Verso, the wealth management consolidator, has developed a strategic partnership with Nucleus, which is key to supporting its growth plans.

The Verso platform, with the technology provided by Nucleus, is a tailored, enterprise-level solution developed to significantly improve the user experience for its adviser base, in turn enabling them to offer better outcomes for their clients.

Nucleus and Verso have been working collaboratively over the last twelve months to develop and launch the new platform with the transfer of existing client assets well underway.  

Commenting on the partnership, Verso Chief Executive, Alan Mathewson said: “As a result of our buy-and-build consolidator model, we ended up with a proliferation of different platform providers.

Following this period of intense consolidation, we took the strategic decision to bring together the group’s acquired firms under a single brand, a streamlined operational structure, and a new investment proposition.  This included developing our own single platform.  

Nucleus was already the platform provider to an advisory firm we had acquired, so speaking to them about developing our own enterprise-wide solution was a logical step given their scale, financial strength and experience as a leading platform and wealthtech group.

The bespoke solution that we’ve developed together means we’re able to leverage Nucleus’ technology and platform expertise to create a scalable platform that is key to our growth ambitions.  Our goal is to achieve £5bn in assets under management within the next two years.”

Mike Regan, Chief Commercial Officer at Nucleus added: “We pay close attention to trends in the advice market, especially with the growing number of consolidators and large advisory firms who are looking to take more control of the platform experience under their own brand and proposition.  

We’re delighted that Alan and his team placed their trust in us as their enterprise technology partner. It’s a huge vote of confidence in our people, our technology, and our ability to build bespoke solutions for larger advisory firms who want to offer their own platform to meet their specific needs.”

Alongside our long-standing retail platform and retirement product propositions, the wealthtech software expertise of Third Financial and Dunstan Thomas means we’re now the only large-scale platform group that offers a comprehensive range of bespoke solutions for advice and wealth management firms of all shapes and sizes.”

Verso’s most recent acquisition saw it buy the Henley-on-Thames wealth management team from WH Ireland Group plc earlier this year.  Verso has now completed and integrated seven acquisitions since 2021.
 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers over £99 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus Financial Platforms, the largest independent adviser platform group in the UK, has appointed Louis Petherick as Chief Risk Officer (CRO).  He will join Nucleus at the start of August and his appointment is subject to regulatory approval.

Louis is an experienced CRO with an extensive track record of operating at executive level across a range of financial institutions.  His experience spans both traditional financial services organisations as well as digitally led companies and wealth management firms.

Louis joins Nucleus from Brooks McDonald where he was Group CRO for 2 years.  Prior to this he was CRO at FNZ UK and spent 5 years at AJ Bell where he was CRO and Executive Board member.  His career also includes senior risk roles at M&S Bank, The Co-operative Bank, Lloyds Banking Group, ING Direct and St James’ Place.  

As well as his extensive track record in leading high performing teams across risk, compliance and financial crime, Louis also brings with him substantial experience of working with regulators.

Richard Rowney, Nucleus CEO said: “I’m delighted that we’ve been able to attract someone of Louis’s caliber at this pivotal time in our growth.  He brings significant experience and expertise in risk leadership, having spent over two decades in major businesses across the sector.”

Louis Petherick, incoming Chief Risk Officer said: “I’ve been really impressed by the strategy the management team has put in place, executing it through growth and building a market-leading retirement focused platform group.

“It’s exciting to be joining the group and I look forward to playing my part as Nucleus embarks on the next stage of its journey.”

Louis replaces current Interim CRO, Richard Collins who joined Nucleus last November in an interim capacity to replace Pete Docherty, who took up the role of Chief Transformation Officer within the group.

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus Financial Platforms, the largest independent adviser platform group in the UK, announces the appointment of Jenny Woods as Group Financial Controller and Jennifer O’Brien as Commercial Finance Director.

Both roles are newly created, strengthening the Finance team as Nucleus continues to invest in its leadership talent to reflect its growth.

Jenny Woods joins from aberdeen group plc, where over 20 years she held various finance roles including Interim Chief Financial Officer of Americas and Head of Group Financial Reporting.

Jennifer O’Brien was most recently Commercial Finance Director at ClearBank, a rapidly growing innovative challenger bank. In her 20 years' experience in financial services, she’s held senior roles at Deloitte, Aegon, the NatWest Group and M&G plc, where she was CFO of the Wealth division.

