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Third Financial

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Give Them The Tools To Do The Job; Technology Empowers Wealth Managers

07.06.17

Third Financial Software explores how it sees technology as giving wealth managers the ability to keep and retain clients at a time of generational challenges.

At a time when the Financial Conduct Authority, the UK regulator, is receiving multiple new applications every week, it is tough to stand out in such a buoyant market. The industry is changing and technology is playing a key role in the arrival of a new type of wealth manager. A technologically advanced, performance conscious, cost aware, highly communicative manager. Technology provides a competitive advantage say 100 per cent of firms. 

Research shows that clients will look at investment performance, fees and service as the three most important factors when selecting a wealth manager. This results in margins continuing to be squeezed to retain competitiveness and thus, opportunities sought to reduce costs and continually improve service.

Technology allows firms to be adaptable with their service offerings and to make sufficient efficiencies to continually drive down costs. 

Integrated portfolio management technology solutions provide a foundation to allow firms to realise gains in efficiencies and to service their clients with high quality reporting, digital interaction, advanced relationship management tools and the ability to explore new areas and to offer new products and services. With one in three clients accessing their wealth manager’s mobile app on a weekly basis, it really has become the new norm. 

The top feature expected from a digital offering is a portfolio valuation; closely followed by areas such as investment performance, market commentary and direct communication with their investment manager. Some 83 per cent of wealth management firms say efficient IT and operations will help gain and retain clients. 

 

Keeping pace with regulatory change, compliance and data security can be timely and expensive. Firms risk serious reputational damage if they fail to remain compliant, which will impact both retaining and winning new business. The impending MiFID II directive requires firms to engage more with their clients by increasing the frequency of client reporting, disclosing charges on funds and research to an even more granular level than the Retail Distribution Review programme of UK reforms enforced and pro-actively informing clients of shifts in depreciation of portfolio values. Firms also have the challenge of ensuring that corporate clients, charities and certain types of trusts pay an additional annual fee for a legal entity Identifier to ensure accurate transaction reporting to the FCA.

However, recent research suggests close to 40 per cent of managers are not prepared for the “unbundling” of research costs, according to the Electronic Research Interchange. Although understanding of the new legislation peaks in larger firms, over one quarter of all firms do not have the technology or infrastructure in place for compliance, with 73 per cent of firms unaware of penalties of up to €5 million (around $5.3 million) or 10 per cent of annual turnover for non-compliance.

Technology can help. Automating areas such as client report pack production, periodic review tools, pre and post trade compliance, portfolio depreciation monitoring and transaction reporting can save a significant amount of effort and allow for a more effective use of time to add value to the service being provided. Taking advantage of a securely managed hosted offering as part of an integrated solution can also reduce risk and allow firms to focus on their core business without needing to build up teams and knowledge in ancillary areas.

In terms of retaining and winning new business, the next generation are also more technology focused than ever. In a 24-hour connected society, people expect to be able to access services anytime, anywhere. If the bank you use for ordinary retail facilities didn’t have mobile banking then you’ve probably already started to look for another bank. Whether we like it or not, this industry is heading in the same direction. 

People expect to see an aggregation of their wealth and to access products & services whenever it is convenient, not just at an annual meeting. With 38 per cent of 18-49 year olds indicating that significant improvements are required to their wealth manager’s digital offering, it is increasingly obvious that there is still a long way to go before the younger generation are content with the technology on offer. 

 

Digital engagement is becoming paramount throughout generations. In fact, 87 per cent of those aged 50+ would use a mobile application if it were available. There is an ever-increasing pressure for wealth managers to offer digital facilities to retain clients and win new business. There has been a flood of digital entrants into the UK, with various types of offerings looking to take advantage of the “digital rush”. The market has understandably reacted and following the initial confusion on what is meant by terms such as robo-guidance, robo-advice, online discretionary etc. it appears that firms are slowly starting to find their way. 

