Macquarie Group’s financial planning software provider Coin has acquired the remaining 50 per cent stake in Outplan.
The full acquisition is part of Coin’s strategy to improve financial adviser practice efficiency through access to flexible paraplanning services, it stated.
Coin’s head of product and technology, Robert McCabe, said Outplan’s outsourcing solution has become an attractive proposition for some practices and complemented Coin’s strategy.
“The possibility of regulatory change has led financial practices to look for greater flexibility,” said McCabe. “Turbulent market conditions have encouraged practices to streamline services and outsourcing paraplanning can provide a number of benefits to a practice.”
He added that it was more expensive for practices to hire in-house paraplanning staff due to seasonal demand and a shortage of skilled paraplanners.
Outplan was established in 2005 by Andrew Whelan and Michael Blanchflower, who will continue to assist Coin.
