Online learning firm buys Strategy Steps
New software product and fintech company, knowIt Group has purchased financial planning consulting business, Strategy Steps, with the sale effective from 1 October.
The firm would be led by former Rubik managing director for wealth, Wayne Wilson, former MYOB professional services manager, Wendy Tyberek, and former Rubik group chief information officer, Andrew Roberts.
Strategy Steps co-founders, Louise Biti and Assyat David, told a media briefing the decision to sell the business came as they wanted to focus more on the aged care space, while they believed the firm needed to be taken to the next step of maturity, which required a different technical skillset
"It's the ability to understand different IT delivery methods that is not our best skill set, the ability to focus on a greater distribution reach for it, which we find is going to conflict with our ability to focus on aged care," she said.
The sale also included the transition of Strategy Steps' online strategic advice tool, Desk Caddie, to knowIT, which was used by 4,000 financial advisers.
Strategy Steps acquired Desk Caddie from Deutsche Asset Management in 2010.
Wilson said knowIT Group explored various e-learning and online management systems for financial planners before deciding to acquire Strategy Steps.
The current Strategy Steps team would maintain the content of Desk Caddie for six months, while knowIT Group had also taken a 12-month contract with Biti and David to retain them as strategic advisers during the transition period, Wilson said.
AUTHOR
Malavika Santhebennur
Recommended for you
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
The Federal Court has ordered the freezing of assets and the appointment of receivers to two entities linked to Australian Fiduciaries, ASIC’s latest move in an ongoing investigation into the company’s managed investment schemes.
Off the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, helping numbers return to positive territory.
