We are delighted to announce that Wesleyan was awarded 'Financial Sector Innovation of the Year' at the FS Tech Awards 2024 on Thursday 14 March.
We have been recognised for our Intermediary proposition – that is our smoothed With Profits Growth Fund being available via independent adviser platforms: the first multi-platform smoothed investment solution in the market.
Maximising our With Profits opportunity
Our smoothed With Profits fund is widely considered one of Wesleyan’s greatest assets, and maximising the opportunity it offers is part of our strategic plan.
In July 2021, we launched a specially-designed version of the fund – the With Profits Growth Fund, specifically for adviser platforms. We initially launched this on the Wealthtime (previously Novia) platform, followed by Nucleus Wrap platform in October 2023.
Market-leading innovation
Historically, With Profits was not available on independent platforms because of the structure of the funds and resulting requirements.
We addressed this by creating a new version of the fund along with the relevant processes needed to enable it to sit alongside other funds on platforms.
As a result, our simple and transparent smoothing mechanism allows IFAs access to a version of With Profits that has the same characteristics of other funds on platforms, while being able to benefit from the low volatility provided by our unique smoothing mechanism.
Nick Henshaw, Head of Intermediary Distribution at Wesleyan said, "This award is a testament to the hard work and dedication of our internal teams and puts Wesleyan well ahead in terms of a With Profits offering in the IFA market, which is a brilliant piece of innovation that we can all be proud of. Not bad for a fund that is over 100 years old!"