Alan McDonald, Interim Chief Financial Officer said: “We’re pleased to welcome Jenny Woods and Jennifer O’Brien, both bringing a wealth of experience and expertise in the financial services sector. These roles were newly created to further develop our finance capability as we support the group's continued growth, serving our customers in helping make their retirement more rewarding.”

Commenting on joining Nucleus, Jenny Woods, Group Financial Controller said: “I’m delighted to have taken on this new role to help the senior team drive the business forward. The group has had an impressive growth trajectory over the last few years and I’m excited to be part of the next phase of its development.”

Jennifer O’Brien, Commercial Finance Director, added: “I’m excited to join Nucleus at such an important period for the business. I look forward to working with our talented team and to playing a significant role in supporting its continued success.”

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus Financial Platforms, the largest independent adviser platform group in the UK, has called for greater political consensus around pensions and long term savings policy, renewing its call for an independent commission in an open letter to the new Pensions Minister, Torsten Bell. It’s also been sent to other decision makers across the political spectrum.  

The letter marks Nucleus’s third call for a non-departmental government commission, prompted by a lack of progress in the public’s confidence in securing a comfortable retirement and growing uncertainty surrounding the pensions system. 

Recent pension withdrawals caused by pre- and post-Budget uncertainty, the proposed extension of inheritance tax (IHT) to retirement funds, changes to the lifetime allowance rules, and ongoing speculation around changes to ISAs have all contributed to an uncertain policy landscape, potentially discouraging savers from engaging with the system. 

At a time when the government’s most urgent priority is growth, with significant changes to the UK’s pension system being made to achieve this, there is also an urgent need to foster greater confidence and knowledge in retirement planning. 

Nucleus believes that the case for encouraging long-term savings is clearer than ever, as it would help inject more capital into investment, supporting both individual retirement security and broader economic growth.  

This open letter follows the publication of the second study of the Nucleus Retirement Confidence Index, the group’s annual survey of consumer sentiment towards retirement. The report found that the majority of UK adults were still not confident that they’ll have enough money, alongside a widespread lack of preparedness for retirement and the crucial need for financial education and advice. 

Andy Tully, Technical Services Director at Nucleus, said: “It’s never been clearer that the UK public needs to start planning and saving for later life much, much earlier. But they need support from a pensions system that is consistent, stable and encourages long-term saving. 

“Automatic enrolment was a recommendation by a Pensions Commission reporting in 2004 and 2005, which has been a great step forward in encouraging more people to save for their retirement. 

“However more needs to be done and we firmly believe that establishing an independent savings commission could again make balanced recommendations to encourage long-term savings, while promoting greater consistency in pension and savings rules.

“The government clearly has a focus on boosting economic growth and is looking at the role pension savings can play in this.  We firmly believe that their growth agenda will have more chance of succeeding if people feel confident to save and invest for their future.” 

A full copy of the letter follows: 

By email to:  
Torsten Bell, Pensions Minister 
 

Dear Torsten  

Proposal to establish an independent long-term savings commission 

Congratulations on your appointment as Pensions Minister. We are looking forward to working with you and your office towards providing good outcomes for those saving towards their retirement.  

Nucleus is one of the largest, independent investment platforms in the UK. We help over 250,000 customers manage over £100bn of their wealth, exclusively through independent financial advisers. 

We take our responsibility as the custodian of customers’ money very seriously. As such, we believe the UK needs greater political consensus around pensions and long-term savings, to help more people save more for their retirement in an environment of trust and stability.  

One way to achieve this would be to establish an independent long-term savings commission. The aim for this non-departmental public body would be to review the regime for UK pensions and long-term savings and make recommendations accordingly. Its existence should make it easier to gain cross-party support for proposed changes and engender more stable pensions and long-term savings policy. And ultimately give more confidence in retirement. 

Over the last two years, we have conducted customer research, The Nucleus UK Retirement Confidence Index. Via YouGov, we seek to assess whether people have confidence they’ll be able to retire comfortably.  

Our research clearly – and predictably - highlights those with defined benefit (DB) pensions are most confident. But we know DB is in sharp decline following most private schemes being closed to new joiners or bought out over the last twenty years, and there’s a rapidly growing reliance on defined contribution (DC) pension provision. We’ve evidenced that those relying solely on DC pensions are much less confident of their financial future.  

