“Those earlier challenger brands really forced the large institutions; the big brands came into the market because the challenger brands were beginning to erode their market presence. They came in as a result of that challenge.”
Innovating from within
While Vasilieff and Taylor brought innovation to the industry by co-founding platforms, Mann says the late David Tiller’s path was to work within larger brands.
Before joining Quilter as commercial and propositions director, Tiller held the role of global head of client technology solutions at Standard Life Aberdeen, where he was responsible for the Standard Life Wrap and Elevate platforms.
Mann says: “David spent most of his time at Standard Life, and latterly at Quilter. And he spent his time working within those large brands to try and innovate in the larger brand, rather than create a new brand.
“He worked tirelessly to bring new thinking into large institutions, and his loss was the loss of the large institutions that he worked for latterly, because he was bringing fresh thinking into those places.”
David Ferguson, chief executive of Seccl, who previously founded Nucleus, agrees.
“I always admired how much David [Tiller] agitated for change inside the much bigger and more complex Standard Life, always willing to make himself unpopular if that was the right thing to do.
“Over the past 20 years, Ian, David and Bill each played a massive role in dismantling an unacceptable past and driving us toward something much better. These guys were notable for not only having the desire to see things change but in having the strength of character to act, whether in the businesses they founded or in effecting change within something bigger.
“Importantly, all three aligned their personal success to that of customers, sometimes by innovating, sometimes by lobbying the regulator and sometimes by influencing the conduct of others.
“Their collective contribution was hugely apparent in the work around RDR, when a small number of individuals managed to convince the regulator to go down the path it did. While others were involved, Ian led the charge with enormous conviction in what was right.
“Ian, David and Bill were very different personalities but they were individually and collectively massive in moving things along.
"Our sector has been diminished by each of their departures and it is tragic they are no longer around to help guide and inspire us. Much gratitude to the three of you.”
Chloe Cheung is a senior features writer at FT Adviser
