IWL is to close its financial planning research capability, InvestorWeb Pro, selling the product's customer list to research house Morningstar.
The number of advisers who migrate to Morningstar's Adviser Workstation research tool from the IWL product will determine in part the final sales price.
In a note to clients IWL said it intended to carry on the operation of its direct retail investment research business, www.investorweb.com.au.
"Following completion of the transaction, IWL will constitute a more focused business, with its major operating units consisting of wholesale wealth, comprising online stockbroking and portfolio administration services and retail wealth, comprising direct, retail online stockbroking and associated research," IWL chief executive Officer Otto Buttula said.
It is understood by IFA that 205 financial advisers will be affected.
"We're also committed to working with InvestorWeb adviser clients to make the transition as smooth as possible, and to help them integrate our research into their day-to-day activities," Morningstar Australia and New Zealand chief executive Andrew Bird said.
Adviser Workstation provides advisers with research, asset allocation, portfolio analysis, and client management tools.
Morningstar is the owner of InvestorDaily.
