Bravura Solutions (Bravura) – a leading supplier of wealth management applications and professional services – has finalised its six month project for Nucleus Financial Group (Nucleus) with the launch of an industry-first "wrap" initiative.
Based on Bravura's market-leading wrap technology and utilising Scottish Friendly's administrative services, Nucleus is the first UK Independent Financial Adviser (IFA) owned and designed wrap platform solution.
In the UK wrap platforms are becoming increasingly popular because they help advisers to manage their administrative cost pressures and meet increasing demands from investors. Assets under administration with wrap-like services are forecast to grow to approximately £150 billion by 2008.
The Nucleus proposition will enable participating IFAs to manage their client portfolios more effectively and will provide full visibility of all assets on the platform.
Steve Williams, Head of Strategic Sales, Bravura Solutions, Emea, said, "Bravura is delighted to welcome Nucleus to its growing UK client base. Nucleus needed a software solution that has proven UK functionality to support its aggressive time-to-market requirement of six months from start to launch. Bravura has delivered. This relationship is part of our growth strategy in the UK, where wrap platforms are becoming more popular. With two wrap platform clients already in the UK and state-of-the-art technology to support them, Bravura is well positioned to take advantage of the business opportunities presented."
Nucleus' platform has been delivered in partnership with another Bravura UK client, Scottish Friendly, who provided the business process outsourcing services.
Nucleus is a recently-launched financial services business designed and supported by seven UK-wide IFAs and South African insurer Sanlam. It will offer a range of wrap services to advisers that assist them in producing improved services to clients such as administration efficiency, simplification and transparency of revenue, online access to research and reports, and a flexible fee structure. All this is aimed at creating a greater alignment between the interests of advisers and their clients.
Mr David Ferguson, CEO Nucleus Financial Group, said, "We have been immensely impressed with Bravura's services over the past six months to help us reach this point. We selected Bravura to support Nucleus' wrap platform because of their ability to provide a low-cost, efficient, innovative solution and their capacity to support a wide range of life, pension and investment products. Bravura has exceeded our expectations and we look forward to continuing to partner with them."