The founders of an independently-owned financial advice platform have sold the business to an Australian fintech firm as they turn their focus to their aged care advice business.
Co-founders of financial information platform Strategy Steps, Louise Biti and Assyat David, this week announced the sale of the business to knowIT Group, a financial services technology firm.
The move comes as Ms Biti and Ms Assyat look to leverage the need for goals-based advice in the aged care market through their advice platform, Aged Care Steps.
Ms Biti said, "If we are to take Aged Care Steps to a position where it can meet its ever-growing potential in supporting aged care advice, it needs our full-time attention."
Speaking at a media event yesterday Ms Biti said, “Aged care is a growing opportunity and one that advisers, all sectors of government, regulators, the industry and consumers are focusing on. Selling Strategy Steps frees up our time to focus on that opportunity.
“With aged care advice one of the things that has become apparent is that there is still a lot of work to be done for financial advisers in moving from product oriented solutions - where they see their role as being a knowledge expert - to focusing on goals and objectives, not just in a money sense but in the sense of a whole family scenario.
“How does a family work together? What are their interactions? How does wealth transfer from one generation to another? There is a transition with advisers from being seen as just knowledge focused experts, to taking on roles similar to consultants and project managers, but more needs to be done..."
KnowIT Group chief executive Wayne Wilson said it will be business as usual for Strategy Steps for the next six months. Afterwards, knowIT will review its plans for the platform, with a possible re-branding or business consolidation down the line.
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The corporate regulator has cancelled the licence of a Queensland based SMSF advice firm that failed to lodge its financial accounts. ...
The Federal Court has issued BT and Asgard penalties of $1.5 million each for charging fees for no service and making misleading statements. ...
The wealth giant has announced a raft of further changes to its advice model, including the conclusion of client register buy-back arrangements for i...