Automatic enrolment is one key policy that has been a huge success in getting more people to save for their retirement, within the DC environment. This policy was proposed by an Independent Pensions Commission reporting in 2004 and 2005. Perhaps at least partly because it was proposed by an independent body, the introduction of auto-enrolment had from outset, and continues to have, wide cross-political party support.  

While auto-enrolment has successfully created millions of new savers, it’s widely agreed that people are not saving anywhere near enough. The complexity of retirement and tax planning involved in turning a pot of money into a retirement income can’t be overstated. Added to that people need to decide when and how to use money held in other assets such as ISAs, investments and property, alongside pension savings. 

A key area highlighted within our research is the desire for pension savers to have trust in the long-term savings market and have a stable tax and policy environment. Pensions are a long-term investment, and over many years, under various different governments, there have been constant changes and tinkering to the pension tax rules which deter people from engaging with the pension system and negatively affecting their confidence. 

The consultation around the inclusion of most unused pension funds and death benefits within the value of a person’s estate for Inheritance Tax purposes from 6 April 2027 – which has just closed - is the latest example of a very significant change in pension tax policy. 

If Government proceed with including pensions within the estate for IHT purposes, it will drive significant changes to long-term savings behaviour. 

Firstly, it is likely many more people will start to withdraw greater amounts from their pensions at younger ages, and then throughout their later life. Encouraging greater pension withdrawals – which may not be sustainable over the individual’s lifetime – runs contrary to work which FCA has undertaken to encourage more people to withdraw a sustainable retirement income. The Government has recognised this as an issue and Phase two of the Government’s Pensions Review aims to assess retirement adequacy. 

As people withdraw greater amounts at younger ages this increases the likelihood of people falling back on State benefits later in life. Many will also have less capital wealth to cope with the costs of long-term care and may need greater State support than would previously have been the case.  

Secondly, including pensions within the IHT environment is likely to discourage people from making pension savings. Changes such as this are likely to further erode confidence in long-term saving and discourage people from saving towards retirement. 

Behaviour around the 2024 Autumn Budget highlights the problem which can arise when savers are faced with the prospect of constant changes to pension policy. Many consumers decided to withdraw tax-free pension commencement lump sums shortly before the Budget, due to widespread rumours that this benefit would be significantly reduced. 

While we acknowledge it is unwise of people to act on speculation, the lack of stability and the regular changes which people have witnessed helps drive this type of poor behaviour. I don’t believe it is in the interest of consumers, the pension industry or the Government for people to make ill-advised rushed decisions like this.  

In addition, there is ongoing speculation around changes to Individual Savings Accounts (ISAs). ISAs have been a huge success since they were introduced in 1999.  But we’re in danger of ISAs becoming too difficult and complex for people to understand. And, perhaps more importantly, many of the restrictions caused by having multiple different variants puts barriers in the way of customers and the ability for them to simply and easily move from one contract to another as they move through their lives towards, and into, retirement and as their experience of savings develops.

It’s for these reasons, and others such as the future of the state pension system, that we believe the creation of an ongoing, independent long-term savings commission is needed.  

I’m more than happy to meet and discuss our research and thoughts in more detail, along with our CEO, Richard Rowney. Please do get in touch if you have any questions or if there is anything we can help with. 

Yours sincerely 

Andrew Tully
 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus has extended its range of technical product resources for advisers with the addition of a number of updated pension tools.

They’re designed to free up advisers’ time by making pension calculations easier, helping them keep up to date on the multitude of complex pensions and other policy changes.  

Advisers will be able to work out a client’s annual allowance, including any available carry forward, and also demonstrate how salary sacrifice can boost pension savings.  

The calculators were developed by Dunstan Thomas, the Nucleus group’s specialist fintech solutions subsidiary.  

Annual allowance

The annual allowance calculator helps individuals work out how much they may be able to save into their pension scheme(s) in the current tax year without incurring an annual allowance tax charge.  

Advisers will need details of their client’s pension savings (including defined benefit accrual) going back at least three tax years, as well as their tapered annual allowance amounts, if applicable.  

The calculator will consider the contributions already paid and any unused allowance from the previous three tax years.  

Salary sacrifice

With the salary sacrifice tool, clients will get a better idea of what their take home pay could look like if they decide to give up part of their salary in exchange for pension contributions.  

