Coin adds another feather to bow
Coin Software has dealt another blow to its competitors in the highly competitive adviser software market after striking a deal with Goldman Sachs JBWere Private Clients.
The deal will give Goldman Sachs JBWere Private Clients’ advisers access to Coin’s flagship offering for an initial 12-month period.
The agreement adds to the two big institutional contracts Coin signed in the second half of last year with Westpac Financial Planning and Commonwealth Bank of Australia.
However, unlike Westpac and the Commonwealth, which both previously used in-house legacy systems, the latest deal cuts directly into IWL’s market share.
Goldman Sachs JBWere Private Client’s advisers currently use IWL’s VisiPlan software.
Coin joined the financial services software space a little over 18 months ago.
Coin head Darren Pettiona said the pace of the group’s growth in such a short space of time was not an issue.
Pettiona, who along with the original creators of VisiPlan — Ian Litster and Suwandi Tan — kicked off the business in June 2003, said the addition of new staff and the experience of the team would allow the group to manage the growth.
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