Wealth management company Quilter has acquired FinTech business NuWealth as part of ongoing efforts to boost its digital capabilities.

The move is aims to help support new investors seeking guidance at the early stages of their investment journeys.

The investment firm plans to expand and strengthen NuWealth’s platform to help financial advisers offer advanced support to clients, with a particular focus on those who don’t require full advisory services but are looking for guidance as they start investing.

The deal comes in response to emerging proposals form the HMT/FCA Advice Guidance Boundary Review, a regulatory system that aims to provide commercially viable models of advice and support for consumers to make effective financial decisions.

The system especially encourages financial service providers to offer wider support capabilities to bridge the advice gap with solutions including delivering digital guidance solutions for clients.

The acquisition will also allow Quilter to deliver workplace advice through its national advisory firm, Quilter Financial Advisers, serving affinity advice partners.

Steven Levin, chief executive of Quilter, expressed his excitement over the acquisition as he highlighted client demands for digital engagement continue to evolve: “This acquisition aligns with our strategy to enhance our digital capabilities, ensuring we can support advisers to meet the diverse needs of their clients.”

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