The calculator considers the impact on income tax and national insurance. It will allow advisers to compare relief at source and net pay/salary sacrifice.  

Advisers will also be able to edit the client’s personal allowance, confirm where they are in the UK for tax purposes and specify whether employer national insurance savings will be passed to the client and at what percentage.  

There is also an option to specify alternative pension arrangements as a way of comparing different pension contribution scenarios.  

Andy Tully, Technical Services Director at Nucleus, said: “Adviser’s time is precious, as is their client’s time, so we want to help wherever possible.  

Within the Nucleus Group we have deep pensions technical expertise. We aim to provide the products and services advisers need to create and manage a holistic financial plan for their clients, so they can achieve their investment goals and ultimately help make their retirement more rewarding.

With all the complex changes around pensions in recent years, having the tools available to demonstrate what clients can save towards their retirement is more important than ever."

The calculators are available to advisers within the Nucleus Illuminate Technical hub. There, advisers will also be able to access technical factsheets on a range of different subjects to do with pensions, investments, tax and trusts.  

The resource hub also includes a series of tech talks on key industry topics, as well as articles from the technical team on matters likely to affect advisers and their clients.  

And the Nucleus Technical Support Team is currently on the road running a series of masterclass workshops, giving advisers an overview of how their clients are affected by what was announced in the recent Budget and the latest changes to pension policy.  

They started this week, visiting Leeds, Edinburgh, Belfast and Birmingham, before concluding in London at the end of the month. Advisers can register here. 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Third Financial, part of the Nucleus group, has launched a white-labelled digital proposition that provides a modern, intuitive, automated platform that will transform the way advisers and their admin teams manage their clients. The proposition is targeted at large advice firms and consolidators who want to launch an Adviser as a Platform (AaaP) service.

Using cutting edge technology, and the latest security and authentication processes, the new portal provides a host of innovative new features, including

• Access to a wide range of dynamic dashboards that visualise data across the business at a variety of different levels, providing advisers with actionable insights at a glance
• A full client onboarding journey that covers general investment accounts, ISAs, Junior ISAs, SIPPs and Offshore Bonds that supports multiple mandates in single wrappers  
• An optional two-way integration with Intelliflo Office for client onboarding, valuations and fees, saving dual keying between two systems
• Comprehensive workflows such as rebalancing, withdrawals, contributions, model switches, Bed & ISAs and trading, saving time and reducing administrative burden
• Automatic allocation and investment of new cash (including phasing) and automatic disinvestment for regular withdrawals, ensuring accuracy and efficiency
• A number of client enquiry tools such as performance analysis, CGT (including ‘what if’ scenarios), portfolio analysis and the production of branded client reports, empowering advisers to deliver deeper insights to clients

Chris Williams, Managing Director at Third Financial, said: “The launch of our new adviser portal represents another milestone in rolling out our digital strategy.  It reflects our commitment to delivering a seamless experience for advisers and investment managers, reducing the time spent on administration, and freeing up more time for them to spend with customers.”

James Waterman, Product Director at Third Financial, added: “We built this portal from the ground up using the latest technology, with a clear focus on delivering a frictionless and intuitive user experience. By listening to advisers and understanding their workflows, we’ve created a platform that simplifies complex processes, improves efficiency, and helps them provide exceptional service to their clients.”  

Third’s investment platform is used by more than 60 firms, and the portal is already being used by customers like financial advisory group Foster Denovo.

Foster Denovo’s Strategy Implementation Director, Corporate Development, Leigh Johnstone, said: “We have worked closely with Third Financial to ensure this innovation meets the complex needs of advisers and their teams to serve clients even more effectively.  The portal’s dashboards give us relevant and timely data in an easy-to-use format, and it’s been central to streamlining the process to bring even more clients on board. We see a positive impact and look forward to further benefits as future enhancements come online.”

Built on top of Third’s market-leading system, Tercero, the platform also integrates to Imago (Dunstan Thomas) for illustrations.

Nucleus acquired Third Financial last year. The group offers the broadest range of products, services and software options that enable large advisory firms and consolidators, investment managers and institutions, to take some or all control of their platform propositions. 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Third Financial:

Third Financial is the leading investment platform for the thinking wealth manager, now part of the Nucleus Financial Platforms Group. It brings together its own market-leading technology and the expertise of over 100 industry professionals within a culture of exceptional client service.

