Advice Intelligence, which went into voluntary administration earlier this year, has been acquired by GBST.
The firm said the acquisition of the cloud-based end-to-end financial planning software is highly complementary to GBST’s current offering which is available in the UK, Australia and New Zealand, among others.
It recently acquired Salesforce’s adviser solution WealthConnect and the addition of Advice Intelligence will help “further accelerate the company’s ability to offer both digital and hybrid advice to the global wealth market”.
Advice Intelligence went into voluntary administration at the end of May following the decision by Regal Funds Management (Phil King) to withdraw future funding.
Founder and chief executive, Jacqui Henderson, will now move over to GBST.
In a statement, the firm said: “GBST expects strong global demand for its complete suite of cloud-based solutions including its capability to deliver digitally driven, optimised advice for retail investors and their advisers aligned to the accepted recommendations in the Quality of Advice Review (QAR) in Australia.
“The purchase of Advice Intelligence is a clear indication that GBST is fast-tracking its growth strategy and confirms the company’s commitment to the broader wealth management market as it expands its innovative suite of adviser technology with a scalable and multifunctional solution that is CRM agnostic.”
Robert DeDominicis, global CEO of GBST, said: “The acquisition accelerates the delivery of our roadmap and positions GBST perfectly to capture a significant share of the growing advice practice management, digital and hybrid advice markets through the delivery of its market-leading cloud-based portfolio of solutions.
“With the combined offerings of GBST, GBST WealthConnect and GBST Advice Intelligence to streamline advice and enhance client experience, GBST is well-equipped to expand its presence in Australia, the UK and internationally.”
Henderson added: “We’re thrilled to join a company as innovative and forward-thinking as GBST, with four decades of industry experience, an enviable client list, global footprint, and a collaborative and supportive culture.
“This acquisition provides GBST with an opportunity to progress and expand the growth of its digital advice solutions and I am certain we will achieve great things together.”
