Wealth management solutions provider IWL is to merge its two broking platforms as part of a strategy to roll out new product offerings in the wholesale and retail broking space.
IWL chief financial and operating officer Luke Littlefield said the group’s two stockbroking platforms, Plato and the Stock Highway, will be merged by the end of the year.
“Plato will be merged with Stock Highway. The new platform will be ready by the end of the calendar year,” Littlefield said.
The merger will give Plato’s existing 1500 adviser clients access to IWL’s Echelon portfolio system, he said.
All clients within both platforms are supportive of the merger.
The merged platform would also deliver enhancements to existing client trading platforms enabling switching straight through processing of options, contracts for difference, research and live streaming market data.
Littlefield said as well as merging its broking platforms, IWL had not ruled out any local or international acquisitions.
“It’s something that we retain a watching brief over. We see our business can grow organically and through mergers and acquisitions that add more product functionality,” he said.
While he would not be drawn to any exact details, he said the group would be interested in businesses that hooked into the broking and portfolio platforms.
The group has not ruled out adding additional elements to its portfolio system, with Littlefield noting that separately managed accounts and self-managed super funds could be an option.
“It’s a possibility, if it’s complementary and synergistic. We’re value buyers,” he said.
