Count Financial has bought the planning software already used by most of its advisers, Interact, from IOOF Investment Management after the latter opted to sell the package to Count due to it not being cost effective.
Interact was acquired by IOOF in November 2003 when it bought out the original developers of the software, AM Corporation. It is used as a technical services support tool to calculate super, reasonable benefit limit (RBL) and pension projections.
IOOF head of product Andrew Polson said the Melbourne-based fund manager decided to stop updating the software because such tasks could also be performed by Xplan, which is already used by IOOF. He also said that attempts to merge the two programs would have been too expensive.
“We haven’t been charging for it so to spend the money to convert was not feasible. We checked out Interact capabilities versus Xplan capabilities and it turned out Xplan has better capabilities for advisers so we will just have to introduce training for advisers.”
Count technical services manager Kim Guest said the package was bought because it was so popular with the 800 or so Count advisers already using it.
“If we didn’t buy it we’d have to go and purchase new software from a provider, but we’re really happy with Interact so we’re happy to keep going with it,” Guest said.
Despite the deal, Guest said Interact would still be offered to non-Count advisers.
All impending members will receive the software free of charge for a three month period while Count worked out utilisation rates, before the likelihood of charging for the software early next year.
