Wealth technology is entering a new phase where modernisation is no longer just about upgrading systems but about embedding intelligence into every layer of the platform. Iress’s partnership with Thoughtworks reflects a broader industry shift towards modular transformation, where firms are prioritising stability while progressively integrating AI to enhance adviser productivity, accelerate product innovation and unlock new revenue opportunities.
Iress has entered into a strategic multi-phase partnership with Thoughtworks to modernise its wealth management technology platforms and accelerate the expansion of artificial intelligence across its systems. This collaboration focuses specifically on the Iress Wealth division, with Thoughtworks providing specialised advisory, engineering, cloud, and design support to simplify the company’s technology architecture. Rather than attempting a high-risk, total replacement of its existing infrastructure, Iress is adopting a staged, modular modernisation strategy to maintain stability in regulated financial markets while improving software delivery.
The partnership is built around four primary priorities: updating the technology operating model, developing new products for advisers and wealth providers, modernising existing applications, and integrating broader data and AI tools. As part of this initiative, Thoughtworks will introduce its AI/works development platform, along with advanced capabilities in customer experience and product design. These tools are intended to significantly improve adviser productivity and reduce the burden of manual processes, ultimately creating new revenue opportunities for wealth management firms.
Andrew Russell, Group Chief Executive Officer and Managing Director at Iress, noted that the partnership is a deliberate step to help clients navigate increasingly complex and regulated environments where speed, insight, and efficiency are paramount. By embedding practical, ROI-led AI capabilities into its software, Iress aims to deliver measurable commercial outcomes for its users. Wayne Te Paa, Managing Director for Banking, Financial Services, and Insurance at Thoughtworks APAC, added that the firm is proud to support Iress’s transformation into a modern, AI-enabled software platform. This development reflects a growing trend across the wealth management sector as firms face increasing pressure to modernise legacy systems and adopt sophisticated AI tools to remain competitive.
What this means for the industry
- Wealth firms are moving away from large-scale core replacements toward phased, modular modernisation strategies
- AI adoption in wealth management is becoming practical and ROI-driven rather than experimental
- Adviser productivity is emerging as a key battleground, with technology reducing manual processes and improving decision-making
- Partnerships between financial software providers and engineering-led firms are accelerating transformation timelines
- Legacy wealth platforms that fail to evolve risk falling behind in both user experience and data-driven capabilities
Photo by Carlos Muza