Many are using digital technology to enhance and evolve their current offerings as opposed to feeling the need for it to be completely revolutionary to what they already offer. Having a fully integrated digital offering with a front to back office system provides the flexibility to enhance existing services and also retain the option to move into new areas. 

 

Other areas that can inhibit growth include inefficient operational processes. Achieving operating scalability to support both organic growth from existing clients and strategic growth from new business can be difficult without the right tools.

 

Modern systems can take advantage of the latest developments in technology to ensure adaptability and allow firms to work smarter. There is currently a large-scale move away from traditional legacy systems that have been bolted onto over the decades and pushed & pulled in ways that they were not designed for, to try and achieve what newer systems can do with far less effort. This move away from legacy systems comes at a time when over 80 per cent of firms are reporting that the IT department’s biggest challenge is poor legacy technology not providing scale. 

Computer programming in education is becoming increasingly popular. Newer software offerings gain from having large pools of quality resource to drive their products forward, whilst older technologies are becoming increasingly difficult to support with dwindling levels of expertise and provision available for such technology stacks.

                                                            

A single golden source of information that is accessible from anywhere can make all the difference when it comes to winning new business. Technology can provide tools to maintain a rich set of data in order to aid in managing relationships effectively, run successful marketing campaigns and develop the sales pipeline. Having information on existing clients and relationships readily available with easy access will also allow for effective communication to retain business and to spot opportunities. 

 

A recent study suggested that only one in three of the next generation use the same wealth management firm as their parents, highlighting the shift in requirements of wealthy clients over the past decade. This shift has no doubt come as a result of the improved technology available to wealth managers, which allows them to enhance their offering and standout from the crowd when it comes to the three key things investors looks for; performance, cost and service.


NOTES TO EDITORS

Launched in 2008, Third Financial supplies cutting edge Software and Digital technologies as well as Custody Clearing & Administration services exclusively to the UK wealth and investment management industry . Tercero Software is the marketing leading, multi award winning, front to back Investment Management Software and has one of the largest installed client bases in the country. Third Financial has its headquarters in Covent Garden, London.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Third Financial wins wealth adviser awards for fourth year in a row

19.05.17

Third Financial, leading supplier of wealth management Software and Platform services, has been voted winner of the ‘Best Technology Provider Transaction Processing’ category by the Wealth Adviser readership, in this years’ Wealth Adviser Awards.

The Annual Wealth Adviser Awards will be held at an informal ceremony luncheon at the Reform Club in London, on 19th May. Uniquely, the Awards are based on a peer review system whereby Wealth Adviser readers, primarily wealth managers and family offices, are invited to elect the 'best in class' in a series of categories via an online survey. In each category, the firms with the most votes at the end of the voting period are subject to a final review by Wealth Adviser's Senior Editorial team. Commenting on the firm’s achievement, Stewart Foster, CEO of Third Financial said: "We are delighted to have won a Wealth Adviser Award for the fourth year in a row. Our success at these prestigious Awards, importantly judged by the most high profile wealth managers and family offices in the business, is testament to the hard work that the team have put in over the last 12 months.’’

NOTES TO EDITORS

Launched in 2008, Third Financial supplies cutting edge Software and Digital technologies as well as Custody Clearing & Administration services exclusively to the UK wealth and investment management industry . Tercero Software is the marketing leading, multi award winning, front to back Investment Management Software and has one of the largest installed client bases in the country. Third Financial has its headquarters in Covent Garden, London.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Third Financial breaking new ground with Tercero Cloud

17.05.17

Third Financial, the leading supplier of wealth management software and platform services, is reporting unparalleled success for its recently launched Platform offering.