It provides the core processing, asset servicing and market connectivity for the management of over £50bn of assets. It delivers a full digital experience to investment managers, advisers and their clients with the reassurance of friendly and expert support when required. Third Financial has offices in London and Birmingham.

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Third Financial, part of the Nucleus group, has launched a mobile app for iOS and Android devices.  

It will enable quick and easy access to all the client’s investments in one place, providing real time valuations across the full range of investment wrappers, along with detailed investment analysis and the digital delivery of key documents and reports.

It has all the latest security and authentication features, and is fully customisable, so can be provided to the clients of Third Financial using the advisers’ and investment managers’ own brand.

Third’s investment platform is used by more than 60 firms, and the app is already being rolled out to some of Third’s customers including Foster Denovo and McInroy & Wood, with plans to make it available to all supporting customers over the coming months.

Built on top of Third’s market-leading system, Tercero, and leveraging its extensive APIs, it complements the existing client portal to offer a seamless and intuitive experience, enabling clients to engage with their investments digitally and on the go.

Chris Williams, Managing Director at Third Financial, said: “The launch of our new mobile app represents a step forward in our digital strategy. It reflects our commitment to continually invest in the priorities of advisers and investment managers, helping them to deliver better service, under their own brand, for their clients.”

James Waterman, Product Director at Third Financial, added: “The app was built based on customer feedback and is designed to provide a clean and simple user interface that enables advisers and investment managers to apply their own branding. Leveraging our extensive API suite, it delivers real-time information, making it much easier for clients to monitor their investments.”

Nucleus acquired Third Financial earlier this year. The group offers the broadest range of products, services and software options that enable large advisory firms and consolidators, investment managers and institutions, to take some or all control of their platform propositions.

 

ENDS

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £97 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

About Third Financial:

Third Financial is the leading investment platform for the thinking wealth manager, now part of the Nucleus Financial Platforms Group. It brings together its own market-leading technology and the expertise of over 100 industry professionals within a culture of exceptional client service.

It provides the core processing, asset servicing and market connectivity for the management of over £50bn of assets. It delivers a full digital experience to investment managers, advisers and their clients with the reassurance of friendly and expert support when required. Third Financial has offices in London and Birmingham.

Third Financial, now part of the Nucleus group, has revealed that investment manager Bowmore is the latest in a series of client signings over the last 12 months that’s helping to drive its growth.

London-based Bowmore Asset Management, a discretionary wealth manager with 
over £350 million in assets under management, has signed-up to partner with Third for an initial five year term. It transferred its entire book of business in under six months.

In total, Third has won the custody mandate for 10 new clients in the last year, including Capital Financial Markets, Lowes and Mountstone. Third’s technology is now used by more than 60 firms.

At the end of Q3, Nucleus reports that over £12.2bn of its £97bn assets under administration (AUA) were from enterprise solutions*, driven by £1.6bn of net flows year to date.

Chris Williams, Managing Director of Third Financial, a Nucleus group company said: “We’re delighted that Bowmore has appointed us as their platform partner. Our continued and sustained growth reflects our position as the first choice for investment managers and advisers seeking industry leading technology-led solutions, and a focus on great customer service.”

Jonathan Webster-Smith, Chief Investment Officer of Bowmore Asset Management added: “We were looking for a tech-forward platform who could help us to deliver the best service for our customers. This is what attracted us to Third and set them apart from other firms in this space.  

“The team at Third really understood our needs, and we’ve been extremely impressed with their focus on delivery and commitment to getting it right for the client. We really look forward to working with them for years to come.”

* ‘Enterprise solutions’ is the collective term for a range of products, services and software options that enable large advisory firms and consolidators, investment managers and institutions, to take some or all control of their platform propositions. They’re powered by Nucleus and its wealthtech specialists Dunstan Thomas, alongside Third Financial, which the group acquired in June.
 

ENDS

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £97 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

About Third Financial:

Third Financial is the leading investment platform for the thinking wealth manager, now part of the Nucleus Financial Platforms Group. It brings together its own market-leading technology and the expertise of over 100 industry professionals within a culture of exceptional client service.

It provides the core processing, asset servicing and market connectivity for the management of over £50bn of assets. It delivers a full digital experience to investment managers, advisers and their clients with the reassurance of friendly and expert support when required. Third Financial has offices in London and Birmingham.

