Rubik Financial was reassessing the strategies of clients that were using the recently-acquired financial planning software, Coin, in order to develop aligned solutions for the future, the group's newly-appointed managing director said yesterday.
"I'm absorbing the existing Coin team at the moment, so one of the things we've embarked upon is a series of 'deep dives' with all of our key clients to make sure that we understand their strategy," Rubik Financial wealth managing director Wayne Wilson told InvestorDaily.
"So when looking at how we need to develop the technology, we're doing it in a way that complements their strategic needs."
Wilson joined Rubik to lead the direction of Coin after the company finalised its purchase of the business from Macquarie Group in August.
He said he expected Coin would have a strong knowledge of its clients' strategic needs going forward, but found the business had to go back to reassess and understand its clients' needs.
"Once we've done that, then I'll have a look at what will be the best organisational structure for Coin and bring in a few strategic people," he said.
"We're largely a business made up of technicians and business analysts, but I need more managerial, strategic thinkers at the top to help us with our work."
With the official Future of Financial Advice (FOFA) start date of 1 July 2013 looming, the Coin team is preparing to guide clients through version 4.0 of the software.
"At this stage, we only have two of our 17 clients testing that pre-Christmas," Wilson said.
"If they're looking to solve FOFA within that system, they're going to want to get on it between February and June."
In addition, the business is assessing what resources can be shared between Rubik and Coin, such as Rubik's strength in mobile technology and also security, in relation to the banking sector.
"I've got Rubik people looking inside Coin every day, trying to work out where they can add value, but at the moment the focus is on Coin to make sure we've got the right model to take forward and to accelerate the rate of change," Wilson said.
"Nothing much has happened in Coin for a few years and we want to reverse that trend very quickly."
A number of Coin clients had a well-developed strategy for the next three to five years, while others were more tactical, but they all had a strong view of what they would like technology to accomplish for them going forward, he said.
