As wealth management firms across the globe face mounting pressure to modernise their operations, improve efficiency and integrate artificial intelligence within increasingly regulated environments, Iress has announced a strategic partnership with global technology consultancy Thoughtworks aimed at accelerating platform modernisation and unlocking AI-enabled growth across its Wealth businesses.
The collaboration comes at a time when financial services organisations are actively exploring how emerging technologies can enhance adviser productivity, streamline operations and deliver more personalised, data-driven client experiences. It also reflects broader industry conversations around the future of financial advice and the growing need for technology platforms that can adapt to changing client expectations and regulatory requirements.
Through the partnership, Iress will advance its strategy to modernise its core platforms, simplify its technology architecture and build new growth capabilities. Clients are expected to begin experiencing the benefits of these developments from the second half of 2026.
By combining Iress’ extensive market expertise and proprietary product capabilities with Thoughtworks’ strengths in technology advisory, engineering, cloud solutions and artificial intelligence, the partnership aims to deliver faster product innovation, enhanced operational efficiency and more scalable, client-centric platforms.
The initiative will also support Iress’ transition towards an AI-enabled modular architecture, enabling the company to create greater value for clients while maintaining a disciplined research and development investment framework of between five and seven percent of revenue.
Iress Group Chief Executive Officer and Managing Director, Andrew Russell, said the partnership represents a significant step forward in the company’s long-term strategy.
“Our clients operate in increasingly complex and regulated environments where speed, insight and efficiency matter more than ever,” said Russell. “By working with a partner that brings world-leading thinking in software design and AI-enabled capabilities, we are accelerating how we evolve our core platforms, beginning with Xplan, while staying focused on what clients value most about our software: reliability, usability and the depth and flexibility needed to support complex advice.”
The announcement also carries strong relevance for the South African market, where wealth management firms are increasingly seeking technology solutions that support both compliance and growth.
According to Iress South Africa CEO Shaun Nicholson, the future of the local wealth management sector will depend on organisations’ ability to integrate trusted advice with intelligent technology.
“The future of wealth management in South Africa will be shaped by firms that combine trusted advice, strong compliance and intelligent technology,” Nicholson said. “This partnership positions Iress to support our clients in making that shift – moving from complexity and manual effort toward more connected, data-driven and scalable advice models.”
Russell added that the collaboration with Thoughtworks is designed to accelerate innovation while delivering measurable business outcomes.
“Our partnership with Thoughtworks is a deliberate step to accelerate Iress’ strategy through modernising our software and embedding practical, ROI-led AI capabilities,” he said. “It strengthens our ability to deliver better outcomes for clients, while driving faster innovation, improving the speed of delivery and reducing the cost to serve. It also positions Iress to capture new long-term growth opportunities in global wealth management.”
Thoughtworks’ Managing Director for Banking, Financial Services and Insurance, Wayne Te Paa, said the partnership would help establish a strong foundation for future growth.
“We are proud to partner with Iress to accelerate its ambitions as a modern, AI-enabled software platform,” Te Paa said. “By combining Thoughtworks’ expertise in technology, product and AI with Iress’ strong market position and data assets, we are helping build a platform that enables wealth providers to better serve their clients and compete in a rapidly evolving market.”
The partnership will focus on four key strategic priorities. The first centres on operational excellence, complementing Iress’ existing technology operating model to improve quality, increase delivery speed and reduce complexity.
The second priority involves client-led product innovation, with an emphasis on designing and delivering data-driven features that minimise manual processes, improve adviser productivity and create new revenue opportunities for wealth providers.
Targeted platform modernisation forms the third pillar of the partnership. Rather than pursuing high-risk, large-scale replatforming initiatives, Iress and Thoughtworks will adopt a staged, modular approach to modernisation while leveraging AI-enabled development capabilities to accelerate delivery.
The fourth area focuses on data and AI-driven value creation. By embedding artificial intelligence into the platform, Iress aims to unlock the value of its proprietary data assets, enhance decision-making capabilities and identify new opportunities for growth as the wealth advice landscape continues to evolve.
As the financial services industry embraces digital transformation at an unprecedented pace, the Iress-Thoughtworks partnership signals a growing recognition that the future of wealth management will rely not only on technological innovation, but on the ability to deploy it responsibly, efficiently and in ways that strengthen the adviser-client relationship.
For South African wealth firms navigating an increasingly complex environment, the move represents a step toward more intelligent, connected and scalable advice models designed to meet the needs of both advisers and clients in the years ahead.