Last year, WHIreland’s (WHI) Wealth Management Division, announced a long-term contract with SEI to utilise the company’s Wealth PlatformSM.

The aim of this strategic partnership is for SEI to assist WHI in developing its wealth management business by establishing a more efficient, robust and scalable platform to meet emerging client needs and address future regulatory changes and requirements. And, ultimately, help position WHI for future growth.

WHI, which offers wealth management and wealth planning services tailored to private clients, corporates and trusts in the UK and internationally from the Isle of Man, is part of WHI Group plc, which has offered financial services to private wealth management and corporate broking services since 2000.

For their part, SEI’s Wealth Platform is an outsourcing solution for wealth managers and encompasses wealth processing services and wealth management programmes. With the Platform, SEI provides wealth management organisations with the infrastructure, operations, and administrative support needed to capitalise on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 135 stock exchanges in 52 countries and 36 currencies, through the use of straight-through processing and a single operating infrastructure environment.

The selection process by which WHI chose SEI as a potential partner, included a wide range of institutional and wealth management platform providers, and was rigorous. The SEI Wealth Platform was chosen to provide a unified solution, which is fully integrated across the investment manager and client experience, including administration, custody and reporting all within a single infrastructure.

Together, SEI and WHI’s vision is to provide both robust systems and a high-quality service experience to meet the evolving needs of clients today and in the future.

But has it worked?

In WHI’s 2017 Annual Statement, their Chairman states that “2016 was a transformational year for the company”.

The Private Wealth Management division did, indeed, increase overall funds under management to £2.9bn, with the discretionary element increasing to over £1.0bn, thus continuing to improve the levels of fee income. The move to outsource their operational platform to SEI has helped improve the regulatory robustness and enhance the service levels of WHI’s clients. WHI expect to witness ongoing cost savings and lower planned spending activity as a result of this transfer to amount to an annualised saving of at least £400k in a full year, beginning in the 2018 financial year.

So, in short, yes, strategic partnerships do address evolving client needs for private wealth management. Anyone with ambitions for their private wealth should consider a company, like WHI, who is prepared to take giant steps to ensure their clients’ future, as well as their own, is looked after.