Macquarie will beef up its independent financial adviser (IFA)-focused financial planning software business, following the sale of its Coin financial planning software to Rubik Financial.
The sale of Coin resulted in the business being divided into two financial software offerings, with the offering for IFA practices retained by Macquarie and renamed Macquarie Visor.
"This was a natural step for us to take. Maintaining and developing the IFA-focused part of the financial planning software business plays to our strengths," Macquarie head of financial planning software Kirk Pitman said.
"Moving forward, we can focus solely on meeting the specific needs of IFAs.
"We think that financial planning software has a key role to play in the current environment, particularly in supporting our IFA clients in attracting new staff, exploring new opportunities that come with the FOFA (Future of Financial Advice) reforms and having more engaged relationships with end clients."
Macquarie Visor 4.0 will include mobile and online access to desktop features and FOFA-related enhancements.
The software is currently in development and is expected to be launched later this year.
Last week, Rubik Financial completed its partial purchase of Macquarie's Coin software, with all key staff moving across to the new owner.
Rubik paid $23.75 million for the acquisition and appointed former Asgard Wealth Solutions head Wayne Wilson as managing director of its wealth management business.
As part of the agreement, Macquarie will continue to service the majority of Coin's boutique independent financial advice clients under a licence from Coin.
Coin will become one of the product lines of Rubik.
More than 15 of Australia's largest banks and financial institutions use Coin as part of their financial planning systems.
