Westpac planners pick up Coin
Westpac Bank has become the second big fish in as many months to sign-up emerging technology firm Coin Software at the expense of more established players.
The deal, which gives Westpac advisers access to van Eyk Research’s iRate product, is a major coup for Coin, which is less than 18 months old. It adds to a similar deal struck with the Commonwealth Bank in August.
It is understood IWL and XPlan Technologies were also in the running for the deal.
Head of Coin Darren Pettiona said the group would now “shut itself off from the market” while it beds down the new contracts and will look to take on 10 new staff over the next three months to add to its existing team of 30.
The latest deal will involve a phased roll-out of the Coin Office product to senior Westpac planners and paraplanners in early 2005. This will be followed by a broader release within the group.
Westpac Financial Planning head Justin Greiner said the deal was part of a plan to boost the skills of its planners.
“The deal is consistent with our strategy of getting the right adviser in front of the right customer,” Greiner said.
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