UK-based 1st, a supplier of software and services for financial advisers and mortgage intermediaries, has acquired a 51% controlling stake in iTrak, a provider of point-of-sale wealth management software for IFAs.
Following the acquisition, the staff and directors of iTrak will join forces with the team at 1st.
For the past two years iTrak has been developing its products, which came to market in January 2004. The firm currently has 25 clients.
ITrak's software allows advisers to separate the cost of the advice from the products, enabling them to identify and charge both upfront and recurring fees for their services. Advisors can also access access FT Fund ratings and Moneymate fund prices allowing them to view funds in the context of a client's portfolio.
The iTrak product will be linked with 1st's Adviser Office package which provides CRM, marketing and back-office applications with integrated e-commerce links to the major portals, fund supermarkets and providers.
Rory Curran, executive chairman at 1st, says the the acquisition will provide the firm with increased strength in sales technology and provide advisers with an enhanced solution covering the front, middle and back-office functions.
"We believe that iTrak really helps our goal to support advisers' use of technology to 'create time for advice'. When completed, the integration of the two systems will eliminate the need for advisers to re-key data between their own databases and the iTrak systems, creating a simple straight-through process and a valuable audit trail," says Curran.