The latest 2024 UK Retirement Confidence Index from Nucleus, one of the UK’s leading adviser platforms, shows the majority of UK adults are not confident they will have enough money in retirement.

• Nucleus UK Retirement Confidence Index is 4.6 with a negative outlook
• Planning and financial advice are key to people feeling more confident about their retirement prospects
• Just 34% of respondents are confident they would have enough money to live comfortably for the rest of their lives
• Over a quarter said they were either slightly less or much less confident about their financial planning retirement prospects following the Budget
• 52% of UK adults underestimate how much they would need each year for a comfortable retirement based on the Pensions and Lifetime Savings Association's (PLSA) definition
• Findings show 20% have not saved anything for retirement and 39% are not contributing to a pension. Alongside this, 44% believe the State Pension will not exist in the future
• 70% of respondents aged 55+ say retirement planning should start in your 20s or earlier 

New research from Nucleus’ 2nd UK Retirement Confidence Index has revealed the majority of UK adults are not confident they will have enough money to live comfortably in retirement.  

More than 4,300 people aged 18 and above took part in the recent YouGov research looking at retirement confidence levels.  

A total of 60% said they are not confident about their retirement prospects. Just over a third (34%) of respondents felt they would have enough money to live comfortably for the rest of their lives, while 6% admitted they are not sure what their financial future could look like at all.  

The 2024 Nucleus UK Retirement Confidence Index highlighted that 22% of adults think they will need between £20,000 and £30,000 a year for a comfortable retirement.  

This would fall significantly short of the PLSA’s definition2 of ‘comfortable’, which estimates an individual would require an income of £43,100 to achieve the desired lifestyle.  

For many, people the figure is likely to be made up of the state pension, private pension and other forms of savings and investment. But just under half (44%) of respondents to the Nucleus study believe the state pension will not exist in the future, while 39% said they are not contributing to their pension provision.  

With so much speculation and concern surrounding the 2024 Autumn Budget, Nucleus also took the pulse of the public shortly after the announcement to see how retirement confidence levels were impacted.  

An additional 2,100 people took part in this research, with just over a quarter (26%) suggesting they were either slightly less or much less confident about their financial planning retirement prospects.  

None of the respondents surveyed were feeling much more confident after the Budget announcement and only 2% said they were feeling slightly more confident. 

Retirement Confidence Index 

In November 2023, Nucleus launched its first UK Retirement Confidence Index and adults aged 50 and over had a confidence score of 6.9 out of 10 with a negative outlook. Now in its second year, the research has been expanded to a wider age demographic and larger sample size to provide a fuller picture of retirement confidence in all UK adults.  

Based on responses to the same central question of how confident people feel about having enough money to live on for the rest of their lives, the updated results reveal an overall confidence score of 4.6 out of 10.  

Concerns about what constitutes ‘enough’ are far from being limited to those in or approaching retirement. Understandably those with a longer time horizon until they retire may have other worries about their financial future, amid so much uncertainty.  

It is one of the reasons Nucleus continues to call for an independent long-term savings commission. The firm believes there needs to be greater cross-party agreement for pension and savings policy to ensure more people can feel confident about their retirement prospects.

The PLSA’s Retirement Living Standards (RLS) assume people would be mortgage (or rent) free by retirement. Nucleus’ research suggests many do not share the same view with 28% citing rent and mortgage payments as one of the main reasons preventing them from saving more into a workplace or private pension.  

High house prices, delayed ownership and other financial challenges may significantly impact the chances of future retirees owning their property outright. The assumption that most retirees have no housing costs is one which may well have to change.

It is also worth noting that the RLS does not factor in other costs such as social care or any tax on pension income and therefore people may have to consider additional expenditure when planning for their retirement.  

Other factors preventing people from saving more for later life, include paying off debt (18%) and saving to start/support a family (10%).

Saving to get on the property ladder, student loan deductions, nursery fees and childcare costs are some of the additional immediate concerns for respondents.  

Andrew Tully, Technical Services Director at Nucleus, said: “Broadening our study for this year’s Retirement Confidence Index has shone a light on the challenges different generations face when it comes to feeling confident about their financial future.

“One message that comes through loud and clear from our findings is that people need to start planning and saving for later life much, much earlier.  

