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Coin takes equity stake

By Madeleine Collins
2 minute read

Coin has injected capital into a commission-tracking system.

Macquarie-owned Coin Financial Planning Software has bought half of back-office supplier Olicc Technologies for an undisclosed sum.

Olicc will not come within the Coin fold but the deal allows Coin to distribute Olicc's workflow management system, Comtrac.

Comtrac provides advisers with pipeline reporting that allows them to see their upfront and trail revenue.

The move will allow Coin to capitalise on demand from advisers for more control over their commission payments.

The group's founders Cliff Garrels and Daniel Fitzgerald will remain in their jobs, the companies said in a statement.

Coin managing director Tony Graham said Coin would usually build the functionality itself but has found a market-leading solution in Olicc.

"We have recently had a growing number of requests from our clients where they have wanted to build a practice management component into their daily business so they can start actively managing their revenue flow and their succession planning," Graham said.

"We believe that while this product has been an outstanding tool for a number of individual practices, there is significant scope for it to have serious positive implications for larger financial planning groups and institutions."

A similar commission tracking product, Dealer Management System's (DMS) Adviser Online system, is being gradually rolled across dealer groups including RetireInvest, Guardian, Bongiornos, Consultum and Capstone.

The company's sales and marketing director Kurt Smyth said DMS is seeking to integrate the technology with other software providers and talks have occurred with Visiplan, Xplan, Coin and Olicc.

"In any space you're going to have a range of options available," Smyth said.