Stewart Foster
Technology entrepreneurs Stewart Foster and Pete Caddick have launched a new start up venture – Step Fourth – to the UK market today (15/12/2022).
The privately funded Birmingham-based company is developing a suite of digital solutions designed for UK wealth managers, stockbrokers, consolidators, and platform providers.
The first of its new products - Blue Nova – aims to allow investment companies to consolidate client data from multiple sources into a centrally managed, secure repository.
Blue Nova should also help firms offer their advisers and end consumers a functional digital engagement portal providing a whole view of its investment world.
The company has been working behind the scenes in its pre-launch phase, despite keeping its presence under the radar.
In April, Step Fourth acquired the assets of Birmingham-based wealth management technology provider IMVS.
In May, wealth management industry veteran, Paul Harris, was appointed chairman. He is currently chief executive of GHC Capital Markets.
Mr Foster founded Third Financial in 2008 and was chief executive until 2018. Mr Caddick was chief technology officer of Third Financial during the same period. Later, he was head of product – wealth outsourcing at GPP Group.
Research conducted by Step Fourth found the UK wealth and investment market dramatically lags other industries in the adoption of digital technology.
The available products lack innovation; are incomplete; need a high level of customisation; and are prohibitively expensive to the majority of market participants.
To support the wealth and investment market, Step Fourth aims to be first to market with a new generation of client facing technologies that are “functionality rich, out the box and available at a much lower price point”.
Step Fourth’s motto is: Always invest more in tomorrow than you take out today.
Mr Foster said: ''We believe that the current digital offerings to the UK market lack innovation and do not provide what the market truly needs.
“Our vision is to once again build an affordable suite of award winning solutions that will set the benchmark for the wider sector and I could not be more thrilled to be embarking on this new journey.”
Blue Nova is currently available for demonstration and should go live in 2023.
