SEI’s global wealth platform will support Cavanagh’s growth by providing a scalable, repeatable acquisition model for all new business, a conversion plan for the existing client assets and a broader exposure to additional SEI solutions.
SEI’s global wealth services is an outsourcing solution for wealth managers combining wealth processing technology and wealth management programmes, coupled with business process expertise. The integrated offering aims to provide wealth management organizations the infrastructure, operations and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market.
Joseph Ujobai, executive vice president of private banks segment at SEI, said: “In the current wealth management landscape, IFA solutions are generally limited and unable to support large businesses. The move by Cavanagh to this new wealth management model shows the importance of forming a strategic partnership for future growth. SEI is able to offer a more streamlined process that will significantly promote growth.
“SEI’s global wealth platform will allow Cavanagh to enhance the services they already offer to their clients, and help manage increasing regulations. We believe that firms like Cavanagh are going to be well-positioned to increase their current market leadership, especially in a post-RDR environment.”
Andrew Fay, chief executive of The Cavanagh Group, said: “As one of the largest UK IFAs, traditional IFA solutions were not viable for a firm of our size and future strategy. Their innovative solutions are distinctly aligned to our growth ambitions, SEI recognizes the importance of scale in systems and processes and through the partnership with them we are able to support enhancements to the service we offer our clients.”