Adviser Ratings’ wealth data and sentiment business ARdata announced its completed acquisition of investment and superannuation system ProductRex.
With ARdata taking full ownership of the platform, ProductRex’s founder, Nick Topham, would stay as chief executive of the business.
According to Angus Woods, ARdata’s founder and chief executive, ProductRex grew to 2,500 advisers in 18 months, making it the fastest-growing advice tool in user growth over the last decade.
“Bringing ProductRex into the ARdata business makes perfect sense for both companies, as we
align our culture and mindset with a ruthless focus on adviser and consumer outcomes and delivering better, more actionable data, for the industry,” Woods said.
As advisers and clients shift towards defensive assets, including cash and term deposits, ARdata’s acquisition would strengthen its service offering as a key data provider to the wealth industry.
Topham affirmed that ProductRex would remain free for advisers and was committed to the evolution of the service.
“Becoming a part of ARdata and the broader Adviser Ratings group is a great thing for ProductRex and its users, as it provides both additional technology capability and development resources, and the freedom for me to focus on the continual improvements to the ProductRex platform,” he commented.
The announcement followed Adviser Ratings’ acquisition of wealth data analytics firm Beddoes Institute in October 2022.
“As the financial advice industry and the wealth management sector find their feet after several
years of monumental change, it is vital for those industries to have access to the richest intelligence available to make decisions in the best interests of their clients,” Woods added.
“We will continue to build our capabilities and compelling value proposition to ensure we help all our customers manage their clients’ interests more effectively through a comprehensive suite of data and insights.”
