Coin set to replace Moneywise on AMP planner desktops

AMP Financial Planning (AMPFP) is understood to be close to signing up the Macquarie-owned Coin software system for the 1,300 plus advisers in its network.

Currently, AMPFP contracts the Melbourne-based Moneywise Technology to supply front-end financial planning technology to its advisers. “;It’s important for planners to have contemporary software solutions and we’re always looking to ensure that they have flexibility, they can boost their productivity and reduce their cost to serve. We’re looking at a range of different options but no decisions have yet been made,”; an AMP spokesperson said. Neither Moneywise nor Coin were available for comment. If confirmed the AMPFP deal would add to Coin’s dominance of the institutionally-owned adviser market with the group already having secured contracts with Westpac, the Commonwealth Bank of Australia (CBA), Asteron and ANZ. As well, Coin has signed deals with Professional Investment Services (PIS), which vies with AMPFP for the title of Australia’s largest financial planning group, as well as a host of other smaller dealers including the Challenger-owned Genesys. At the same time Coin’s biggest competitors in the financial planning software space, the IWL-owned VisiPlan and Xplan, may soon be merged. Last month, Otto Buttula, head of IWL, confirmed the group was in talks with IRESS, which owns Xplan, to sell VisiPlan. “IRESS has agreed to work expeditiously with the company to determine whether a definitive proposal can be developed and the company expects a further update to be available sometime before the end of March 2007,” Buttula said in a statement to the ASX in February.