Global fintech business GBST said the Advice Intelligence acquisition is a “clear indication that GBST is fast-tracking its growth strategy”, adding that the company is committed to the broader wealth management market as it “expands its suite of adviser technology with a scalable and multi-functional solution that is CRM agnostic”.
In May, GBST acquired WealthConnect, a digital advisory practice management, CRM, and compliance system that operates within the US-based platform Salesforce.
In a statement announcing the latest deal, GBST said: “Advice Intelligence is highly complementary to GBST’s recently acquired Salesforce adviser solution GBST WealthConnect and will further accelerate the company’s ability to offer both digital and hybrid advice to the global wealth market.
“It supports the industry’s evolution toward efficient and cost-effective advice via digitisation, bridging the gap between advice providers and the wider mass market.”
The company also said it expected strong global demand for its complete suite of cloud-based solutions, including its capability to deliver “digitally driven optimised advice for retail investors and their advisers aligned to the accepted recommendations in the Quality of Advice Review (QAR) in Australia”.
Robert DeDominicis, global chief executive officer of GBST, said: “The acquisition accelerates the delivery of our roadmap and positions GBST perfectly to capture a significant share of the growing advice practice management, digital and hybrid advice markets through the delivery of its market leading cloud-based portfolio of solutions.
“With the combined offerings of GBST, GBST WealthConnect, and GBST Advice Intelligence to streamline advice and enhance client experience, GBST is well-equipped to expand its presence in Australia, the UK, and internationally.”
Advice Intelligence founder Jacqui Henderson will join GBST following the acquisition.
Ms Henderson said: “We’re thrilled to join a company as innovative and forward-thinking as GBST, with four decades of industry experience, an enviable client list, global footprint, and a collaborative and supportive culture.
“This acquisition provides GBST with an opportunity to progress and expand the growth of its digital advice solutions and I am certain we will achieve great things together.”
GBST chairman Beau Dixon, added: “The acquisition of Advice Intelligence further accelerates GBST’s digital focused growth agenda and delivers enhanced capabilities with global application to our existing and future clients. We are delighted to welcome Jacqui Henderson and her team.”
In May, Advice Intelligence announced it had entered voluntary administration following its investor, Regal Funds Management, opting to withdraw future funding.
At the time, Ms Henderson explained that the decision comes as the company “continues to seek financial assistance from a number of parties”.
“However, we have not yet secured the support required,” she said.
“We’ve survived a number of crises, from the COVID pandemic to a skilled labour shortage, however, over the past seven years, we’ve continued to strive forward with innovation, and with our mission to help support this industry’s transition from the world of paper and analogue, towards a future of digital advice.
“This mission is something I am most passionate about, and it is terribly sad that at this critical juncture, our vision is in jeopardy.”
