Orderist platform launches to support advisers with cross-generation client retention

A new platform for financial advisers, Orderist, has launched with a focus on helping wealth managers to service and retain clients across generations.

Orderist was founded by Tom Poynter and Wes Godwin and uses a living asset record to streamline client reviews, reduce reliance on legacy fact-finds, and support firms with meeting their Consumer Duty obligations.

It also looks to help advisers speed up onboarding, simplify account management, support better-informed advice, and free up time to focus on advising clients.

The platform scans the connected email account and cloud storage to find financial accounts, investments and pensions, and the documents that evidence them.

Open banking provides information from connected bank accounts, while the scans look for insurance policies, property records and other assets of value.

Clients review each suggestion and decide what goes into their record, which wealth managers and advisers can view.

The platform can be synced into the systems advisory firms already use via API, supporting onboarding, ongoing reviews and inheritance discussions, while reducing reliance on legacy processes and spreadsheets.

Orderist said it addressed three challenges: the risk of losing relationships when wealth passes to the next generation; the administration involved in onboarding and servicing clients; and building a full picture of a client to help meet Consumer Duty requirements.

“With 55 per cent of next-generation heirs reportedly planning to leave their benefactor’s financial adviser, and up to £7trn potentially passing between UK generations over the next 30 years, the scale of both the retention challenge and the commercial opportunity for advisers and wealth managers is huge,” said Orderist co-founder and CEO, Tom Poynter.

“Furthermore, advisers reportedly see only around 40 per cent of a client’s total asset picture, while more than £50bn is estimated to sit in lost or forgotten financial accounts across the UK."

Poynter noted that, for high-net-worth clients with assets spread across providers and structures, incomplete records could leave advisers without information relevant to financial planning and succession.

“Engaging beneficiaries and executors while the client relationship is active gives firms the opportunity to build trust before wealth changes hands,” he continued.

“Most people have no single, organised picture of what they own, who should have access to that information or what happens when life changes. That creates difficulties for families and for the advisers and institutions trying to support them.

“We built Orderist to bring that picture together. For wealth managers, the goal is to reduce onboarding administration and improve internal productivity, allowing them to spend more time serving their clients and building relationships that last.”

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