PIMFA
5 March 2024
PIMFA WealthTech and Morningstar invite FinTechs to showcase ESG solutions at Morningstar Conference
- FinTechs invited to provide solutions around Sustainable Finance Reporting, verification and disclosure requirements.
PIMFA WealthTech, the market network and technology platform created with principal strategic partner Morningstar, a leading provider of independent investment insights, has today (5 March 2024) launched its latest ‘Tech Sprint’ this time focused on Environmental, Social and Governance (ESG) factors.
FinTechs active in this area are invited to participate in, and demonstrate how, their technologies and solutions can make a difference to ESG and sustainable finance reporting, verification and disclosure.
If you are a FinTech, which fits the criteria and can demonstrate to wealth managers how your technology can benefit clients with the use of Morningstar data, please complete the registration form here for more information. Registrations are open now and will close on Friday, 15 March 2024, at 5pm.
PIMFA WealthTech is seeking high-growth, market-innovating scale-up firms, which are typically post Seed/Series A funding. FinTechs should have a demonstrable minimum viable product and, ideally, already be engaged with the financial services sector, although this is not essential.
Participating FinTechs will need to demonstrate how Morningstar datasets can be incorporated within their respective solutions, with a preference for solutions that utilise APIs, Open Data and Artificial Intelligence (AI).
A briefing session for chosen FinTechs will be held on 20 March, and FinTechs will be invited to showcase their solutions at the Morningstar Investment Conference on 1 May.
ESG and sustainable finance are a priority area of focus not only for wealth managers and advice firms, but also the Financial Conduct Authority (FCA). PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, is taking a leading role in supporting the development of new guidance in partnership with the FCA to ensure the information provided to consumers is clear and consistent and so as to eradicate, where possible, the detrimental impact of the phenomenon known as ‘greenwashing’.
Research conducted by PIMFA last year, conducted in association with Alpha FMC a specialist management consultancy for the wealth and asset management industries, indicates the ESG data market is becoming increasingly challenging for firms to navigate, that technology solutions in this area will become invaluable and that using innovative technology, such as AI could prove vital for integrating all aspects of ESG and sustainable finance into a firm’s offering and operations. For example, where providers can help to aggregate, analyse and populate information needed for climate-related disclosures at an entity, product or consumer-facing level.
Morningstar and PIMFA WealthTech have over the past 12 months collaborated on a number of ‘Tech Sprints’ to address common issues within the wealth management and advice sector where new technology could offer the most effective solution for all parties.
The first Tech Sprints in 2023 examined how customer-focused technology can be deployed to support the needs of wealth managers with the requirements of Consumer Duty. Subsequent Tech Sprints in late 2023 focused on how new technology and Fintech providers can support wealth managers and advisers with client profiling, onboarding and experience.
PIMFA WealthTech has been created to address digital business transformation through the development and adoption of market-leading technologies. As a digital marketplace and industry network. PIMFA WealthTech’s objective is to drive innovation and enhance collaboration between FinTechs and wealth management and advice firms, operating an Advisory Council of leading wealth management and financial advice practitioners that cover all segments of the sector.
Richard Adler, Executive Director of PIMFA WealthTech, commented: “ESG and Sustainable Finance is a top priority for PIMFA members, with the recent FCA sustainability disclosure requirements and investment labels policy a key step for increasing trust in sustainable investments.
“The role technology can play in helping our members meet new requirements and serve their clients better has the potential to be enormous. We’re delighted to be working with Morningstar on this important Tech Sprint and invite FinTechs in this space to participate and demonstrate to the wealth management industry the type of innovation and support they can offer.”
Anastasia Georgiou, Director of Client Solutions, Adviser Segment, EMEA, Morningstar, commented: “We are proud to continue our longstanding strategic partnership with PIMFA WealthTech to showcase new technology solutions from FinTechs to the Wealth sector.
“Today, firms need to generate insights and ideas for sustainable investments and position new offerings in the market. This includes identifying innovative ways to address the challenge of harnessing the vast amount of data available which is needed to provide accurate reporting and disclosures. Along with PIMFA, Morningstar is proud to help promote new solutions to help firms identify ESG risks and create new opportunities for clients.”
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About PIMFA WealthTech
PIMFA WealthTech is part of the Personal Investment Management & Financial Advice Association (PIMFA), the trade association for the wealth management, investment services and the investment and financial advice industry, spanning 13,000 regulated firms that collectively manage the interests of almost £1.7trillion.
It believes that collaboration is essential to solving industry challenges and brings together senior industry decision-makers to address the most important and complex questions concerning technology focus, partnering and adoption as it applies across the value chain.
Our market network and technology platform has been created to bring the most innovative and relevant WealthTechs to our sector. Our teams work alongside leading financial institutions to identify, prototype and deliver enhancing technologies and breakthrough solutions that generate competitive advantage and business impact.
Further information can be found at pimfawealthtech.com
About PIMFA
About PIMFA – the Personal Investment Management & Financial Advice Association
- PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
- The sector currently looks after £1.7trillion in private savings and investments and employs over 63,000 people.
- PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
- PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
- PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
- PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
- Further information can be found at pimfa.co.uk
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, , including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $286 billion in assets under advisement and management as of Dec. 31, 2023. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
Contact
For further information on this release or other press matters please contact:
Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376 / +44 (0) 7843 903258
Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225
