Iress plans AI-enabled overhaul of wealth platforms

Binaya Dahal

Journalist

8 May 2026

Financial technology provider Iress has struck a partnership with global consultancy firm Thoughtworks to accelerate platform modernisation and unlock AI-enabled growth across its wealth management businesses.

The ASX-listed group said on Thursday that clients would begin to see benefits from the partnership in the second half of 2026, with the initiative initially focused on Xplan, Iress’ flagship financial advice software platform.

Iress’ CEO and managing director Andrew Russell said the move was a deliberate step to accelerate firm’s strategy through software modernisation and the introduction of practical, return-on-investment-focused AI capabilities.

“Our clients operate in increasingly complex and regulated environments where speed, insight and efficiency matter more than ever,” Russell said.

“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.”

He added the co-operation would strengthen Iress’ ability to deliver better outcomes for clients while driving faster innovation, improving delivery speed and lowering the cost to serve.

“It also positions Iress to capture new long-term growth opportunities in global wealth management,” Russell said.

Under the arrangement, Thoughtworks will work with Iress across four key areas including operational efficiency, client-focused product innovation, modular platform modernisation and AI-driven data capabilities.

The companies said the strategy would involve a staged rebuild of applications rather than a wholesale replatforming effort, with Thoughtworks contributing engineering, cloud and artificial intelligence expertise.

Thoughtworks managing director for banking, financial services and insurance Wayne Te Paa said the firm was proud to partner with Iress in its ambitions to develop a modern software platform.

“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,” Te Paa said.

The initiative forms part of Iress’ broader effort to manage technology investment within a disciplined research and development budget of between 5 and 7% of revenue.