer, drawing on our deep industry experience to ensure a smooth and efficient transition for advisers and their clients. Benefiting from Composer’s multi-million-pound technology transformation, the new Wealthtime platform will deliver extensive additional functionality for users, all underpinned by our modern, secure and scalable wealth administration SaaS solution.”
Note: The deal was mentioned in Wipro Limited's financial results announcement press release, dated October 17th, 2024, for the quarter-ended September 30th, 2024, with a description of the company, but without naming it as Wealthtime.
