Focus Business Solutions, the advice tech business trading as Focus Advice Technology, has announced the successful completion of its management buyout (MBO) from Abrdn.
The buyout was led by Dave Upton, who has been with the business since 2007, and will assume the role of CEO with immediate effect.
Focus was founded in 1993 and acquired by Standard Life in 2011. Over the past 30 years, the business has offered UK advice firms multi-channel, digital and advanced automated advice solutions across protection, pensions and investments.
Focus has an established blue-chip client base including NFUM, Skipton, Abrdn, Santander, Bank of Ireland and others.
Abrdn will remain a minority investor in the business with a seat on the Focus Board and will remain a customer of the Focus business.
“The return to independence after nearly 14 years of operating as part of a FTSE-listed business puts Focus in a strong position to deliver on its growth ambitions,” said Focus.
“Key to achieving these will be to broaden the Focus client base and drive the transformation of the advice tech industry through its unique technology solutions.
“Focus’ technology provides advice firms, consolidators, building societies and platforms with proven ‘Advice Engine’ automation to minimise the time spent on each advice case. This allows clients to scale while delivering more consistent advice and a better customer journey through sophisticated advice automation.
“The Focus team has leveraged 30+ years’ expertise and invested heavily to build a native Azure advice platform from the ground up and deploys an in-house customer led design practice focused entirely on the experience of the end user. Its API-first cloud technology provides the foundation to transform advice delivery …
“The Focus advice product range has always made financial advice delivery easier and more efficient across all consumer need areas, and the business has led the market with digital consumer engagement tools in recent years.
“Building on this, the introduction of a user-centred design practice now brings ease of use and consumer engagement to the fore, helping advice firms drive even better consumer outcomes.”
Upton said: “Being part of Abrdn enabled us to strengthen our practice and processes over the past decade. Our return to independence means we can take our learnings to even more advice firms across the UK, with a talented customer-centric team, innovative new technology and a robust balance sheet in place.”
“We are in a stronger position than ever to serve both existing and new customers as well as delivering transformational new growth.”
“Our vision is a transformed UK advice industry, with far more efficient advice delivery leading to more affordable servicing of more consumers.”
“We look forward to offering our innovative products to the wider market and have a solid pipeline of new and exciting digital solutions in design.”
David Scott of Abrdn said: “Focus has the team, the tech, the expertise and the client-focus to thrive as an independent business. We are pleased to have completed a successful MBO process and look forward to continuing to work with Dave Upton and his team as they progress on that journey.”