American Express has announced a wrap platform deal with adviser firm Thinc set to be followed shortly by at least two more as the multinational executes its move into the technology and support services side of UK financial services.
The deal with Thinc means Amex’ wrap account platform – leveraged off the back of its £30m acquisition of online share dealer Sharepeople in 2000 – will be used to offer services to existing Thinc clients. The platform is intended to “optimise its management of affluent client assets,” says Ivan Schouker, chief executive American Express Financial Services Europe. He says Thinc is one of the new breed of adviser firms following business models influenced by depolarisation, which fit Amex' view of how the market will segment. "They are trying to move [advice] out of the cottage indu...
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