The Platform service, marketed as Tercero Cloud, launched in November 2016 and has been gaining momentum in the market over the past 6 months. A comprehensive technology and operations outsourcing service for Wealth and Investment Management, Tercero Cloud includes turnkey provision of custody, clearing and electronic dealing. It comes with all the benefits of Tercero Wealth and the state of the art Tercero Digital portal. The offering is now fully operational and already boasts seven clients, five of whom are live. Tercero Cloud is receiving industry-wide praise and is proving so well-suited to the market that Third Financial is reporting a sign-up rate of one new client per month. For the hundreds of UK firms with sub £1 billion AUM, Tercero Cloud offers the three major benefits of superior technology, a low, all-inclusive charge and a completely personalised service. Commenting on the success of Tercero Cloud, Stewart Foster, CEO of Third Financial, said: “The first phase of our vision for Tercero Cloud is now complete and what a year it’s been. With the first clients on board, the service is proven and operational. As the only offering like it in the UK, Tercero Cloud is setting new standards.” Ian Partington, CEO of Third Platform Services, adds: “The need for a truly integrated platform service, inclusive of ultra-modern tools is increasingly important for investment managers and their clients. Tercero Cloud is groundbreaking in its makeup and on the anniversary of our FCA approval, we’d like to thank our dedicated team and the first clients for making our first six months, a resounding success.”

NOTES TO EDITORS

Launched in 2008, Third Financial supplies cutting edge Software and Digital technologies as well as Custody Clearing & Administration services exclusively to the UK wealth and investment management industry . Tercero Software is the marketing leading, multi award winning, front to back Investment Management Software and has one of the largest installed client bases in the country. Third Financial has its headquarters in Covent Garden, London.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Third Financial launch ‘TERCERO POD’

12.04.17

Third Financial Software, leading supplier of wealth management software and platform services, today announces that it has launched an innovative on-site facility, Tercero Pod, at its headquarters in London.

Third Financial Software, leading supplier of wealth management software and platform services, today announces that it has launched an innovative on-site facility, Tercero Pod, at its headquarters in London. By adopting the concept of a ‘model office’, Tercero Pod highlights the confidence TFS has in it’s offering by allowing clients and prospects the chance to get their hands on the products and services at the point of initial interest. This exciting ‘try before you buy’ concept allows interested parties to visualise how the products and services provided could help their firm to stand out from the majority, whilst allowing for increased operational efficiency. Tercero Pod will also act as a space for more in depth ‘Discovery Sessions’, where prospects are invited to spend time with the highly experienced implementation team. The Pod’s facilities allow prospects to upload sample client data, making for a realistic user experience. On signing, new clients are invited back to the Tercero Pod to undertake a more structured training programme with a tailored agenda. In Q3 of this year, Third Financial Services will be releasing the latest version of Tercero Software, inclusive of MiFID II compliant features. The Pod has been equipped with these new features already, and will be open for clients to try in order to provide feedback before it is implemented on site. Stewart Foster, Group Executive Officer, Third Financial Group, comments: “Software isn’t usually regarded as a tactile product, so we wanted to create an environment where our prospects and clients could get their hands on the exciting products and services we offer the wealth and investment management market, all whilst envisaging how they could change the way their firms operate. The Pod offers just that.” For more information on Third Financial Software, or to book a demo, visit www.thirdfin.co.uk or call us on 0207 349 0034

NOTES TO EDITORS

Launched in 2008, Third Financial supplies cutting edge Software and Digital technologies as well as Custody Clearing & Administration services exclusively to the UK wealth and investment management industry . Tercero Software is the marketing leading, multi award winning, front to back Investment Management Software and has one of the largest installed client bases in the country. Third Financial has its headquarters in Covent Garden, London.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Hotly anticipated Tercero Digital Wealth offering ships to market

31.01.17

London based, Third Financial Software Ltd, are delighted to announce that its hotly anticipated Digital Wealth offering was shipped on time, at the end of 2016.

The Digital Wealth offering from Third Financial comes in two ‘versions’: Foundation and Enterprise. Tercero Digital Wealth Foundation (TDW Foundation) is a feature-limited version. It’s predominantly read only and replaces the old Investor Portal and iPad applications from Third Financial.

TDW Foundation is a unique web-based application that functions in tandem with Third Financial Software’s, multi award winning, Tercero Software.

Tercero Software is widely regarded as the most contemporary, integrated front to back office wealth management system available today, and has one of the largest installed client bases in the country.

