Rubik Financial's chief executive will step down following the company's acquisition of Provisio software.
The conditional agreement will see Rubik expand its advice offering into scaled advice through the acquisition of Provisio, with the transaction expected to be completed in March of this year.
As a result of the changes, Rubik chief executive Brent Jackson will step down from his executive role, which he has held since the company started five years ago.
"Rubik has identified that scaled advice will be a growing area given the changes accompanying Future of Financial Advice (FOFA) reforms, and is acquiring the Provisio business for the long term," Rubik managing director of wealth Wayne Wilson told InvestorDaily.
"This acquisition opens up new market segments for Rubik; mainly scaled and online advice in the superannuation and IFA markets."
Mr Wilson said that the acquisition will expand Rubik's offering to the institution and independent financial adviser markets and that it will be linked to the company's existing COIN software.
"Following this acquisition, institutions and IFAs alike will be able to access Provisio's scaled advice platform as well as the complex advice solution of COIN Software," he said.
"Rubik sees advantages for its existing institutional customers as a result of this acquisition, and believes that components of the COIN software platform will enhance the solutions currently being provided to Provisio's customers.
"Upon the completion of the deal the first significant initiative will be to link Provisio to COIN."
Rubik said that Mr Jackson, who oversaw the integration of Rubik's wealth management software COIN, believes it is time to step down for this new development.
The company will also see further changes to its executive team, including the promotion of Mr Wilson, who will now report directly to the board.
Provisio chief executive Cameron O'Sullivan and Provision chief technology officer Jye Tucker will join the Rubik wealth management team when the acquisition is completed.
The announcement comes after Rubik told InvestorDaily its focus on the FOFA reforms will continue to dictate its short-term software offerings, with COIN's latest release delivering a tranche of FOFA compliance tools.
"The way things look at the moment, I anticipate that we'll be doing FOFA-related releases for probably another 18 months," Mr Wilson said at the time.
"I think it's only once people start actually having to comply with the detail of the law that they'll find various bits and pieces that they want software to do, to try and take as much labour out of compliance as possible."
