Speaking to InvestorDaily, Provisio chief executive Cameron O’Sullivan said that while the acquisition won’t skew the Provisio focus on scaled advice, it will allow it to service clients looking for comprehensive solutions, which was once out of its scope.
“The Provisio focus was scaled advice and in particular, the interaction between online and scaled advice … and the reality is that will continue to be our focus,” Mr O’Sullivan said.
“It’s just, going forward, the [Provisio and COIN] solutions will be integrated and it means that if our clients come to us and start asking for things, instead of instantly beginning the discussion with, ‘Oh,we’ll have to build it’, now we can go back to COIN and ask, ‘What do you have that fills that niche?’”
Moving forward, Mr O’Sullivan said that the acquisition will allow the company to more effectively address all levels of the wealth advice industry.
“I think going forward there will be two types of advice that advisers are going to deal with – one is scaled and one will be comprehensive,” Mr O’Sullivan said.
“COIN has always been a comprehensive solution and we’ve always been scaled, and in the new world there are going to be layers where they overlap.
“Now we’re going to have core systems that were built to be both ends of those spectrums and I think we’ll be able to layer the products together to create some stuff that fits in that middle ground as well.”
Mr O’Sullivan said that part of this integrated solution is a new adviser-focused Provisio software offering that was in development before the acquisition.
“The new thing for us will be going to the adviser market with our new web-based offering,” Mr O’Sullivan said.
“Within a couple of week we’ll be all up and running, but advisers are able to get the software now. We think it will dovetail really nicely with some of the integrated solutions we’ll have with COIN.”
Managing director of wealth at Rubik Financial, Wayne Wilson, told InvestorDaily scaled and scoped advice is an area in which Rubik is looking to improve its capability.
“In Provisio’s world where they are predominately providing the services to groups like industry super funds they’ve now reached a point where the industry super funds also want to be able to provide comprehensive advice,” he said.
“We’ll link COIN with Provisio so institutions and industry superfunds can have access to comprehensive advice.”
He added that the new COIN 4.2 release is scheduled for August or September and will include fully integrated Proviso and Visor capability.