TDW Foundation provides users with a range of comprehensive, powerful and easy to use features, useable across a wide range of devices, far exceeding capabilities of existing online investment management portals. The new offering is proving so innovative that four existing clients that have elected to upgrade to the new capability and implementation has begun in earnest.

TDW Foundation currently provides state of the art capabilities including a complete wealth overview, current and historic valuations, portfolio analysis with dynamic charting, comprehensive performance measurement breakdowns, transaction enquiries for cash and stock, a summary of recent activity across all accounts, end consumer definable dashboards and document delivery and repository.

TDW Foundation sits within a simple, single application that runs on any operating system, and device as well as an updated look and feel with easy navigation. These include dynamic themes, colours and fonts, making for a sleek and navigable user experience.

Tercero Digital Wealth Enterprise (TDW Enterprise), the second version available to market, builds upon the TDW Foundation version by allowing users to take add on modules that extend the capabilities of the product, allowing them to create bespoke digital solutions.

TDW Foundation offers clients the basis for Third Financials’ TDW Enterprise solution, which will include ‘robo capabilities’.

This ‘upgrade’ will be offered to all Tercero Digital Wealth Foundation users over the course of 2017 but will also be offered to new clients looking to bolt on a ‘robo capability’ to existing portal software.

This unique ‘bolt on’ offering will allow new clients the chance to revolutionise their existing wealth management software without having to invest in the full Tercero Software offering.

What’s more, TFS’ Tercero Platform clients will also be able to access the upgrade earlier than anticipated. Initially, TFS intended to make Tercero Platform users wait for TDW Enterprise, but they are now able to deliver TDW Foundation to Platform clients to ensure they are on the road to a ‘Digital World’ sooner than planned. Implementation has begun for a handful of Tercero Platform clients already.

TDW Enterprise will include cutting edge ‘robo capabilities’. Key amongst these capabilities are: Sales & On Boarding, Dealing and Payment Processing, Two-Way Manager Messaging and Notice Boards facilities. In addition, it will include support for Modelled Portfolio Services, enhanced traditional Discretionary Management or Execution only business models.

  Peter Caddick, CEO of Third Financials’ Digital Wealth offering, comments:
“One of the key things we wanted to achieve with our Digital Wealth solution was a product that really met the needs of UK Wealth and Investment Managers.

This is not just in the short term, but something that we intend to extend and build upon as this dynamic, new market evolves.

We took our time and learnt from some of the false starts we’ve witnessed in the market before we decided on our approach and it is really paying dividends now.

Feedback from both clients and prospects has been fantastic. I believe the use of cutting edge technologies along with our in-depth domain knowledge has resulted in a truly compelling proposition for any firm looking to embrace the digital revolution.”

NOTES TO EDITORS

Launched in 2008, Third Financial supplies cutting edge Software and Digital technologies as well as Custody Clearing & Administration services exclusively to the UK wealth and investment management industry . Tercero Software is the marketing leading, multi award winning, front to back Investment Management Software and has one of the largest installed client bases in the country. Third Financial has its headquarters in Covent Garden, London.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Third Financial sponsor WMA conference

07.11.16

Third Financial Software (TFS), has been unveiled as one of the leading exhibiting sponsors of this years Wealth Management Association’s Annual Summit, being held on 9th November at the Grange Hotel Tower Bridge.

Third Financial Software (TFS), has been unveiled as one of the leading exhibiting sponsors of this years Wealth Management Association’s Annual Summit, being held on 9th November at the Grange Hotel Tower Bridge. With over 400 delegates expected at the central London location, the biggest industry conference of the year promises to be a huge success.

Third Financial’s multi award winning, Tercero Software, is widely regarded as the most contemporary, integrated front-office to back-office wealth management system available today and has one of the largest installed client bases in the country.

To further reflect the conference’s aim to encourage the wealth community to debate the future of our industry, TFS will be bringing along some innovative new digital products to their stand to get delegates talking about the possibilities for new technologies.

