Gold rating for Wealthtime pension transfers
The Wealthtime Select platform is one of only two firms this year to have been rated ‘Gold’ by STAR for its SIPP transfer processing timescales.
STAR is the cross-industry initiative shaping and promoting good practice in transfers. The annual accreditation is designed to measure, recognize, and accredit transfer performance. Three STAR Accreditation levels of bronze, silver and gold are set through industry collaborations and designed to reward performance and encourage improved performance. Wealthtime Select has been awarded a Gold STAR Accreditation, across all performance metrics, covering the transfer processes and customer communication principles.
Wealthtime also received a Silver rating for its ISA and GIA transfer services.
Patrick Mill, CEO, Wealthtime, said: “We support all industry efforts to reduce transfer times, there is simply no justification not to, given the clear negative client outcome of delayed transfers. We’ve optimised our processes to help reduce transfer times where we can influence them, which includes doing everything in our power to help ceding companies speed up their processes. It’s great to be recognised for our efforts, but we appreciate there is still work to be done with transfers and every sector in the industry needs to do its part to improve.”
Details about the STAR accreditations can be found here.
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Notes to Editor:
The Group in numbers
Private equity firm AnaCap Financial Partners owns Novia Financial, Wealthtime, and Copia Capital. Patrick Mill is CEO of all three businesses in the Group. Amber Financial Investments, which was acquired by AnaCap in 2020, was successfully migrated onto Novia’s platform in Q1 2022.
Combined, the platforms have over £11.1bn of pension and investment assets under administration (AUA) and over 77,000 clients (as of 31 December 2022). AUA is split £8.7bn and £2.3bn, Novia and Wealthtime respectively.
Copia Capital, the discretionary fund management (DFM) part of the Group is a pure B2B DFM which works exclusively with advisers to provide a range of managed portfolio services. These include its MPS Custom service, offering customised portfolios to advisers which are constructed to meet the adviser’s retail clients’ needs; its ‘ready to go’ MPS portfolio products; and the added-value MPS Plus range.
Transformation and the future
Since the acquisition of the Amber, Wealthtime and Novia platforms by AnaCap, the business has undergone a programme of transformation. It has strengthened the leadership team, bringing significant experience into the business, and has invested heavily in technology through the development of microservices, which will bring both efficiencies for adviser businesses and exciting new propositional features.
The business is set to lead the way in next-generation platforms enabling adviser firms to construct their technology stack as they see fit, making use of a comprehensive suite of plug-and-play microservices.