“It’s certainly what our over-50s would tell their younger selves and hopefully what they are telling their children and grandchildren.

“But while the desire is there, many people don’t seem to know where to begin and are finding it difficult to think about the longer-term when they have other more immediate problems to contend with.  

“Part of that is due to a lack of understanding, which shows a real need for better financial education to put adults on a good footing.

“Those who do feel more confident about being able to enjoy a comfortable retirement stress the importance of having a plan and seeking quality financial advice.

“The road to a financially secure retirement is paved by making the right choices at the right times. We need to help lay the foundations, so people are ready to take the first step.

“With people potentially underestimating how much they will need, not appreciating how long they might need it for and not saving anywhere near enough, future retirees could be facing a perfect storm.

“It’s in all our interests to get the message out there: when it comes to retirement planning, if you didn’t start yesterday, then today is the next best day.” 

The cost of delay

If people do save earlier, it can make a real difference. Younger generations may have competing priorities, but they also have time on their side to plan for retirement.  

As an example, if an individual was to start saving for their retirement at age 25 and put £100 towards their pension provision per month, assuming a 5% investment return, this would provide them with a pension pot of approximately £159,818 at age 65. The total amount paid in by the person would be £48,000.  

Whereas if they wait until they are 45 and pay £200 per month, they will still have contributed the same amount by age 65 but the pot size is likely to be significantly smaller at approximately £87,174.  

ENDS

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

Notes to editors:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions. 

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £97 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

HMRC has announced the latest Inheritance Tax (IHT) and Capital Gains Tax (CGT) receipts, within their wider tax receipts document > HMRC tax receipts and National Insurance contributions for the UK (monthly bulletin) - GOV.UK

Capital Gains Tax

The CGT figures are included within one figure representing Income Tax, CGT and National Insurance which are £226.8 bn, £6.2 bn higher than the same period last year.

Basic rate income taxpayers are typically subject to lower CGT rates: 10% on gains from most assets and 18% on residential property

For trusts, and for individuals who are subject to higher or additional rates of tax, the higher rates of CGT apply. 20% for most assets and 24% on residential property

Inheritance Tax

IHT receipts for April to September 2024 are £4.3 bn, which is £0.4 bn higher than the same period last year.

This continues the strong upward trajectory over the last few years

The current £325,000 nil rate band has been at that level since 2009. The residential nil rate band was introduced on a phased basis between 2017 and 2020 and potentially gives an additional £175,000 nil rate band (making a total of £500,000) subject to certain rules.

Andrew Tully, Technical Services Director at Nucleus said:
“While CGT is not individually specified within these figures, and the majority is paid in January as part of self-assessment, anecdotal evidence suggests more people are disposing of assets and realising gains in advance of the Budget on 30 October. CGT receipts are therefore likely to increase sharply this year. Growth in IHT receipts continues its upward trajectory following record highs in the last few years.

There are many rumours suggesting changes to both CGT and IHT within the forthcoming Budget. For IHT, changes could be made such as scrapping or updating the rules on agricultural land and business relief. Currently, a person can claim up to 100% relief on the inheritance of agricultural land if it is being actively farmed. This could be reduced, or certain limitations placed on the maximum value of the relief. Changes could also be made to the IHT benefits of holding shares on the Alternative Investment Market (AIM). AIM shares need to qualify for Business Property Relief and be held for more than two years at the time of death to qualify for IHT exemption. However, this may run contrary to the desire to increase investment in UK businesses, to drive further growth.

Advisers can help clients mitigate these taxes by setting up trusts, making use of gift allowances, spousal exemption and using a pension to pass on wealth to family in a tax efficient way. Additionally, equalising assets between spouses & civil partners and making use of the “no gain no loss” disposal could mean all exemptions can be utilised and household income increased if there is a disparity in the rates of tax each spouse pays. Alternatively, people could hold assets within a tax-efficient wrapper such as an ISA, pension or bond.”
 

Enquiries:
Head of Public Relations 
Linda Harper (Monday - Wednesday)  T: 07876 145309
Victoria Webb (Wednesday - Friday)  T: 07969 113758
E: newsroom@nucleusfinancial.com

Notes to editors:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

And Dunstan Thomas and Third Financial power some of the industry’s leading product providers, discretionary fund managers, wealth managers and financial advisory groups with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £97 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.