The team will be serving up super ‘high tech smoothies’ (appropriately named by TFS staff) whilst delegates are given the chance to try and win some of the coolest new Virtual Reality (VR) technology products including HTC Vive’s and Samsung VR Oculus products.

Stewart Foster, CEO, Third Financial comments:

“2016 has been a historic year for the company as we have received an unprecendented level of demand for our pioneering new Digital Wealth application, announced to the market in June. As a high tech company it is only fitting that we will be demonstrating an array of the newest technology gadgets to get people talking about future developments in the wealth technology space. We’d like to extend an invitation to all attendees to come and have a go with the newest VR products, with lots to give away, whilst we discuss our new products.”

NOTES TO EDITORS

Launched in 2008, Third Financial supplies cutting edge Software and Digital technologies as well as Custody Clearing & Administration services exclusively to the UK wealth and investment management industry . Tercero Software is the marketing leading, multi award winning, front to back Investment Management Software and has one of the largest installed client bases in the country. Third Financial has its headquarters in Covent Garden, London.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Third Financial Announces Innovative New Mobile Platform Service

02.06.16

London based software house, Third Financial, has announced the launch of a new mobile platform service, Tercero Digital Wealth.

The innovative offering comes as a result of a further £1.5m investment from Grafton Capital and will consist of a suite of state of the art client facing technologies, replacing Third Financials existing Tercero iPad and Investor Portal products.   The Tercero Digital Wealth (TDW) concept is a multi-device, multi o/s offering that will provide Third Financial with a new mobile strategy that’s been designed to meet the everevolving needs of the investment management industry. Early deployments of TDW will include existing clients of both Tercero Software and the soon to be launched Third Platform Services, as well as offering B2B2C support for product providers, D2C/B2B2C for DFM’s and as a pure D2C offering.  

A key feature of Tercero Digital Wealth will be to support both experienced self-investors. or those wanting guidance through the investment process.   TDW will leverage the millions already invested in the company’s award winning Tercero Software and Platform services.

Co-founder of Third Financial, Peter Caddick, will be heading up a new technology team to deliver the Digital Wealth offering.   The release plan for the new platform has been set out for delivery across three key dates.

In Q4 this year, existing Tercero Software users will be offered the new features as part of their existing suite. Spring 2017 will see TDW available to both Tercero Platform Services customers and to product manufacturers. In the summer of 2017, the full TDW D2C product will be launched.

 

Oliver Thomas, Partner and Co-founder of Grafton Capital, and Board Director at Third Financial said:

"Stewart and the team have more than delivered against their growth plans for Third Financial since our partnership began in early 2015. With growing demand for the company's market leading software, we are delighted to be investing a further £1.5m to establish Third Financials regulated platform services business, TDW, and to ensure Tercero delivers best in class D2C capabilities for our clients”


NOTES TO EDITORS

Third Financial Software Ltd is one of the fastest growing providers of Wealth Management software. Launched in 2008, Tercero Software is widely regarded as the most contemporary, integrated front-office to back-office wealth management system available today. The company’s new offering, Tercero Platform Services, was launched in 2015 and will be available in July 2016. Third Financial supplies exclusively to the wealth and investment management industry and has offices in Covent Garden and Halesowen, employing 70 staff across both sites.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Third Financial wins Wealthadviser award for third year in a row

28.04.16

Market leading software house, Third Financial, has been voted winner of the ‘Best Technology Provider Transaction Processing’ category by the Wealthadviser readership, in this years’ Wealthadviser Awards.

Market leading software house, Third Financial, has been voted winner of the ‘Best Technology Provider Transaction Processing’ category by the Wealthadviser readership, in this years’ Wealthadviser Awards.

The Annual Wealthadviser Awards will be held at an informal ceremony luncheon at the Reform Club in London, on 13th May.

Uniquely, the Awards are based on a peer review system whereby Wealthadviser readers, primarily wealth managers and family offices, are invited to elect the 'best in class' in a series of categories via an online survey. In each category, the firms with the most votes at the end of the voting period are subject to a final review by Wealthadviser's Senior Editorial team.


