1st, a supplier of integrated technology solutions for financial advisers and mortgage intermediaries, yesterday announced the acquisition of a 51% controlling stake in iTrak – providers of point-of-sale, wealth management software for financial advisers.
For the past two years iTrak has been developing its products, which came to market in January 2004. Following the acquisition, the staff and directors of iTrak will join forces with the team at 1st.
Rory Curran, executive chairman at 1st, says: “We are delighted to announce this acquisition which will give us increased strength in sales technology and provide advisers with asignificantly enhanced solution covering the front, middle and back-office functionalities. With the focus on maximising an adviser's time and allowing clients to be serviced cost-effectively, we believe that iTrak really helps our goal to support advisers' use of technology to 'createtime 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.”
iTrak allows advisers to form a foundation for the investment advice process and helps separate the cost of the advice from the products, enabling them to identify and charge both upfront and recurring fees for their services.