Commenting on the firm’s achievement, Stewart Foster, CEO of Third Financial said:

"We are delighted to have won a Wealthadviser Award for the third year in a row. Our triumph at these prestigious Awards, importantly judged by the most high profile wealth managers and family offices in the business, really cements our position as one of the most highly regarded offerings available, by industry peers.”


NOTES TO EDITORS

Third Financial Software Ltd is one of the fastest growing providers of Wealth Management software. Launched in 2008, Tercero Software is widely regarded as the most contemporary, integrated front-office to back-office wealth management system available today. The company’s new offering, Tercero Platform Services, was launched in 2015 and will be available in July 2016. Third Financial supplies exclusively to the wealth and investment management industry and has offices in Covent Garden and Halesowen, employing 70 staff across both sites.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Third Financial Software Announces Newly Appointed Head of Business Development and Relationship Management

25.04.16

Market leading Wealth Management software house, Third Financial, is pleased to announce the appointment of Roxanne Afzali as Head of Business Development and Relationship Management.

Roxanne will be responsible for strategic promotion and sales positioning for both Third Financial Software, and for the groups newly launched, Third Platform Services. Her role will also focus on nurturing and servicing existing client’s as well as building strong relationships with new clients and prospects.

Roxanne’s appointment comes after joining Third Financial, two years ago. As a key member of the Business Development team, she brings a wealth of knowledge and skill to support the company’s continued growth.

Commenting on the appointment, Stewart Foster, CEO Third Financial, said:

“As a talented and driven professional with a strong knowledge base and proven track record of success, Roxanne is an excellent addition to our Group Operations Board, responsible for the day to day running of the business. We’re delighted to have promoted Roxanne and we look forward to seeing the implementation of her dynamic management style, which we’re sure will complement the growth of the firm.”

Commenting on her new role, Roxanne Afzali, said:

“2016 is an exciting year for the company. Third Financial has cemented itself as a market leader and with extremely positive interest in the newly launched Third Platform Services, the future promises to be very exciting. The new role will allow me to spearhead the pursuit of the many opportunities that exist in the market. I look forward to getting started.”


NOTES TO EDITORS

Third Financial Software Ltd is one of the fastest growing providers of Wealth Management software. Launched in 2008, Tercero Software is widely regarded as the most contemporary, integrated front-office to back-office wealth management system available today. The company’s new offering, Tercero Platform Services, was launched in 2015 and will be available in July 2016. Third Financial supplies exclusively to the wealth and investment management industry and has offices in Covent Garden and Halesowen, employing 70 staff across both sites.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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Third Financial doubles office capacity to support record growth in 2015

28.01.16

Following a year of substantial growth, Third Financial has moved both its London and Halesowen-based teams into larger, newly renovated offices.

The London office location at 17 Neal’s Yard in Covent Garden remains the same with the addition of the first floor, doubling the available space. In Halesowen, the development team has moved to a suite quadruple the size of the previous office in the same building, Fountain House.

A full renovation project has taken place in both Halesowen and London making for a dynamic working environment.

The new offices were a necessity on the back of a successful 2015 with substantial growth, both in terms of the number of clients as well as the resources needed to support them. As part of the new renovations at Neals Yard, a new client suite has been created to facilitate meetings and product demonstrations.

Commenting on the move, Stewart Foster, Third Financial’ s CEO, said:

“We have had a number of new people join the team in readiness for a busy 2016. The move has substantially increased the amount of desk space we have available, providing a more spacious working environment in both London and Halesowen. The offices offer scope for up to 100 people across both sites, allowing for further potential recruitment”.

Third Financial Software has one of the largest installed client bases in the country. Established in 2008, the Tercero Software Platform is widely regarded as the most modern, integrated front to back office wealth management system available today. Third Financial supplies exclusively to the wealth and investment management industry. They have offices in Covent Garden and Halesowen, near Birmingham.

For all press enquiries please contact Harriet England at harriet@bluebucketpr.co.uk or call 07786227976.

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